Sifting For Clues

September 9, 2002
Dave Floyd

If the price action is any indication, as
well as the reaction to the “good” employment news on Friday, I would
have to say the market still appears vulnerable on the downside — that combined
with a close right at a key technical level, 894, (indicated a little below
there as of 5:30 AM PST) and a whole bunch of stocks coming up weak on my
nightly scans.

So, as we gear up for the second week of the fall trading season, typically a
bit more active as everyone has finally gotten back into gear from the summer, I
expect some good intraday volatility and hopefully a break of the current
trading range which is beginning to get boring. From an economic report
standpoint, there is not much on the calendar until Friday, so the market will
need to sort out the future direction without any major input from statistics.
The chart of the S&P futures below illustrates the current dilemma being
faced by the market.

With that in mind, take your cue from a break in either direction to
establish some longer-term or intraday setups. I have provided you with a list
of potential setups from an intraday perspective. They are listed below:

Intraday Setups

Longs:

Shorts:

Key Technical
Numbers (futures):

S&Ps	Nasdaq
916	950
910	935
903	915
892	896-902
888	885
881	875
868-72	854

* indicates that this level is more critical

As always, feel free to send me your comments and
questions. See you in TradersWire.

Dave

Sifting For Clues

BUY THE FEAR, SELL THE GREED

Quick Links

Company Info

Contact

Company Resources