Monday, July 12, 2010

You Snooze, You Lose?

I'm sure you could have stayed in bed today and not missed too much. In fact, I think we just had a three day weekend and didn't take advantage of it!

But.. things happened today out there in trading world of interest as we'll see on some charts below. We're at a 50/50 proposition here, wave counts notwithstanding. They either continue to drift this up on low volume (bullish) or something tips the boat over. Both the NYA and INDU have made a clear retrace to the .618 Fib mark, so I'm monitoring for any pullback and to what level to see if we get a nice bearish Gartley on those charts. The alternate would be a butterfly pattern should we see a retrace up to .786, followed by a pullback that does not exceed the most recent pivot low. The chart on copper today took it in the pants as did gold, silver and oil. Will copper lead the way in the days ahead, or was this just a reaction to the buck doing a little dance?  Patience, patience, patience TTWrs- the trade will come our way.

Earnings of interest this week include: Tuesday: FAST and INFY before the bell, followed by INTC and YUM post session. Looking ahead to Thursday we have JPM and GOOG, and on Friday will be BAC, C and GE.

A big thanks to everyone who continue to share their charts and thoughts throughout the trading day!  Good trading tomorrow if we have a day that actually moves along. :-)

indu_7_12_eod nya_7_12
copper_eod_7_12 dx_eod_7_12

blog comments OCCASIONALLY powered by Disqus