Trade and Commentary Wrapup 20080804

The following is a wrapup of all my market calls and trade posts for Aug. 4, 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

11:23 Toni: futures still weak but Nasdaq hit Friday's support at lows
11:25 Toni: getting a lot of overlap here at the lows on a 400 tick chart int he futures which can assist a pop
11:33 Toni: market popping
11:42 Toni: futs pop now coming into resistance on the 15 min
11:47 Toni: PCLN went a little nutty
11:47 Toni: futs resistance holding well
12:08 Toni: not seeing much at the moment
12:08 Toni: futures still holding the resistance we nailed
12:17 Toni: energy stocks still hitting lows
12:36 Toni: CALM 15 min avalanche potential
12:46 Toni: STLD is basing at lows but extended 30 min
12:48 Toni: CALM off watch as short.. channel broke higher
13:46 Toni: STLD just creeping