ACTS Money Machine

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 [protect]

As predicted, QQQQ Opened higher and then fell after 10- to 15- minutes . . . but then she drifted higher the rest of the day .. hitting our high Resistance level posted this morning . . . buoyed by the enthusiasm of nearing and then hitting DOW 10,000. . . . It sure was anemic after hitting 10,000 . . . I am expecting a move Down during the Opening 20-minutes tomorrow morning . . but we’ll see what tomorrow morning brings and we’ll Post the more detailed Plan in our BMO Commentary.

1 – a 15-min QQQQ Chart showing the weak jump Up . . along with Support levels:

2 -some more details looking at the Daily Chart . . . there should be a strong push to fill that Gap .. moving towards the October OE Pivot-Line . . . then we’ll see how Bullish the people are:

[/protect]

Definitive Guide to Swing Trading !!
.

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.

0630.ET
Far East Markets are mixed while European Markets are Up Big and US Markets/Futures are Up some.
QQQQ/SPY are currently Trading at 42.72 / 107.90
QQQQ Support and Resistance details are shown on the Annotated Chart posted Friday night in AMC Commentary.
Overview: . . . Support @ 42.05 then 41.85 . . . Resistance @ 42.70 then 43.20

There are no Economic Events of any concern this morning starting .. so we should probably drift Upward … be careful of a low-Volume drift higher .. use the Annotated Chart I posted Friday night in AMC Commentary as a guide for break-outs.

AMC Commentary [protect]

QQQQ stayed pretty much within Range again . . . Opening above and Closing within it. . . . With such low-Volume, it was wise not to even Trade and to keep waiting for the high-Volume Reversal.

Here are my Annotated Chart Commentaries for today:

1 -the 15-min Chart shows what happened . . . above Resistance, then back below it:

2 – the 60-min Chart shows the same thing … in a different time-frame and point of view:

3 -the Renko Chart sure looks Bullish . . but I’m waiting for a break-out:

[/protect]

Secrets of Successful Traders !!

Q&A With Robert Prechter: Why Technical Analysis Beats Out Fundamental Analysis

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/US Markets/Futures are Up strongly.
QQQQ/SPY are currently Trading at 42.17 / 106.77

There is only one Economic Event out today .. International Trade at 0830.ET . . . My Plan is to watch for a breaking of the Support & Resistance level Boundaries I posted over the past two nights in AMC Commentary . . . but I suspect that today will be lower in Volume and will probably stay within the Range . . . I anticipate a lower Opening to fill in yesterday’s Gap that I wrote about in last night’s AMC Commentary as well.

Yesterday’s Action:

The Industrials rose 61.29 points Thursday, after being up as high as 111 points mid-day.
The NASDAQ 100 rose 7.34 points Thursday, closing at 1,717.79.
The Russell 2000 rose 5.67 points Thursday, closing at 607.75.
The HUI Amex Gold Bugs Index rose 6.35 points Thursday, closing at 449.61.
November Gold rose to a new all-time high, closing at 1050.4.
Silver rose to 17.81, while December Oil rose to 71.82.
The Dollar fell 0.49 to 75.97.
Bonds fell a point to 121^21.
The VIX fell 0.50 to 24.18.

AMC Commentary [protect]

Another day just as expected . . . not getting anywhere for all the Bulls that are jumping on . . . . of course, she could take off higher any moment . . . but I am still betting she goes Down next. Here is a Chart showing all of the local Supports and Resistance … I’m waiting for a break-out .. Up or Down:

[/protect]

Penny Stock Profits!

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/US Markets/Futures are Up strongly.
QQQQ/SPY are currently Trading at 42.40 / 106.85
Assuming a Strong Up Opening, Resistance and Support will be as follows:
– QQQQ Resistance is 42.45 – 42.7x, then 43.0x/.1x
– QQQQ Support is at 42.25, then 42.10, then 41.60, then 41.20, then 40.7x – 40.9x

There are several Big Economic Events out today .. starting at 0830.ET . . . My Plan is to look for a Reversal Down Signal as we move Up into Resistance .. like previously this week . . . so if the BMO Economic News is slightly bad, this should happen nicely.
If the BMO News is very bad, the Market may just Drop .. in which case I would be looking for a Bounce to Open Down positions.
If the BMO News is good, look for the Market to Open Up stronger . . . then I would be looking for that Reversal Down Signal . . and also be watching to see if the Market can take out previous highs and local Resistances to turn Bullish.

Yesterday’s Action:

The Industrials fell 5.67 points Wednesday.
The NASDAQ 100 rose 5.20 points Wednesday, closing at 1,710.45.
The Russell 2000 rose 0.10 points Wednesday, closing at 602.08.
The HUI Amex Gold Bugs Index rose 4.18 points Wednesday, closing at 443.26.
November Gold rose to another new all-time high, closing at 1043.8.
Silver rose to 17.49, while December Oil fell to 70.15.
The Dollar rose 0.15 to 76.46.
Bonds rose three quarters of a point to 122^27.
The VIX fell 1.02 to 24.58.

AMC Commentary [protect]

A Gap Up Open .. but not enough to give any Signals . . . and the current S-T Trend is sideways so nothing to play against . . . QQQQ was fairly well contained between our first Support and Resistance Levels (listed above BMO).

Here are some Annotated Charts for today:

1 -This 15-min Chart shows QQQQ moving right Up into Resistance and then backing off . . . if QQQQ clears and Holds above that top pink Resistance line, I will get Bullish . . . others I will keep looking for a Strong Reversal Down Signal:

2 -this 60-min Chart shows the same characteristics . . . staying within that green box I had drawn last night:

3 -our good old Mr. Helper Chart of the Institutional Index shows a negative divergence of rising prices with falling indicator strength . . . this often leads to a Reversal Down of prices:

4 -a Daily QQQQ Chart also showing the October OE Pivot Levels . . . today was a very Bearish Candle . . . a smallish body with a long wick . . . the Bulls tried to go higher, but the Bears won the day by bringing price back Down near where they Opened . . . the Opening Gap Up will draw price Down to fill it . . . nature, and supply/demand, abhor a vacuum . . . I expect a move Down tomorrow morning during the Open . . . THEN watch and see what price and Volume do around 42.0x . . . if you see a Reversal Up Signal shown my high Volume with prices not moving much below 42, that would be a sign of a pending Up trend about to start:

[/protect]

Q&A With Robert Prechter: Why Technical Analysis Beats Out Fundamental Analysis

Follow my intraday, real-time Commentary … Register for Free … DayTrading QQQQ Swings

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 Markets are Up Big while US Markets/Futures are Up nicely.
QQQQ/SPY are currently Trading at 41.55 / 105.07
QQQQ Resistance is at 41.30 – 41.60, then 41.90 – 42.0x
QQQQ Support is at 40.80 – 41.0x, then 40.5x, then 40.3x, then 39.50

Today is a fairly light day for Economic Events starting this morning at 0745.ET and then 0855.ET with some Treasury Auctions scattered throughout the day.

I am anticipating a move higher into a Resistance area as shown above and according to my Weekend Analysis posted here . . . Then look for a Reversal Down Signal to re-enter a Short position to take advantage of the coming Down we expect. . . . Warning! .. this move Up may last more than one day before a Short Signal is given. . . . make sure the Signal is on very high-Volume to ensure its validity.

AMC Commentary [protect]

Today we had follow-through from yesterday’s Up . . . Strong in the morning then tapered off the rest of the day. Overall, I think she is still looking weak . . unable to overcome recent highs of last week . . . here are my deeper thoughts Annotated in the Charts:

1 -this 15-min Model Chart shows today’s rise heading Up into the existing Down-Trend and Overhead Resistance . . . like I talked about in this morning’s Commentary. .. Until QQQQ can Hold above the Top Resistance shown on the Chart, I consider QQQQ to be in a near-term Down-trend . . . worthy of Shorting these small Rallies:

2 -the 60-min Chart shows a similar story . . . verifying the shorter time-frame above:

[/protect]

Easy Secret at Never Losing in Stock 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.

0707.ET
World and US Markets/Futures are Down somewhat .. about 0.6%.
QQQQ/SPY are currently Trading at 42.05 / 105.20
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 early and continuing all morning . . so watch out!

Stocks are forming patterns that warn the Bear Market that started 2 years ago is about to unveil its next destructive move down . . . so,  I am still looking to Short QQQQ Rallies as opposed to Buying Dips .. especially for any Holding of longer than a few hours . . . I see a major Drop coming soon … sometime within the month of October. … Use last night’s Chart-3 for break-out guidance.

Yesterday’s Market Action:

Stocks ended mixed Wednesday, after a roller coaster day. The Industrials fell 133 points early, then recovered all the losses mid-day, before closing down 29.92 points. The day’s price action formed a classic Hammer Candlestick pattern, which looks like a cross or “t.”
The NASDAQ 100 rose 1.32 points Wednesday, closing at 1,718.99. The Russell 2000 fell 6.17 points Wednesday, closing at 604.28. The HUI Amex Gold Bugs Index rose 7.95 points Wednesday, closing at 418.65. October Gold rose back above 1,000, to 1,006.8. Silver rose to 16.65, while December Oil rose to 70.43. The Dollar fell 0.40 to 76.72. Bonds fell 8 ticks to 121^12. The VIX rose 0.42 to 25.61.

AMC Commentary [protect]

WoWser! . . . the Charts and Commentary say it all . . below:

1 – the 5-min System Chart shows how frustrating (and powerful)  the day was . . . there were times that the Reversal Up Signal seemed obvious . . . but the power Down was just too powerful . . . I think the Smart money jumped on Down today . . . tomorrow’s action will be critical for Trading in the following weeks:

2 – the 15-min Chart shows how our Support line was Broken . . it was why we kept saying to Short Rallies:

3 – the 60-min Chart we had drawn and posted last night shows the full aftermath:

4 – just as predicted . . . if the 38.2% retracement level was broken Down and Held, the 50% level would be the next Target … right on!

5-our Long-Term Pivot-Levels sure are powerful .. and predictive Targets:

6 -the October OE Pivot-Levels shows the Triangular break-out as well . . . I am just re-posting this same Chart I posted last night .. updated with today’s price-bar only . . . just to show my prediction from last night with today’s price-movement overlaid:

7 -this Chart was also posted one night very recently . . . look at how that Target was perfectly hit! . . . I am just re-posting this same Chart I posted previously .. updated with today’s price-bar only . . . just to show my prediction with today’s price-movement overlaid:

Well . . . a very nice week so far for this Bear . . . tomorrow will be very important in determining Trading for next week . . . I will post a Weekend Analysis with some thoughtfully Annotated Charts.

[/protect]

Download Your Free Credit Crisis Survival Kit

Before it became the worst credit crisis since the Great Depression, the credit crisis used to be an arcane topic discussed only in financial publications. Now, it’s on every computer, television screen, and front page of every newspaper in the world.

It may have you worried about what you can do to get through it with your personal finances still intact. What can you 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.

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 [protect]

another very nice day! . . . lots of Volume to point the way . . . now THIS is fun!
I Banked some very nice Profits today . . . there were two major opportunities to do so . . one in the morning and one after noon.ET . . as shown in the first two Charts . . . the other Charts are Annotated with further thoughts for Trading in the near-term:

1 – the morning Trade Signal . . . shown on the 1-min Chart as this brings out the Volume spike best . . . it shows just a limited number of high-Volume Trades during a short-time as a sign that someone Smart is Buying/Selling (the opposite of the direction she’s been going in):

2 – the same deal, opposite direction . . . after QQQQ reached the Top of its morning run Up from the Opening Signal, it gave another Reversal Signal to go back Down! . . . there were two different Closing Signals for this second Trade .. either one would have been Profitable and understandable to take . . . . . what I like to do when CCIs move from one extreme to the other quickly, I wait and see if I they’ll move back to my starting extreme without price moving much .. as price moves sideways, indicators will often reset . . . so it’s as if I’m in the original position and can wait for another move to CCI extreme with better price movement in my direction .. like later this afternoon did:

3 -this is the same 15-min Chart I posted last night showing how the trend-lines changed . . I think a little more Bearish now:

4 -a Daily QQQQ Chart showing the Aroon indicator . . . I like using this indicator when its components (Up/Down) are at extremes . . . I showed this a few days ago when they were 100/0 and stated that they would move away from that extreme state . . . the Up started moving down from 100 and then today the Down started moving up from 0 . . . this indicates a bigger Down is coming:

5 -the October Option Expiration Pivots Chart shows how price has been attracted to THE pivot level (42.44) and how a Pennant Pattern has developed:

6 -I show tow levels of Fib-retracements here . . . one longer-term and one from the recent rally. . . QQQQ has now retraced the recent rally to the key 38.2% level . . . if she does not break Down through it, a big rally higher should ensue … if she does break Down, I expect her to quickly hit the 50% retracement level:

[/protect]
Penny Stock Profits!

.

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 [protect]

QQQQ had a Wild first hour, but then settled down and traded within our Support/Resistance levels noted above this morning . . . nothing exciting today .. no Trades made.

After today, I am still in the Bear camp . . . check out these Charts and see the pennant formation I’m watching for a break-out:

1 -this is the same 15-min QQQQ Chart I posted last night . . . we did get the Down I called for .. with the 89-sma acting as Support and today’s action fitting right nicely into the pennant/triangle formation . . . because of last Thursday’s Down action, I think we’re still in Short-Term Bearish mode:

2 – a 60-min Chart showing the same Triangular formation . . I’ve added some Support & Resistance levels:

[/protect]

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 [protect]

QQQQ broke Up through initial Resistance on the Open and eventually broke above the upper Resistance listed this morning (above) . . . just about all the way to the 42.70 level I posted about on Charts last week.  Like I recommended this morning, it was probably best to stand aside today . . . it was a lower-Volume and no news to drive a trend . . though after a minor early morning Volume spike, it was off to the races higher all day before dropping a little at the end:

[/protect]

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 [protect]

Nice! follow through on the Down that started yesterday afternoon . . . our Annotated Charts have been calling for a pull-back recently . . . hope no one got stuck Holding any Uppers. . . . Tomorrow is another day full of Big Economic Events in the morning . . . the end game today tells me there might be some Up tomorrow . . . the key to watch is: is it a turning Up for the Bulls . . or a place to get Short higher Up for the Bears.

Some Annotated Charts for today:

1 -this Short-Term (15-min) Chart shows how Volume alerted us to stay away from Up positions recently . . and tell us that she may go Up tomorrow as well . . not to jump on the Down train:

2 -this 60-min IT Chart shows how that high-Volume came in as price met the 80-ma line and turned price back around again . . . we’ll be watching the next move wrt the 80-ma line and the other MAs tomorrow morning:

3 -those Long-Term Pivot-Lines sure are powerful!

[/protect]

How a Kid With a Ruler Can Make a Million

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 [protect]

. . . and yet another low-Volume day . . I guess we need to treat these as the norm from now on and adjust “high-Volume” levels accordingly . . . also, the moves have been starting in the morning and ending an hour or two later and then mostly sideways the rest of the day . . . we should adjust our Trading accordingly . . around a news event and then Trade the CCI/Volume extremes.

1 -the 5-min Chart shows this action . . but without a high-Volume spike to key off of . . . maybe we need to start using “any” increase in Volume:

2 – the 15-min Chart shows the leveling off of momentum lately . . . it also shows our two break-out levels … 42.70 on the Up-side and the 89-ma on the Down-side:

3 – this Daily QQQQ Chart shows the new October monthly Option Expiration levels:

[/protect]