TradingMarkets Top 5 Of The Day
Welcome to TradingMarkets.com Top 5 of the Day!
In this nightly feature, the editors of
TradingMarkets select the 5 best and most insightful (and sometimes humorous)
excerpts from all of the articles and blogs that have been published throughout
the entire day.
Here are today’s selections:
Chris Curran from:
We may see a strong move Wednesday — here’s the trigger
“…Wednesday
morning at 8:30 ET gives us the August Durable Orders report, which is expected
to post a modest 1% bounce after the previous month’s slide. The weekly oil and
gas numbers from the API and the Energy Dept. at 10:30 ET will surely draw some
attention as gasoline supplies go for a 3rd straight week of build-up. All
fundamentals aside, the VIX has pulled back and tested support a few times now,
and combined with the major indexes working off last week’s slide with time
(judging by the action the past 2 days), could be setting the equities markets
up for a new leg down.…”
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Austin Passamonte from:
Why I believe the market is setting up to rally
“…Monday
was a scalper’s session… hard to hold trailed stops in the Russell when it was
so “poppy” in nature. Solid profits were offered in both indexes, we did fine
and no complaints. That said, some directional moves are brewing this week and
any upside lifts above noted resistance here should run to recent high zones as
mutual funds and hedge funds iron their curtains for window dressing time….”
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Deron Wagner from:
Think gold can’t go higher? Think again…
“…Needless
to say, we remain biased to the short side of the broad market because the major
indices have a lot of overhead supply. The one exception is Gold (GLD),
which we remain long with a solid profit. It is holding near its all-time highs
and should consolidate and go higher. …”
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Mike Kestler from:
I’m looking for action in this stock on Wednesday
“…My
newsreader announced that DNA was getting some bad comments from Bear Stearns
Corporation. As quickly as I could pull up a quote and chart, I could see the
large offers in the NYSE openbook as well as all the individual ECNs. DNA
dropped 2 points so quickly, there was not even a chance to get short on the ECN…”
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Brett Steenbarger from:
Predict the day’s big trend — Here’s how
“…As
I’ve indicated in previous articles, there are few market psychology indicators
more important for the active trader than the tendency of issues to trade at
their bid vs. offer prices. The large capitalization issues traded persistently
at bid during Monday’s early trade, showing that traders were more aggressive on
the sell side than the buy side. That piece of information helped traders
anticipate Monday’s retreat back into Friday’s value area…”
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