Keep An Eye On These Setups Today
The DJIA
Once again the DJIA made a valiant attempt at the upper channel line of 10703 without
success, stopping just 6 points shy at 10697.
The system remains flat in the DJIA at this time.
My initial conjecture that the top is in for the Dow remains accurate.
Let’s see what happens today!
Oil
Well, our initial small short position was stopped out on a
spike high into the stop level of 62.35 with a loss.
I have re-entered the shorts at 61.97 and am holding with profits at this
time. The bullishness is just
unbelievable, too much so in my opinion to continue much longer.
Some good news for the shorts. The US petroleum report was issued
yesterday indicating increased inventories and that crude supplies are 3% above
the 5 year average.
The Dollar:
It appears that the dollar’s bullish run is over.
I entered long the USD/EUR pair at 1.2233 and am holding with nice
profits as of this writing. Interest
rates are poised to drop in the
UK
, potentially further damaging the dollar. Holding
long here.
US Equities
Here’s were I had some fun yesterday!
GOOG: I finally
entered this volatile stock short today at 298.10.
I am expecting a drop to the 295 area minimally.
Stops are set at 300.53, in case my projection proves wrong. Take
a look at the 15 minute candlestick chart.
Man, this stocks reminds me of the internet heyday!
short
GM:
This embattled automaker continued to lose ground today.
However, I am maintaining my bullish bias and waiting to enter this one
long soon. long
BOOM:
Experienced
a wild ride in this one today! Am
holding long from 44.77 with profits currently. long
DNA:
Holding
long with losses at this time. Expecting
the upward trajectory to continue soon!
long
Thanks for reading!
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.