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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.

0730.ET
World Markets are Down 0.50% – 2.20% and  US Markets/Futures are Down some as well.
QQQQ/SPY are currently Trading at 43.81 / 109.60
The US-Dollar is Up to 79.80 now

The Markets are Down nicely now as I predicted yesterday on our Public Message Board (when I bought QQQQ PUT options). If not already registered there (FREE), go ahead and do so .. then look for posts by “blasher”.

Look for retests of yesterday’s highs . . . subscribers, use the key-levels I posted in this past Weekend Analysis Commentary. . . . the failures or successes of these retests will give us signs of future direction.

There are  Economic Events out all day.. with a Big one at 0830.ET

AMC Commentary 

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What Record High Dollar Volume of Trading Says About Confidence
by Steve Hochberg and Pete Kendall

BMO Commentary

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

0805.ET
World and US Markets are Up Big now.
QQQQ/SPY are currently Trading at 44.14/ 111.09
QQQQ Key level = 44.14
QQQQ Resistance is at  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 .. or the lack of them for continued follow-through.
Subscribers, read what I wrote last night and look at the Annotated Charts .. especially #1 and #2 .. for direction today.
Be  sure to check back here tonight for my Commentary on today’s action.

There are some very important Economic Events out today starting at 0830.ET.

Metals and Energy Commodities and the US-Dollar are mixed-unchanged right now.

AMC Commentary 

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CandleSticks made easy!

Learn How the Wave Principle Can Improve Your 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.

0700.ET
World Markets are mixed-unchanged … US Futures/Markets are Down slightly.
QQQQ/SPY are currently Trading at 43.73 / 109.67
QQQQ Resistance is at 44.14, then 44.68, then 44.92
QQQQ Support is at 43.61, then 43.40, then 43.17, then 42.8x, then 42.3x

Use these levels to look for turn Signals .. or the lack of them for continued follow-through.

There are Big Economic Events out this morning starting at 0700.ET .. with the Biggest at 0830.ET . . so be careful!

Following a low-Volume, rising day . . . today’s action should set the tone for next week.

AMC Commentary

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Option Income System!

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

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
Far East Markets are Up Big while European Markets are mixed around unchanged . . . US Markets/Futures are Up slightly.
QQQQ/SPY are currently Trading at 42.40 / 106.94
QQQQ Resistance is at 42.78, then 43.17, then 43.86
QQQQ Support is at 41.80-42.00, then 41.50, then 41.2x, then 40.9x, then 40.6x

There are Economic Events out throughout the day, but the Big one is out BMO this morning at 0830.ET . . so be careful! I will, and I highly recommend to, not be Trading today unless something outrageously Strong shows up. It will be a wild and unpredictable day … especially with the Plunge Protection Team (PPT) very active. Most people are Bullish right now .. another sign that the Top might be near .. just waiting for a trigger.

The DOW jumped 203.82 points yesterday, closing at 10,005.96. NYSE volume was lower on the rally at 86 percent of its 10 day average. Rallies are occurring on declining volume and declines are arriving on rising volume. That is a bearish formula and one we would expect to see around tops. Half of the trading days the past few weeks have seen moves above 100 points. Increased volatility, even large up days, is also something common around significant tops.
So, I am still Bearish .. even with a small Up-move today . . . but am really looking to start loading up on Down positions.  If we get a Strong Reversal Down Signal during the Open and it stalls after hitting Resistance, then I will probably start picking up QQQQ/SPY/MSFT Put Options in my Trading accounts .. as well as QID/SDS positions in my Retirement accounts . . otherwise I will just Relax and wait until next week.

AMC Commentary 

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the Ultimate Trading System!
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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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Are These 4 Emotional Pitfalls Sabotaging Your Trading? .. FREE

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 and US Markets/Futures are Up Big.
QQQQ/SPY are currently Trading at 43.09 / 108.79
Since yesterday was fairly sideways, the QQQQ Support and Resistance details are shown on the Annotated Chart posted Friday night in AMC Commentary.
Overview: . . . Support @ 42.25, then 42.05, then 41.85 . . . Resistance @ 42.70, then 43.0x, then43.20
If QQQQ Opens well above 42.70, then it will become Support.

There are lots of Economic Events out this morning starting with the MBA Purchase Applications Report just released at 0700.ET that showed a lessening of Applications .. and the Big ones at 0830.ET and then at 1000.ET . . . remember these and be careful around their releases. . . I am still leaning to the Bearish side until shown differently by a sustained break-out above one of the Trend lines shown in last night’s Chart.

Remember, Intel had good earnings and guidance last night AMC . . . this is giving us a very Strong Up Market this morning . . . I will be looking to Sell the News if there is no follow through Up after the Open as QQQQ hits that upper trend-line I drew last night (and gets out of the box I drew Friday and Monday nights) . . . I’ll start looking for my Strong Reversal Down Signal at about 10- to 15- minutes after the Market Opens. . . Yesterday’s Drop was as a result of less buyers as opposed to more sellers .. so be careful about getting too exuberant in either direction when a trend-line is broken.

AMC Commentary

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Definitive Guide to Swing Trading !!
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