If you want to trade GOOG with me, here’s your entry trigger
DJIA
The system has been rocking over the last several days. Shorts were
entered on the breakage of the lower channel line at 10627 and have achieved 77
points of profit in the cash market as of the close yesterday. The futures
are indicating a pop to the upside this morning, I am holding shorts with wide
profit protecting stops into the open at 10578. As you know, Brazil
lowered interest rates yesterday, bullish repercussions will likely be felt
throughout the world. If the shorts are stopped out, the upper channel
line remains at 10723 and the lower line is 10513. Remember, we will only
trade on this secondary lower figure IF the position is stopped out at
10578. Short/profitable
OIL
Finally, I am flat oil! After breaking all
traditional trading rules and sticking to my analysis. I averaged into
this trade for quite some time at various levels– you witnessed one of these
rule breaking moves earlier in this column–the trade turned positive and was
closed profitably at 64.49 yesterday. I remain convinced of additional downside, but am awaiting the perfect
entry. When I determine the statistically probable trade entry, I will
advise. Flat/short bias
US DOLLAR
The go short figure of 1.2277 was violated yesterday, triggering my short
entry in the EUR/USD pair. I am holding shorts here with small profits.
Short/profitable
EQUITIES
(
GOOG |
Quote |
Chart |
News |
PowerRating) Wow! Yesterday’s column regarding BIDU’s extreme decline being
an ominous early warning signal for Google proved to be uncannily prescient,
with Google dropping sharply. The stock stayed above the go short level of
297.97 during the regular market hours, therefore, despite heavy temptation to
short, I remained flat. Google dropped sub the 297.97 level during the off
hours, but as you know, I disregard these moves for my entries. Flat/short
bias
(
EBAY |
Quote |
Chart |
News |
PowerRating)
The shorts entered at 38.23 have become profitable. I am
still expecting additional downside. Holding short at this time.
Short/profitable
(
CPV |
Quote |
Chart |
News |
PowerRating) This prison play is back to break even. I am holding longs
here. Long/loss
(
IBIS |
Quote |
Chart |
News |
PowerRating) This potential big winner is still oscillating well below the
go long figure of 2.13. I am continuing to monitor and am expecting a nice
move soon, we will see. Flat/long bias
Best wishes in the market!
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.