ACTS Money Machine

The Three Phases of a Trader’s Education: Psychology, Money Management, Method
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.

0740.ET
World and US Markets/Futures are Down some.
QQQQ/SPY are currently Trading at 46.07/ 113.30
The US-Dollar is Up 0.60% .. nicely over 78 right now.
See last night’s AMC Commentary for QQQQ Targets.

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

Techs appear to be the weak sister lately.

AMC Commentary

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U.S. Dollar (Forex): Feelings vs. Reality

BMO Commentary

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

0725.ET
World Markets are mixed and US Markets/Futures are Down slightly right now.
Japan is Down slightly.
QQQQ/SPY are currently Trading at 44.44 / 111.48
QQQQ Resistance is at  44.50, then 44.68, then 44.92
QQQQ Support is at  44.14, then 43.80, then 43.40, then 43.17, then 42.8x, then 42.3x
SPX key Pivot Level = 1093 . . . see recent AMC Commentaries for more details.

There are Big Economic Events out today starting at 0745.ET … the news will drive prices today.

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

In general, I expect the Markets to stay in their recent holding pattern without any big breakouts .. unless we get Big surprises from the News out today . . . I am waiting for a breakout before loading up in my positions.
Be  sure to check back here tonight for my Commentary on today’s action.

AMC Commentary

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the Daily Market Advantage!

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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.

0640.ET
Far East Markets are Down slightly, European Markets are Up-Mixed some, and the US Markets/Futures are Up slightly right now.
QQQQ/SPY are currently Trading at 44.24 / 110.47
QQQQ Resistance is at  44.14, then 44.50, then 44.68, then 44.92
QQQQ Support is at 43.80, then 43.40, then 43.17, then 42.8x, then 42.3x
SPX key Pivot Level = 1093 . . . see recent AMC Commentaries for more details.

Action today will be totally driven in the morning by the 0830.ET Economic Reports . . and then manipulated by Big Money thereafter (as usual).
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 . . be sure to watch the action around these events.

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

AMC Commentary

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the Ultimate Trading System!

Earnings: Is That REALLY What’s Driving The DJIA Higher?

BMO Commentary

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

0735.ET
World Markets are mixed and US Markets/Futures are slightly Up.
QQQQ/SPY are currently Trading at 43.50 / 109.67
QQQQ Resistance and Support: use the values shown in the S&R boxes on the Annotated Charts I posted in my AMC Commentary last night and before.

Check out the Economic Events due out today . . . there is only the Existing Home Sales at 1000.ET along with some Fed speaking .. esp. Bernanke at 0830.ET.

The Plan is the same as it has been most of this week: watch the 43.00 lower boundary area . . . . should that fall, expect some further weakness today . . . allow for some Trading Down to the 42.95 area before getting too Bearish . . . and remember, if you miss the first Drop Down, there will be a rebound and test afterward to enter on.

AMC Commentary

oh yes! . . it was a great! Trading day for me  . . . . I didn’t really even watch QQQQ much today . . . I traded Microsoft (MSFT) by Selling the News! … Microsoft Released their Quarterly Earnings this morning BMO and beat expectations, but came in with lower Revenue than last year . . this piqued my interest as that told me that the EPS numbers were probably inflated by accounting, but lower Revenue indicated the reality was not great . . . and then their guidance left little to be admired . . . and I saw BMO that they were Up 10%! . . . so here is how I Traded Microsoft (MSFT) today:

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THE Guide to Swing Trading

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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.

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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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

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