Each evening we focus
on the most interesting aspects for the upcoming trading
day. The comments are based on observations of the nightly
updates of the Stocks/Sectors and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.
face=”Arial, Helvetica”>Join me, fellow TradingMarkets.com
content providers, and other traders and money managers at
the Trading Markets 2000 conference at the Venetian Hotel
Resort and Casino in Las Vegas on October 13-15, 2000.
face=”Arial, Helvetica”>At the time this is being published,
the S&P Globex futures are trading up 0.80 points and
the bond market is trading down 1 tick.
face=”Arial, Helvetica”>On Thursday, the Nasdaq lapped
lower, had a brief pullback, and then sold off — hard. It
did bounce and chop around from triple-digit losses, but the
selling resumed going into the close. This action has it
closing poorly and below the well-watched 200-day moving
face=”Arial, Helvetica”>3,700 (b), the lows of the
consolidation, becomes the next logical target. After that?
The May lows (3,042).
face=”Arial, Helvetica”>So what do we do? Obviously, the
market is oversold and due for a bounce. However, this isn’t
reason enough for me to get too excited. Therefore, remain
skeptical and nimble until the situation improves.
to potential setups, Genzyme Transgenics
PowerRating), on the
From Highs List, is a two-step pullback that looks like
it might have one more rally back to old highs left in it.
on the pullback theme, Celestica
PowerRating), also on the <a
From Highs List, looks poised to rally out of a deep
you breakout players, SLM Holdings
PowerRating), on the <a
Momentum List, closed at a new six-month high and
looks poised to take out its recent highs. Univision
PowerRating), on the same list, is forming a
high-level pennant and looks poised to break higher.
the short side, Millipore
PowerRating), on the <a
From Lows List, failed in its rally back to the 50-day
exponential moving average, and it looks poised to resume
of luck with your trading on Friday!
Protective stops on every trade!
P.P.S. Thanks for
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