The Guts Of The Market
As Larry Connors and Kevin Haggerty discussed during yesterday’s live audio
forum, the TradersWire Interactive
java applet can often reveal just what “the guts of the market” really is. It is
a good idea to keep an eye on it for the issues crossing the wire when alerts
are generated. Maytag
(
MYG |
Quote |
Chart |
News |
PowerRating) is a good example from Tuesday’s trading
session.
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Early on in the day, the applet alerts a new 52-week high for
MYG. Later on, another alert comes across, this time for trading 100% of its
average daily volume before 1 PM EST. A look at the daily chart shows a breakout
from a trading range on Monday. Moving to the intraday chart gives us an
interesting pattern forming.
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The stock forms an intraday pullback then shoots up for more
than 1 point within a few minutes. The volume was preceding both the price
movement, and the news that came out later in the afternoon that the company was
projecting an earnings increase of 20% for the year 2002. This was foretold by
the applet if you watch and know how to read what it is telling you.
Using it every day will help make this second nature to you, and
with TradersWire Interactive, you
will have many others on the lookout for you as well.
Until tomorrow,
Duke
P.S. If you did not have the chance to listen in on Tuesday’s
audio with Larry and Kevin (and a special appearance by me)
click
here. The archive is available now. You’ll hear Kevin describing to
Larry how he specifically uses the tools and alerts in TradersWire Interactive