ACTS Money Machine

BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0645.ET
World and US Markets/Futures are Up slightly.
QQQQ/SPY are currently Trading at 42.42 / 106.36
QQQQ Resistance is at 42.50, then 42.6x, then 43.0x – 43.20
QQQQ Support is at 41.90 – 42.0x, then 41.40 – 41.60, then 40.80 – 41.00

There are Big Economic Events out this morning starting at 0700.ET, with several Big Reports out BMO and soon after the Markets Open . . so watch out!

I am still looking to Short QQQQ Rallies as opposed to Buying Dips . . . I see a major Drop coming soon … sometime within the month of October.

AMC Commentary

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Penny Stock Profits!

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As deflation deepens, will the US dollar crash?


BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0630.ET
Far East Markets are Up big .. European Markets are slightly mixed .. US Markets/Futures are Up slightly.
QQQQ/SPY are currently Trading at 42.22 / 106.10
QQQQ Resistance is at 42.50, then 42.6x, then 43.20
QQQQ Support is at 41.90, then 41.40 – 41.60, then 40.80 – 41.00

There are Big Economic Events out this morning starting at 0745.ET, with Really Big Reports out at 0900.ET and 1000.ET . . so be careful!

Today should be a Wild one with all of the Big News out this morning . . . remember to use Volume spikes to your advantage as Alerts to a Reversal . . and then use the CCI extremes as times to Enter and Exit positions. Let the Market come to you .. don’t chase it or jump the gun . . . this is how you reduce the Risk in Trading.

I am in the medium-term Bearish camp and will look to Short QQQQ Rallies as opposed to Buying Dips . . . I see a major Drop coming soon … sometime within the month of October.

AMC Commentary

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Robert Prechter’s Five Tips for How To Trade Successfully
By Elliott Wave International

Take it from the person who won the United States Trading Championship with profits of more than 440% in 1984 – there are five things that every successful trader needs to know how to do. Read More.

Visit Elliott Wave International to Download Your Free Report on Inflation and Deflation.

BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0700.ET
Asian Markets are Down big .. Australian/European Markets are slightly mixed .. US Markets/Futures are Up slightly.
QQQQ/SPY are currently Trading at 41.88 / 104.80
QQQQ Resistance is at 42.00 – 42.20, then 42.50
QQQQ Support is at 41.40 – 41.60, then 40.80 – 41.00

There are no relevant Economic Events out today, except for the 3- and 6- month Bil Auctions at 1300.ET.

On mornings without news, there are usually no events to “excite” Buyers/Sellers to choose a side and have Volume come in . . . without those Volume spikes, it is harder to tel what Smart Money is doing and the Markets tend to be more slowly manipulated instead of a clear direction being shown.

SO … if I don’t see some nice Volume spikes after Down or Up moves, I would probably just stay in Cash today and watch/Relax.

AMC Commentary

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How IRAs Can Tie Investors’ Hands — and What To Do About It

BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0745.ET
World/US Markets/Futures are currently slightly-mixed.
QQQQ / SPY are currently at 41.91 / 105.23
Read last night’s AMC Commentary for QQQQ Support/Resistance and Trading Plan.

There are Big Economic Events out this morning starting at 0830.ET .. then at 1000.ET . . so be careful!

Yesterday’s Action

Stocks fell Thursday, with the internals pretty weak, the Dow Industrials losing 41.11 points, closing at 9,707.44. NYSE volume was flat at 98 percent of its 10 day average. Downside volume led at 87 percent, with declining issues leading at 77 percent, with downside points at 93 percent. S&P 500 Demand Power fell 9 points to 397, while Supply Pressure rose 9 points to 367, telling us the decline was strong and powerful.

The NASDAQ 100 fell 14.51 points Thursday, closing at 1,709.76.  The Russell 2000 fell 11.62 points Thursday, closing at 601.75. The HUI Amex Gold Bugs Index fell 9.53 points Thursday, closing at 403.71. October Gold fell to 993.2. Silver fell to 16.10, while December Oil fell to 66.37. The Dollar rose 0.58 to 76.91. Bonds rose 10 ticks to 119^31. The VIX rose 1.46 to 24.95.

AMC Commentary

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How a Kid With a Ruler Can Make a Million
A Lesson in Drawing and Using Trendlines
By Jeffrey Kennedy

BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0720.ET
World/US Markets/Futures are currently Down slightly.
QQQQ/SPY are currently Trading at 42.44 / 106.35
QQQQ Resistance is at 42.62, then 43.0x, then 43.30
QQQQ Support is at 42.4x, then 42.10, then 41.70, then 41.50 – 41.3x, then 40.80, then 40.20

There are Big Economic Events out this morning starting at 0830.ET .. then at 1000.ET . . so be careful!

My Plan for today is to watch, as usual, for Reversals to the Opening 10- to 15- minutes . . . I was expecting a more Bearish Pre-Market, so the slightly Down might just be a head-fake to make this an Up day .. but by the time we Open, it may be just the opposite! . . . however, we have some very Big Economic Reports out this morning .. so be nimble around them . . . possibly even staying out today.

Yesterday’s Action

The Fed kept short-term interest rates unchanged Wednesday, and stocks moved once the announcement was over, up, then down hard.

Stocks fell Wednesday, the Dow Industrials losing 81.32 points, closing at 9,748.55. However, we saw prices plunge from intraday highs, dropping 169.44 points late in the day from a new high for the rally from March 2009, from 9,917.99. NYSE volume rose to 99 percent of its 10 day average. Downside volume led at 81 percent, with declining issues leading at 65 percent, with downside points at 91 percent.

The NASDAQ 100 fell 9.82 points Wednesday, closing at 1,724.27. The Russell 2000 fell 7.32 points Wednesday, closing at 613.37. The HUI Amex Gold Bugs Index fell 14.57 points Wednesday, closing at 413.24. October Gold fell to 1,010.2. Silver fell to 16.89, while December Oil fell to 69.02. The Dollar rose 0.25 to 76.33. Bonds rose half a point to 119^21. The VIX rose 0.41 to 23.49.

AMC Commentary

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How a Kid With a Ruler Can Make a Million

5 Fatal Flaws of Trading

BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0730.ET
World/US Markets are Up
QQQQ/SPY are currently Trading at 42.82 / 107.35
QQQQ Resistance is at 42.62, then 43.0x, then 43.30
QQQQ Support is at 42.4x, then 42.10, then 41.70, then 41.50 – 41.3x, then 40.80, then 40.20

There are some Economic Events out this morning starting at 0700.ET . . . the MBA Purchase Applications has already come out very positive.

Read my Commentary on the important Earnings Releases this week that will help determine overall Sector direction and Economic ramifications.

ConAgra Reported last night:

• Barrons
• SeekingAlpha

Use Monday’s Chart-2 as a guide for break-outs . . . this morning I will be AGAIN looking for an initial run up to the top of that range and even a little higher (42.7x – 42.8x) … and will be looking for a Reversal Down Signal to Open a Down position . . . if there is no Reversal Down position, then I will just watch and see how QQQQ reacts to any break-out higher.

AMC Commentary

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Robert Prechter’s Five Tips for How To Trade Successfully

Dive into EWI’s FreeWeek Now!

BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0700.ET
World/US Markets are Up
QQQQ/SPY are currently Trading at 42.85 / 107.23
QQQQ Resistance is at 42.62, then 43.0x, then 43.30
QQQQ Support is at 42.4x, then 42.10, then 41.70, then 41.50 – 41.3x, then 40.80, then 40.20

There are some Economic Events out this morning starting at 0745.ET

Read my Commentary on the important Earnings Releases this week that will help determine overall Sector direction and Economic ramifications.

Use last night’s Chart-2 as a guide for break-outs . . . this morning I will be looking for an initial run up to the top of that range and even a little higher (42.7x) … and will be looking for a Reversal Down Signal to Open a Down position . . . if there is no Reversal Down position, then I will just watch and see how QQQQ reacts to any break-out higher.

AMC Commentary

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Dive into EWI’s FreeWeek Now!

BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0700.ET
World/US Markets are Down
QQQQ/SPY are currently Trading at 42.17 / 105.96
QQQQ Resistance is at 42.62, then 43.0x
QQQQ Support is at 42.30, then 41.70, then 40.80, then 40.20

There are some Economic Events out this morning starting at 1000.ET . . Leading Indicators will be the Big one this morning at 1000.ET

Read my Commentary on the important Earnings Releases this week that will help determine overall Sector direction and Economic ramifications.

AMC Commentary

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Here are some Annotated Charts to help determine a direction for the coming week:

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BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0815.ET
World Markets are mixed-flat as are US Markets/Futures.
QQQQ/SPY are currently Trading at 42.40 / 106.81
QQQQ Resistance is at 43.10, then 43.30, then 44.30 . . all new territory
QQQQ Support is at 42.30, then 42.00, then 41.80

There are no Economic Events out this morning . . . it should be very manipulated today . . . especially adding that it’s also a Quadruple witching day . . . keep in mind what I posted last night.
I personally will be away from my Trading desk and out Relaxing/Enjoying.

AMC Commentary

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Check back Sunday night for my detailed Weekend Analysis of Trading next week . . the start of the October Options Expiration Month.