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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.

0715.ET
Far East Markets are Down, European Markets are Mixed, and the US Markets/Futures are Up some right now.
QQQQ/SPY are currently Trading at 43.82 / 110.08
QQQQ Resistance is at  43.80, then 44.14, then 44.50, then 44.68, then 44.92
QQQQ Support is at 43.40, then 43.17, then 42.8x, then 42.3x
See recent AMC Commentaries for more details.

I expect an Up Open today . . . retesting Resistance .. especially around 44 that was previous Support.
Be  sure to check back here tonight for my Commentary on today’s action.

There are some Economic Events out today starting at 0700.ET . . but overall a light news day.

Precious Metals are Flat and  the US-Dollar is Down right now.

AMC Commentary [protect]

QQQQ did go Up today and retest previous Support around 44 .. Closing just above it . . . BUT, with all of the Down then Up action, QQQQ still stayed nicely with the 1-month Range we’ve been showing you.

1 – the 60-min QQQQ Chart shows the Range nicely . . . there were some minor Volume spikes (look on a 1- or 5- minute Chart) during the Open that Signaled the Reversal Up, but it was not high enough to risk a position while hitting the bottom of the Range:

2 – a Big day . . and yet it ended Up only retracing the previous days’ Down move and hitting that pink line which is becoming more Major as time goes on:

3 -  this Daily S&P-500 (SPX) Chart shows how she’s moving further away from that green Up-trend line . . . that 55-ma level will be key to Hold for the Trend to not turn Bearish:

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Swing Rider!

Q&A With Robert Prechter: Why Technical Analysis Beats Out Fundamental Analysis
As the major stock markets turned down in late 2007 and then started to rally in March 2009, many people who believed in fundamental analysis have begun to question its validity. Read More.

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 Markets and the US Markets/Futures are Down some right now.
QQQQ/SPY are currently Trading at 43.60 / 110.20
QQQQ Resistance is at  44.14, then 44.50, then 44.68, then 44.92
QQQQ Support is at 43.80, then 43.61, then 43.40, then 43.17, then 42.8x, then 42.3x

Still waiting for a Breakout of the current Trading Range I Charted about over the weekend and last night.
For Longer-Term and larger positions, wait for a break-out from the Range I showed on Chart-1 last night.
Be  sure to check back here tonight for my Commentary on today’s action.

There are some Economic Events out today starting at 0745.ET . . but overall a light news day.

Precious Metals are Down and  the US-Dollar is Up  right now.

AMC Commentary [protect]

A Big Drop at the Open broke through several layers of Support before Bouncing back into lunch-time and then falling slightly the rest of the day . . . our System Model gave us a Reversal Up Signal as QQQQ was turning North after the Big Drop:

1 – the QQQQ 5-min (VST) Chart I use for Trading … along with the 1-min Chart for early alerts:

2 – this Daily QQQQ Chart shows the Open Gap lines I draw as soon as they are created . . . usually price tends to go back and fill Open Gaps . . . the pink one was filled today . . . the green one should be next before the end of the month/year .. maybe even before the end of the week:

3 – the power of today’s Drop still only brought QQQQ Down to the LT Pivot-Level that defines the bottom of the current Range . . . the pink LT Pivots will be next if we do not get a Bounce:

4 – here is another stock I am looking at if we get continued weakness . . . it is TZA which represents a leveraged Small-Cap Index . . . small-caps usually lead the Markets, both Up and Down . . . so if we’re really about to tank, TZA will sky-rocket as the Markets fall . . . I really like the longer-term rounding bottom and the huge Volume it saw on Friday:

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Penny Stock Prophet!

5 Fatal Flaws of Trading
EWI Senior Analyst Jeffrey Kennedy discusses why most traders lose, the five flaws associated with losing, and how to overcome these five flaws to become successful. Read More.

BMO Commentary

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

0740.ET
World Markets are Mixed-Flat and the US Markets/Futures are Down some right now.
QQQQ/SPY are currently Trading at 44.04 / 110.87
QQQQ Resistance is at  44.14, then 44.50, then 44.68, then 44.92
QQQQ Support is at 43.80, then 43.61, then 43.40, then 43.17, then 42.8x, then 42.3x

Still waiting for a Breakout of the current Trading Range I Charted about over the weekend.
Be  sure to check back here tonight for my Commentary on today’s action.

There are some Economic Events out today starting at 1100.ET.

Precious Metals are Down and  the US-Dollar is Up  right now.

AMC Commentary [protect]

Another day in the Range . . . no break-out and no reason to enter a position . . Up/Down/Up for a slightly Down day, bit still in the Range.

1 – QQQQ has been distributing for a month now . . Range-bound and very confused as to which way to go:

2 – zooming out and looking at the two LT Pivot-Lines that are the Range-bounds for the last two months . . . I am showing you where they emanated from .. over a year ago!

3 – the SPX LT Pivot Levels:

4 – the Nikkei Index has Bounced back Strongly . . now retesting the break-Down neckline:

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Fully Mechanical Forex Trading System!

If You Think the Past Decade Was Bad For Stocks, Wait Till You See This
The major stock indexes are the wrong place to look
by Robert Folsom

These stories share the same basic assumption: stock investors did poorly because the stock indexes did poorly. And that assumption, dear reader, is erroneous. The truth is far uglier… Read More

This is my Market Analysis for this weekend .. looking towards this coming week of Trading:

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I track 31 World Market Indices . . 26 of them are nicely Above their 50-dsma = Bullish . . .
but, most are flat for the past month = Cautious.

Due to the quick and big run higher amidst such bad economic times with poor government action, in my heart and gut I am still Bearish . . . so I will wait for a Sustained Break-Out from the current congestion of the past Month (in either direction) before committing a substantial amount of medium- to longer- term money.

I have Annotated the following Charts:

1 -this Daily  QQQQ Chart shows us that something Big is coming, but does not forecast a Direction:

2 – this Daily QQQQ Chart doesn’t paint a very Strong Bull case . . . still floundering around as the Indicators come Down:

3 – this Medium-Term QQQQ Chart puts the lack-of-Strength into perspective of the 9-month Rally:

4 – this QQQQ Renko Chart too is showing something Big about to happen:

5 -a Big-Picture, Weekly View of the S&P-500 (SPX) . . with respect to the other Indices, the wider SPX is lagging . . not even above its 200-dsma yet:

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If Stocks Tank, Shouldn’t Gold Soar?
by Jeff Reckseit

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 Markets are Down some and the US Markets/Futures are Up slightly right now.
QQQQ/SPY are currently Trading at 43.87 / 110.48
QQQQ Resistance is at  44.14, then 44.50, then 44.68, then 44.92
QQQQ Support is at 43.80, then 43.61, then 43.40, then 43.17, then 42.8x, then 42.3x

Look at what I wrote last night (AMC Commentary) about Trading for today . . read the Commentary associated with each of the Charts.
Be  sure to check back here tonight for my Commentary on today’s action.

There are Big Economic Events out today starting at 0830.ET.

Precious Metals are Down and  the US-Dollar is Up  right now.

AMC Commentary [protect]

Look for our special Weekend Analysis by Sunday night!

This will include everything that happened today as well as looking into the near future.

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Daily Market Advantage!

How to Prepare for the Coming Crash and Preserve Your Wealth
by Susan Walker

As was widely reported in the dark days of late February and early March 2009, Robert Prechter called for the start of the biggest stock market rally since the 2007 high. Since then, the S&P has soared more than 60 percent in just six months to reach his target zone of 1000-1100. — Read More

BMO Commentary

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

0650.ET
World and US Markets are Up right now.
QQQQ/SPY are currently Trading at 44.20 / 111.65
QQQQ Resistance is at  44.14, then 44.50, then 44.68, then 44.92
QQQQ Support is at 43.80, then 43.61, then 43.40, then 43.17, then 42.8x, then 42.3x

Use these levels to look for turn Signals and Targets .. or the lack of them for continued follow-through.
I will be looking for follow-through this morning . . seeing how the Markets act at initial Resistance as a gauge for its Strength . . . still waiting for a Victor in the current Bull/Bear Battle at these key levels.
Be  sure to check back here tonight for my Commentary on today’s action.

There are Big Economic Events out today starting at 0830.ET.

Precious Metals are Up and  the US-Dollar is Up  right now.

AMC Commentary [protect]

Nice day .. to Relax . . . QQQQ moved right Up to that second level of Resistance at 44.50 and then failed to get above it . . . drifted lower the rest of the day before a dramatic fall during the last hour! . . . possibly a good set-up for a rise and fall tomorrow . . don’t forget the Big 0830.ET Jobs Report.

1 – the 60-min QQQQ Chart shows how calm today’s action really was . . just back Down into the Channel:

2 – the Daily QQQQ Chart further shows how today’s action fits into the “bigger picture” . . probably a filling of the dashed-green Gap just below is in store for tomorrow . . but is it Down then Up .. or Up then Down?:

3 – that red-brick has not moved for almost 2-weeks now on this QQQQ Renko Chart . . with that Trix turning, there should be a big move coming as Volume under that brick has built up quite a bit:

4  – I’m re-showing this Longer-Term SPX Chart that I first show during this past week . . notice how the bottom Up-channel line is still holding back prices from breaking through higher:

5 – same here with this Longer-Term DOW Transports/Industrials Chart . . . TRAN has moved higher, but still not poking through to the Up-side . . a break-below the 50-dma for TRAN should bring it Down to the bottom of the Channel again:

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Secrets of Successful Traders!

Death of the Dollar, Again: Before You Mourn, See This Chart

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
Asia & Australia Markets are Up some while European and US Markets are Down some.
QQQQ/SPY are currently Trading at 44.03 / 111.09
QQQQ Resistance is at  44.14, then 44.68, then 44.92
QQQQ Support is at 43.80, then 43.61, then 43.40, then 43.17, then 42.8x, then 42.3x

Use these levels to look for turn Signals and Targets .. or the lack of them for continued follow-through.
I will be looking for follow-through this morning . . seeing how the Markets act at initial Resistance as a gauge for its Strength . . . still waiting for a Victor in the current Bull/Bear Battle at these key levels.
Be  sure to check back here tonight for my Commentary on today’s action.

There are some Economic Events out today starting at 0700.ET.

Precious Metals are Up and  the US-Dollar is Up  right now .. see my Annotated Chart (#5) last night about the US-Dollar.

AMC Commentary [protect]

Another lack-luster day . . . a Very Very Short-Term opportunity there was, but with the Wildness and lack of Trend .. it was best to just watch . . . here are some Charts for Trading the rest of this week:

1 – this is a 60-min QQQQ Chart . . . as I posted last night, we have had Islands every few days for the past two weeks . . the next one should be Down .. probably into that Gap:

2 – on this QQQQ Daily Chart,  look at how nicely those Monthly Pivot Levels work .. this view shows some other Gaps we may fill before and after the one shown above . . there are lots below to choose from:

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Trading-Pro System!

How A Bear Can Be Bullish And Still Be Right
By Nico Isaac

In recent months, Elliott Wave International President Bob Prechter has become something of a household name. In the final two days of August 2009 alone, Bob was mentioned by several news outlets from MarketWatch to the New York Times. The claim to his “fame”– Read More.

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 Markets are Up Big and US Markets are Up strongly right now.
QQQQ/SPY are currently Trading at 43.34/ 109.45
QQQQ Resistance is at  43.61, then 43.80, then 44.14, then 44.68, then 44.92
QQQQ Support is at 43.40, then 43.17, then 42.8x, then 42.3x

Use these levels to look for turn Signals and Targets .. or the lack of them for continued follow-through.
I am leery of the strong Open we are looking to have now . . . make sure there is follow-through higher and a breaking of Resistance that Holds before loading up on Long Up positions. … as a Bear, I will be looking for weakness during the Open to Short … but will not fight continued Strength in order to do it.
Be  sure to check back here tonight for my Commentary on today’s action.

There are some Economic Events out today starting at 0745.ET.

Precious Metals are Up over 1% and  the US-Dollar is Down right now.

AMC Commentary [protect]

Another wild day .. another Island .. another stop at the Range Top . . . neither Bulls nor Bears are winning over the past two months . . .

1 – the 15-min Chart shows the many Islands over the past few weeks as well as the Range that QQQQ has been in:

2 -the Islands/Gaps/Range  on the Daily Chart .. look how perfect today’s Gap was! . . .

3 – QQQQ Daily divergence .. with Support Levels:

4 – a bigger-picture QQQQ Daily view showing the Wildness and important levels:

5 – one of our Helper Charts, the USD/VIX ratio, shows just how Wild the Markets have gotten . . after such a long and nicely defined Channel they were in:

6 – this Daily SPX Chart shows the defined Channel it’s fallen below as well as some close Supports:

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Carb Rotation Diet . . . this is the one I used to lose 18-pounds in less than 1-month!