Trade and Commentary Wrapup 20080708

The following is a wrapup of all my market calls and trade posts for Monday, July 7, 2008.

Instructions for Use:

When following along in the chatroom, futures posts are done most often as support / resistance calls with support as buy and resistance as short (or closing out open positions from the other direction. These are pivots. Other patterns are posted according to the pattern forming, such as the Avalanche on the NQ below, and a link showing how to trade the pattern is posted.

Stock calls are breakout patterns unless otherwise stated with bases at highs as buys and bases at lows as short. We use the following template:
http://tradingfrommainstreet.com/images/roomexamples/BREAKOUT_TEMPLATE.gif

There is a link giving instructions for accessing this free chatroom on the lower left side of the page at http://www.tradingfrommainstreet.com/


WRAPUP

09:45 Toni: oh sure... now CLF goes.....
09:45 Toni: pffft
09:59 Toni: all the energy stocks are crushed
10:38 Toni: futs at a bit of support in here
11:03 Toni: not really because larger bias is still bullish
11:04 Toni: on futs
11:16 Toni: futs showing some resistance
11:19 Toni: indices back at morning highs
11:19 Toni: price resistance
11:30 Toni: i am bored with the market today... i keep scanning and scanning and nothing meeting enough of my criteria
11:56 Toni: indices just holding range so getting that back and forth action i posted yesterday as likely
11:56 Toni: not very exciting unfortunately
11:56 Toni: futs reacted well so far to the prior highs in that they held, but not really much for price reaction
11:56 Toni: just time
11:57 aOn: do u think this 5' base on WMT will resolve to the upside soon?
11:57 Toni: no
11:58 aOn: :)
11:59 Toni: wmt worries me that it can easily form a trap
11:59 Toni: trigger, not go far and turn
12:19 Toni: IDCC base at lows
12:21 Toni: only has scalp but can come back into zone of lows
12:24 Toni: futs resitance 2 min
12:48 Toni: energy is making a good recovery
13:27 Toni: furues here are coming off the 15 min 20 sma
13:27 Toni: intraday
13:40 Toni: not very pleasant 30 min charts for the futures
13:41 icewater: more flush coming today?
13:41 icewater: or you does it look like we hold?
13:41 icewater: we are getting oil sell off but not mucch bids in the market
13:42 Toni: kind of hard to say today.. there is no overwhelming bias on mid time frame charts
13:42 Toni: they suggest the range is going to hold
13:52 Toni: MT trying to get nerve up for a cont on the downside
14:29 Toni: MT off watch
14:37 Toni: futures back at morning highs again