ACTS Money Machine

Earnings: Is That REALLY What’s Driving The DJIA Higher?
The idea of earnings driving the broad stock market is a myth.

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 and US Markets/Futures are mostly Down now . . US Futures were Up Big late last night, but have come back Down to slightly below Unchanged. There are lots of financial institutions reporting Earnings this week (including today).
QQQQ/SPY are currently Trading at 45.83 / 113.40
The US-Dollar is Up nicely to over 77.50.

Read yesterday’s Weekend Analysis for Support/Resistance level guidance and what I expect to happen today and this week.

There are no big Economic Events out today.

AMC Commentary  [protect]

Just Up all day . . . I think mostly because the Health Care Plan may be defeated if Brown wins Massachusetts.

1 – the QQQQ Feb OE Monthly Pivots Chart shows how the today’s action fits within the Daily realm of things:

2 – the S&P-500 ($SPX) 60-min Chart from last night (updated) shows how price regained the Up-channel . . but was stopped again at the Range-Top (115x):

3 – the 60-min SPY Chart shows the same thing .. from the perspective of the MAs . . regaining them and stopped by the local Top:

Summary — so, still within the Range . . . tomorrow could be the break out higher . . . or Down again.

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Trend-Riding System!

Why You Should Care About DJIA Priced in Gold
Of the many forward looking market indicators we at EWI employ, one of the most interesting tools (and least discussed in the financial media) is the DJIA priced in gold — “the real money” … 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.

0630.ET
World and US Markets/Futures are currently Down Big.
QQQQ/SPY are currently Trading at 46.02/ 113.88
The US-Dollar is Up 0.20% .. nicely above 77.0 right now.

There are Big Economic Event out this morning starting at 0745.ET. . . all BMO, these Reports will shape Trading today.

See chart-2 from last night for January-OE Pivot-Levels = Support/Resistance.

AMC Commentary [protect]

A surprisingly Down day today .. that held fairly Down into the Close . . . that could be read as Bearish, but look at the following:

1 -this 60-min S&P-500 Chart shows that today was a pull-back to a Strong Up-trend and then a Bounce . . it would be healthy & Bullish if it rallies higher tomorrow:

2 -the January Monthly OE Pivots once again show nice predictive power . . . the MACD indicator DID turn Down and the next lower Pivot-Level DID act like a great magnet (Target) . . . stopping the fall:

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Hot Stock Newsletter!

In today’s low-Volume, Holiday-week action .. QQQQ broke above the Top of the recent Range of the past 5- or 6- weeks. . . BUT, the Big question will be to watch for follow through tomorrow and the next day to see if QQQQ can continue higher or come back Down into the Range again:

Subscribers may continue reading for a more detailed Commentary: [protect]

the 60-min Chart clearly shows how QQQQ has advanced higher as I predicted last Thursday (12/17) .. and now slightly OverBought, it should come back Down to retest the breakout level around 44.50 . . . where it goes from there will be telling:

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If You Think the Past Decade Was Bad For Stocks, Wait Till You See This

BMO Commentary

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

0705.ET
World Markets are slightly mixed and the US is Down.
US Markets/Futures are Up right now.
Precious Metals are Down big and the US-Dollar is Up big right now.
QQQQ/SPY are currently Trading at 44.11 / 110.92
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 0830.ET … the news will drive prices today .. Big time!

I expect the Markets to stay in their recent Rectangle Range I’ve been Charting for you . . . without any big breakouts .. unless we get Big surprises from the News out today. . . when entering Trades, wait for pullbacks (Down or Up) in order to get onto a missed Trend .. don’t just jump on a sailing boat or a moving train .. let it come back to you some and pause .. looking for that Reversal Signal we teach about.
Be  sure to check back here tonight for my Commentary on today’s action.

AMC Commentary [protect]

A nice Drop today Down to our second Support level listed above this morning . . . I Opened some Feb-$46 Call positions for an expected Bounce Up tomorrow. … plus I still have my Feb/Jan Put spread with Profits showing.

I will be on the road all day tomorrow and will not be Posting tomorrow night. I will be hitting the road around Noon.ET, so I’ll post in the morning and Trade a little before leaving . . . I will be on Vacation for 2-weeks, but will be monitoring the action and Posting here most every night, but probably not much in the morning . . . PLUS, with lower Holiday Volume bound to hit the Markets, there won’t be much to say in the morning except, watch for News Events.

1 – the 60-min Chart shows the “within Range” action today . . and the indicators show we’re Short-Term Over-Sold … probably a small  Bounce sometime tomorrow:

2 – today’s action show’s how nice it was to predict it using this “longer term” View . . the basic indicators were showing weakness in the Daily action and warned us not to get too Bullish .. even as there were Big Up days:

3 – the warnings were given also by the inability of Up action to break out higher from the Range . . . R1 was as far as she ever got on a Closing basis:

4 – zooming out some even showed the weakness of recent action . . at the same time, we shouldn’t get too Bearish either:

5 – QQQQ Long-Term Pivots . . . and the Range:

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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!

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!

Here are my thoughts and Annotated Charts for Trading this coming week . . . and my Trading Plan for tomorrow: [protect]

1 – this Monthly SPX Chart shows its inability to get and stay past 1100 . . . I will be using “Closing and Holding above 1100 for a few days” as a Bullish sign and “Closing and Holding below the green line (1065)” as a Bearish sign:

2 -  this Daily SPX Chart shows the Up-Channel that it’s been in since March . . and how SPX has broken below it in recent weeks . . . watch to see if it struggles to get back into that Channel . . not doing so would be a sign of weakness:

3 – this Annotated Chart shows the DOW Transports (and the DOW)  . . . the Transports are not participating fully with the latest move higher in the DOW .. which is worrisome for the Bulls:

4 – this 60-min QQQQ Chart  zooms in and looks at early Trading for tomorrow (Monday) . . .  I will be looking to see how QQQQ Opens .. expecting at least a small move higher .. and will watch and see how it reacts against that Down-sloping pink line and horizontal blue level . . also watch to see if the StochRSI indicator gets Up into the 0.80 zone or is rejected Downwards again . . . if QQQQ does start to fall again, look for that Open Gap (42.5x bottom) to be the first Target:

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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.

0715.ET
World and US Markets are Up Big now.
QQQQ/SPY are currently Trading at 43.86/ 110.61
QQQQ Resistance is at 43.80, then 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.
Subscribers, read what I wrote over the weekend and look at the Annotated Charts I posted then for guidance.
We are at an important price level and today’s action should help tell us the future .. be sure to check back here tonight for my Commentary on today’s action.

There are some important Economic Events out today starting at 1000.ET.

Metals and Energy Commodities are Up while the US-Dollar is Down right now.

AMC Commentary  [protect]

A very nice Up day today . . blasting higher out of the gates .. pulling back, then moving back Up a little again . . . I anticipate a continuation higher tomorrow .. UNLESS .. the morning Economic Events are really bad.

1 – the Short-Term (15-min) Chart shows a possible pull-back before moving higher tomorrow:

2 – the 60-min Chart shows the Support and Bullishness on a slight-longer time frame . . . together with the 15-min Chart foretells a minor possible pull-back and then further Up tomorrow . . . again, unless we get really bad news in the morning:

3 – here is the Updated Monthly OE Pivots Levels for December showing a Daily Chart . . notice how perfectly QQQQ filled the overhead Gap and then Closed the day right on the key-level I had drawn a week ago:

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E-mini Trading Course!

More than 130 banks will have failed by the end of 2009. Is Your Bank Safe?
By Gary Grimes

By the end of 2009, more than 130 banks will have failed. Most depositors will have little clue their bank was even at risk. Worse yet, the string-pullers in Washington are doing everything in their power to hide information about the safety of your bank from you. Learn what you can do now to protect your money.  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.

0630.ET
World and US Markets are mostly Down slightly.
QQQQ/SPY are currently Trading at 44.03/ 110.40
QQQQ Resistance is at 44.68, then 44.92
QQQQ Support is at 44.14, then 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 I posted then for guidance.
Use any break-outs of Friday’s Range as well.

There are some Big Economic Events out this morning starting at 0830.ET .. be watching for them!
They will have a big effect on the Open and early Trading.

Metals and Energy Commodities are Down while the US-Dollar is Up right now.

Yesterday we got some weakness .. the pull-back we’ve been waiting for … now is the time to see how Strong the Markets are .. or not!

Also, don’t forget that this is Options Expiration week . . Friday is the end of November options.

AMC Commentary [protect]

WoWser! . . the explosive day I said we’d get after Tuesday’s Inside Day . . . I am predicting a Bounce tomorrow before beginning a Down Trend next week . . . the Bounce would re-test the old Support Levels that were broken Down this week. . . Here are some Annotated Charts of today’s action:

1 – you can see on this 5-min QQQQ Chart how devastatingly Down the Open was . . . however, around 1000.ET a lot of Buying came in .. and in large Block Trades I saw passing by . . . this tells me that someone smart was Buying as the prices were falling . . . and then, after one more lunge Down (always watch for that), the Market rose the whole rest of the day:

2 -see how the Drop was nicely supported by the 80-ma on this 60-min QQQQ Chart … another Bullish sign .. for tomorrow:

3 – here’s that explosive move that I called for . . . along with lots of important levels shown around it:

4 – this Daily QQQQ Chart shows its Powerful Long-Term Pivot Levels . . see how important they are .. don’t forget to look at them often:

5 – and lastly, our Institutional Helper Chart . . . with some interesting sights and a new twist at the bottom (XII : QQQQ ratio):

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Guide to Swing Trading!

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.

0800.ET
World Markets are Up slightly … US Futures/Markets are Up as well.
QQQQ/SPY are currently Trading at 44.50/ 111.41
QQQQ Resistance is at 44.68, then 44.92
QQQQ Support is at 44.14, then 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 I posted then for guidance.
Use any break-outs of that outer Range as well.

There are some Big Economic Events out this morning starting at 0830.ET .. be watching for them!
The MBA Purchase Applications Report was released at 0700.ET and was “bad”.

Metals and Energy Commodities are Up while the US-Dollar is Down right now.

Yesterday we got some consolidation . . still looking for a Break-Out . . probably to the Down-side for the Short-Term.

Also, don’t forget that this is Options Expiration week . . Friday is the end of November options.

AMC Commentary [protect]

A slight Down day today .. along with some break-Down of the first Support level .. by a nose before Volume came in a she Bounced along the bottom some before ending nicely Up from Support where I was Buying.

1 -the 15-min Chart shows the price action today and the Bottom fishing opportunity:

2 – the 60-min Chart shows some of the same .. and a bigger picture . . . notice how that Upper Indicator is Over-Sold and turning Up . . . could be nice tomorrow if Jobless Claims aren’t too bad:

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a Great! Diet . . . I have actually used it and lost 18-pounds in less than 1-month .. honestly.

BMO Commentary

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

0810.ET
World Markets are mixed-unchanged … US Futures/Markets are Up slightly.
QQQQ/SPY are currently Trading at 43.73 / 109.35
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.
QQQQ = 43.80 is key overhead Resistance today . . . subscribers, read what I wrote last night with respect to Chart-1 and how to trade that key-level action today.

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

Today’s follow-through (or lack thereof) action should set the tone for next week.

AMC Commentary [protect]

QQQQ price-action today stayed within our pre-defined (this morning, above) first-level of Support/Resistance . . . Opening to hit the first Support and then Bouncing Up to hit the first Resistance before settling back Down in the middle. . . . When QQQQ rose to hit that key 43.80 level I posted about last night (Chart-1 .. 34-/55- MAs), it strongly ran Up through it . . a sign to stand aside if looking for Shorts.

1 – the 15-min QQQQ Chart shows a lot of small- and big- picture stuff . . . note also the very high-Volume as QQQQ price came Down to our first level of Support (43.61) . . . that was a beautiful sign that things would go Up from there .. and they did!

2 – the 60-min Chart shows similar big-picture action . . . along with beautiful Targets below that line up nicely with recent history:

3 – this Daily Chart with OE Pivots shows the even bigger picture . . . a triple-top, low-Volume move higher over the past two weeks, a decreasing strength indicator, and lots of Open Gaps below:

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Trading-Pro System!

BMO Commentary

Happy Veterans’ Day !!

The Markets are Open but will be very unpredictable today . . .
there are no Economic Events today . . .
I recommend just relaxing and enjoying the day.

AMC Commentary

A sharp Up Opening and then a drift Downward the rest of the day Closing a little higher . . . she sure is looking weak and ready to tumble Down some . . . we had a Spinning Top Closing daily-candle today .. somewhat Bearish under normal circumstances.

Some news I wanted to share . . . this Blog is going to start featuring a lot more Swing- and End-Of-Day- Trading Techniques/Education/Charts . . . I, personally, am having more of a need to shift a lot of my money into Swing- and Day- vehicles as opposed to Day-Trading . . . no fears, Day-Trading will still be a large focus .. but Swing- and EOD- Trading will start to get a lot more visibility . . . including new Trading Systems/Models to handle them as well.

Here are my thoughts/Charts/Commentary on today’s Market action:

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In general, we got the early push above recent Chart patterns I showed (esp. last night) . . . but the pull-back for the rest of the day may have negated their “break-through” power.

1 -QQQQ can be seen re-testing recent Highs . . tomorrow’s action will tell us if there’s more Up to come or not:

2 -here is the Renko Chart I showed last night .. updated with today’s action and overlaid with a pattern I noticed today . . . as Volume increases while price stays within a Range block (the Renko bar does not move as Volume increases each day under it) is a good alert of the next Trix crossover forecasting a price Reversal . . . keep an eye on the current, right-most Volume bar increasing if the current price-block does not get broken higher out of .. could be a sign of a coming Reversal: (this is the new indicator I spoke of today on the Message Board)

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Q&A With Robert Prechter: Why Technical Analysis Beats Out Fundamental Analysis
By Elliott Wave International