Trade and Market Commentary 20080725

The following is a wrapup of all my market calls and trade posts for July 25, 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

12:12 Toni: energy is the leading sector

12:21 Toni: BIIB base at lows
13:10 Toni: BIIB still basing at lows
13:14 Toni: BIIB trying
14:21 Toni: first BIIB support
15:13 Toni: those holding partials on BIIB move stop over 70.10 on the rest
15:33 Toni: BIIB stop over .90 now
15:47 Toni: .83 (over) for trialing on BIIB now
15:47 Toni: not much time left...
15:47 Toni: was hoping for 69 today
15:47 Toni: but hmm...
15:55 Toni: over. 75 now on biib trailing
15:56 Toni: but really can just start to look to take the rest off since we only have a few min
15:56 Toni: the pattern intraday is ok for an overnight hold but things are gappy these days and the daily is iffy
15:56 Toni: so wouldnt take the risk
15:57 Toni: if the upside pace had not been as steep on the daily it would have been better for a hold




12:25 Toni: 12:25:18 Market Alert: futures watching for 5 min bear flag
12:29 firstbrain: @Toni: I'm new here, Could you explain a bit further what your last comment means. pls?
12:31 Toni: sure thing
12:32 Toni: it just means that in the index futures I am watching for a bear flag to form. This is a lower level range or slight upside move on lighter volume than the selloff
12:32 Toni: when the channel breaks it would trigger a short
12:32 Toni: you want the upside off this support overall, however, to be more gradual than the decline
12:32 firstbrain: on a 5 min timeframe?
12:34 Toni: correct
12:34 Toni: this would be about the 400 tick chart
12:34 firstbrain: ah ok thank you very much
12:35 Toni: yw
12:45 Toni: so far the upside pace is a bit stronger than i'd like to see for a bear flag in the futures... would need to see it hold here and fall more sideways




13:19 Toni: i get the feeling the market is just going to chop around the rest of the day


13:27 Toni: CB low-leve base
13:44 Toni: CB first bit of support
15:33 Toni: CB coming off second support level




14:09 Toni: NQ resistance in here prior highs and third push on a 50 tick
14:28 Toni: nice scalp off the futs resistance




13:46 Toni: COLM low-level base
15:34 Toni: COLM still pretty much basing