Here’s where I’m looking to short Google…
The DJIA
The erratic waves in the DJIA
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DJX |
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PowerRating) triggered
a false entry with the system yesterday. I entered long at the breaking of the
upper channel line at 10503 and was quickly stopped out as price dropped
immediately back into the death channel. The lower channel line of 10433
provided very nice support, as the Dow danced within the the channel for the
rest of the day. I am flat entering the open with the daily price below the 50
day MA at 10523 and the 200 day MA at 10537. Its very tight between the major
moving averages and in our death channel— a bit of volatility may be on its
way! Flat/no bias
Oil
This commodity continues to oscillate near the
top of its range. I am short at an average price of 66.23 and needless to say,
underwater. I am still expecting a breakdown, this extreme bullish fervor
simply can not continue at its present rate. Resistance appears at 70.13 and
support is currently at 68 and 66. Short/loss
The Dollar
The EUR/USD continues to be the standout winner
in my portfolio over the last several days. Longs were trigged in the late
hours of the evening on Tuesday when the 1.2331 level was taken out on the
upside. I am holding longs here expecting further upside, but profit protecting
stops are set at 1.2433. Long/profits
Equities
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CPV |
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trying to close definitively above the 30 level since our entry. Holding longs
here. Long/profits
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GOOG |
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between 280 and 290. I am maintaining my short bias and will short should 277 be
taken out. Flat/short bias
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EBAY |
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remains profitable. Holding here, expecting more downside. Short/profits
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OII |
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performed as expected in the short term. Will re enter long when (if) 50.27 is
violated on the upside. Flat/long bias
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BHP |
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PowerRating)—Billiton continues in a very
narrow range. Holding for now. Long/profitable
Have a great Labor Day weekend!
Dave G
David S. Goodboy (marketsurfer) has been
trading professionally for over 14 years. Mr. Goodboy trades ETF’s, stocks,
index futures, energy futures and options. His primary focus is a unique
multi-time frame index trading system based on a combination of time/price
cyclical studies and statistical models. David was a trader/partner with
Biltmore Capital, traded with an option arbitrage firm, and is currently in the
launch stages of IntrendX, a global multi-strategy fund.