This Is The Level I’m Waiting For Google To Hit
Our Strategy For Today
The DJIA
Wow, what a day! The Dow transcended almost
entirely through the death channel of 10703–10597, stopping just shy of the
upper channel line at 10699 and closing with a gain of 60.59 points at 10683.
The system remains flat. As you know, I have a strong short bias at this
time and believe the top is in. However, I am following the system mechanically
regardless of what I may “think”
Oil
The shorts were triggered today at 60.97. I am
holding a small short position in Oil entering Wednesday. The trade is currently
underwater with stops at 62.35. Proper positioning sizing enables me to utilize
the wide stops in this volatile market.
The Dollar
It finally happened! Yesterday, I observed
confusion and a potential triple top in the EUR/USD pair. The top has turned
into what appears to be a triple bottom with the dollar plummeting and euro
exploding up. Russia’s central bank altering its euro dollar mix from 65/35% to
70/30% is the prime mover at this time. In addition, the US saving rate hit 0%
yesterday further damaging the dollar. Looking to enter long the EUR/USD pair
sometime today!
US Equities
(
GOOG |
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PowerRating)
Our favorite stock of the moment exploded up
yesterday, adding 7.58 points to 299.19. The 50-day MA is acting nicely as
support. However, I still believe a drop is imminent. The 50-day MA is 289.12,
still waiting for the perfect time to short! flat
(
GM |
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PowerRating)
Despite record auto sales ( attributed to “employee
discount” promotions) GM dropped by .33 yesterday. I am maintaining my bullish
bias and waiting to enter. flat
(
BOOM |
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PowerRating)
Entered BOOM long yesterday at 44.77 and am holding at
this time. Long
(
DNA |
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PowerRating)
I am long DNA from 91.45 and holding here.
Long
Thanks for reading!Â
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.
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