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  Jeff Bailey   2/11/03,  7:08:53 PM
Pivot Matrix for tomorrow. Link

I left the lower part (WEEKLY and MONTHLY) color coded as earlier today, with GREEN not having been traded as support today, BLUE having been traded and RED not having been traded as resistance.

Early tomorrow morning, I will want to monitor QQQ for early resistance at $24.23. The "reason" for this is there is a POTENTIAL head/shoulder in the 5-minute chart where "left shoulder" would be from Monday's high of .... $24.25.

QQQ trading $24.10 in after-hours trade here.

  Jeff Bailey   2/11/03,  6:49:42 PM
Applied Materials (AMAT) .... calm now at $11.56, down $0.37, or 3.1% from today's close.

NVLS $27.60 and KLAC $31.79.

  Jeff Bailey   2/11/03,  4:20:38 PM
AMAT Today's DAILY pivot levels were S2=11.26, S1=11.65, P=11.95, R1=12.34 and R2=12.64. As such, current after market is right at today's S1.

Quick check of Novellus (NVLS) has after-hours at $27.65 after regular session close of $27.78. DAILY S1 here is $27.48 (Disclosure: I currently hold bearish position in NVLS).

KLA-Tencor (KLAC) finished its regular session at $32.10, trading $31.90 in after-hours. DAILY S1 is $31.52 with Pivot at $32.10.

  Jeff Bailey   2/11/03,  4:12:54 PM
Applied Materials (AMAT) $11.94 ... trading $11.63 after reporting Q1 (January) EPS of break-even, which was 2-cents below consensus of $0.02. Said revenues rose 5.4% year-over-year to $1.05 billion versus $1.15 billion consensus.

New orders of $1.02 billion for the first fiscal quarter of 2003 fell 35% from $1.56 billion in the Q4 of 2002, and decreased 9% from $1.12 billion for the first quarter of 2002. Backlog at the end of the first fiscal quarter of 2003 decreased to $3.05 billiion, which was below the $3.19 billion at the end of the fourth quarter of 2002.

  Jeff Bailey   2/11/03,  3:59:12 PM
Dow Industrials (INDU) 7,835 -1.07% .... looks to want to close out at today's DIALY S1 of 7,836.40. Risk averse bears, especially in technology stocks might look to move some cash to sidelines here ahead of tonight's AMAT earnings.

Gut feeling here.

  Linda Piazza   2/11/03,  3:52:27 PM
Today, the XAU bounced from its simple 200-dma and headed back above the midline of an ascending regression channel that’s been containing its prices since last July, after closing below that midline yesterday for the first time since early December. Its simple 50-dma lies just ahead at 75.33, and the XAU couldn’t quite reach that level. However, I do note that today, the simple 22-dma flattened and turned up a bit. This morning, it had been slanting down toward that 50-dma.

  Jeff Bailey   2/11/03,  3:49:58 PM
The 3:15 PM Intraday Update has been posted. Link

  Steven Price   2/11/03,  3:46:44 PM
Swing Trade Signals
I'd really prefer a rally closer to Dow 7900 for entry, but aggressive traders who did not enter on the break below that level that I suggested earlier may want to use this failure at 7850 for short entry. With only 15 min left, however, I am going to hold my cards and hope for an opening bounce tomorrow morning.

  Linda Piazza   2/11/03,  3:38:02 PM
This afternoon’s drop in the S&P’s have also dropped the 5(3)3 and 21(3)3 hourly stochastics toward oversold levels again. The move down on the stochastics has been a bit too fast for my liking, but then today I’m seeing potential oversold or short-covering bounces hiding everywhere. That doesn't change my overall outlook, but only the point at which I'll enter again on a bearish play.

  Jonathan Levinson   2/11/03,  3:36:32 PM
HUI and XAU continue to add to their gains today, and spot gold seems to be recovering from the early afternoon COMEX crush, currently at 363.90. The five year yield closed near its low of the day, and the COMPX bounce off the lows has so far been very shallow. My guess is to see some short covering into the close, but so far it looks thin on the COMPX.

  John Seckinger   2/11/03,  3:23:22 PM
How to gauge sentiment on the close? I will use the Dow at 7800 as the barometer. A close under 7800, then I will remain bearish. A close above 7800, looking to be flat. This is just my two cents. Note: AMAT is going to report earnings on the close.

  Linda Piazza   2/11/03,  3:15:54 PM
Although al Jazeera television at first denied the existence of the bin Laden tape aligning al Qaeda and Iraqi interests, it now confirms that it has a statement or tape from bin Laden and will air it later today.

  John Seckinger   2/11/03,  3:11:15 PM
The bond market closed a few minutes ago, and the five-year note ended up 5.5 ticks, while the 30-year rose only four ticks. This, in my opinion, is bearish for stocks, since it is assets rolling into the shorter-part of the yield curve and representing a flight into safety. We should know very soon if this holds merit.

  Jeff Bailey   2/11/03,  3:11:09 PM
S&P Banks Index (BIX.X) 268.88 -1.42% .... thoughts here at session low are "why?"

Banks aren't really "technology" related are they? So can't be too closely tied with AMAT earnings.

I'm thinking action here either "economic" or simply some "market fear" on just broadcast "bin Laden" tape.

  Jonathan Levinson   2/11/03,  3:04:27 PM
QQQ trades below 24, currently 23.98, TRINQ .96, TICK.NQ -653.

  Linda Piazza   2/11/03,  3:04:06 PM
I sure am bearish for the intermediate term, Jeff, but just wish I had the courage of my convictions today. Perhaps some of you readers—not you, Jeff—are kicking yourself today, too. I just keep studying that daily chart and waiting for the bigger short-covering bounce that I know must be coming and thinking I’ll get a better entry there. In this geopolitical climate, I at least want to have a good entry on my side. It’s another case of trading what you see and not what you believe, though.

  Jonathan Levinson   2/11/03,  3:00:10 PM
Somebody check in on Jeff- he appears to be in a swoon :)

  Jeff Bailey   2/11/03,  2:57:46 PM
Linda's a bear! Oooooooo... Linda. You're 02:52:15 comment regarding potential decline to 380-390. Quick check of MONTHLY pivot martix shows S2 at 393.60.

Hmmmm... Traditional $5-box of OEX p/f chart has bearish vertical count of 390.Link

With the OEX Bullish % ($BPOEX) "bear confirmed" at 37%, I'll take note of Linda's comments, p/f chart, MONTHLY S2 and the bullish %. If we see OEX anywhere close to 390 and BULLISH % back near its October lows of 20% or there abouts, today's comments might be useful. Ya think!

  Linda Piazza   2/11/03,  2:52:15 PM
With today’s OEX retest and failure at the bottom of that consolidation pattern, it’s looking more and more as if that consolidation pattern was in fact a continuation pattern rather than a reversal pattern. As mentioned last week, continuation patterns tend to occur about midway through a move. On the OEX, this portends a fall toward the 380-390 area, if the consolidation occurred about halfway down the move. This also correlates well with the target projected by the H&S formation. Even if the target is met, I wouldn’t expect a straight-down move without bounces along the way.

  Jeff Bailey   2/11/03,  2:51:48 PM
Buy/Sell Programs Quick look at the $prem shows a sell program in the last 2-minutes at -1.88. I looked at $prem chart on 1-minute intervals and count 11 sell program premium alerts today.

Only buy program levels I see traded were at the open when the cash market had to catch up to futures.

  Jonathan Levinson   2/11/03,  2:50:00 PM
C(iticorpse) is getting smoked, currently down 2.55% at its low of the day, 32.05.

  John Seckinger   2/11/03,  2:49:50 PM
Per 1:41 comment on a bad five-year auction, higher ten-year note yields, and fear in the equity markets, I do agree that there has been a solid inverse relationship between stocks and bonds in the recent past. I do, however, feel that the weak five-year action pressured the short-end of the yield curve (3 months to two years) while giving a relative bid to the longer part of the maturity spectrum (10-years plus) on a yield basis. This is a "steepening" of the yield curve, and bearish for stocks. It also fits nicely with Greenspan's mention of a rate cut and terrorist concerns. This equity weakness is certainly continuing as I type.

  Jeff Bailey   2/11/03,  2:49:17 PM
Buy Sell Programs HL Camp just got their site up and running. Computers set for program buying at $0.56 and set for program selling at $-1.88.

  Jonathan Levinson   2/11/03,  2:47:57 PM
Following Steven's observation, QQV is still down on the day as well, -.81 at 40.37 and not far off its day lows. FVX is down -2.3 bps now, and the TRINQ is up to .78- still a bullish reading, but less so. AMAT should be interesting, and I agree that we can expect some kind of relief bounce given their prior warning. The COMPX doesn't appear terribly optimistic so far, however. Still trading at the low end of its day range.

  Jeff Bailey   2/11/03,  2:47:24 PM
S&P Bank Index (BIX.X) 269.54 -1.18% ... Now has traded today's S1 of 270.00.

  Jeff Bailey   2/11/03,  2:43:56 PM
Novellus (NVLS) $27.76 -1.56% ... here's an intra-day chart that shows the DAILY, WEEKLY and MONTHLY levels from retracement. See how the 61.8% from both the WEEKLY and DAILY of $27.65 serve support? Need a close below here and is next intra-day level of support a BEAR needs to have broken. From there.... single levels exist.Link

  Steven Price   2/11/03,  2:40:43 PM
Interesting note: VIX still down on the day (37.43 -0.27)

  Steven Price   2/11/03,  2:32:37 PM
Swing Trade Signals
I think this Bin Laden tape talk is speeding the drop and I don't want to pile on just before we get a bounce. I am also concerned that we could get a bounce off the Dell earnings out thursday night and even though AMAT has already warned, anything they say better than what is expected could also give us a boost. I have an itchy trigger finger to get back in short, but I'm still going to look for a bounce to do so. If that means waiting for tomorrow, then so be it.

  Jonathan Levinson   2/11/03,  2:32:12 PM
Do you have a technical viewpoint on EMC?

I no longer follow it, and don't have an opinion on the storage sector, although from what I hear it's under pressure from improvements in lower end products. That said, the chart is showing on buy signals on the weekly chart, linked below. The daily is looking toppy, both on the stochastics and MacD. I'd be inclined to wait for a breakout above 8.30 if looking for longs, but as discussed in this weekend's article, a long on tech is counter to the current trend, which is bearish for the COMPX, and I personally won't be diving in. Weekly chart: Link

  Jeff Bailey   2/11/03,  2:18:49 PM
The 1:00 PM Intraday Update has been posted. Link

  Kent Barton   2/11/03,  2:15:37 PM
Those disappointing earnings from Ameren (AEE) that Jeff mentioned in his 9:36 post are pressuring the entire Utility group. The UTY.X utility index (237.81, -2.65) is underperforming the broader market and trading at new relative lows.

The daily chart for AEE is looking quite ugly, but some traders may shy away from playing a stock that just had earnings. Other poetential utility shorts include ED and HE.

  Linda Piazza   2/11/03,  2:15:12 PM
Volume patterns don’t help forecast direction today, as adv/dec numbers remain in neutral ranges, down volume remains ahead of up volume on the NYSE, and up volume remains ahead of down volume on the Nasdaq. Currently 790 million shares have traded on the NYSE and 825 million have traded on the Nasdaq.

Cognizant of the impact that geopolitical developments might have on the markets and aware of those oversold daily stochastics, I've been reluctant to enter today, even when I saw chart developments showing me good bearish entries. In retrospect, it looks easy to have picked out that OEX failure to close back above 425.75 as one entry. I mentioned it in the Monitor both before it happened and afterward, so I'm kicking myself a little for not pulling the trigger. A move out of the bear-flag channel at about 12:30 might have provided another entry. A retest of that bear-flag channel and subsequent failure at 1:05 might have been another entry. Even though I saw those things happening on the charts, my risk tolerance kept me out as I was aware that Greenspan or others could say something that would spark a short-covering rally. When you pick out trades that turn out to be profitable, but don't pull the trigger, just congratulate yourself for choosing those good entries and feel more confident about your choices on a day when you do choose to make entries.

  John Seckinger   2/11/03,  2:12:05 PM
I am hoping that the mid-morning whipsaw is over and that the direction is lower during the next few hours. As noted at noon, a move above 840 in the SPX could stop the selling pressure. That 840 print never came, and the SPX is currently down 4.61-points to 831.36. Bonds, on the other hand, did give a short-term indication that equities could head higher; however, fixed-income prices are pointing towards lower equities now as well. Will this move last? Stay tuned.

  Jonathan Levinson   2/11/03,  2:12:04 PM
Looks like Dan Niles must have upgraded the COMPX there- sudden sharp drop to below 1300.

  Steven Price   2/11/03,  2:09:39 PM
Swing Trade Signals
After breaking down below Monday's pivotal 7881 level in the Dow, I believe the direction is down from here. However, I'm not sure I'll get my entry point near 8000 once again and may have to dial down expectations for an entry point. Traders need to have short memories and not dwell on what could have been. I'm looking to short a bounce now.

  Jonathan Levinson   2/11/03,  2:01:16 PM
The COMPX is doing a whole lot of nothing at 1302, down from its highs at the upper descending trendline of the bull flag on the 60 minute candles. The FVX is back into negative territory, though not by much at -1.1 bps on the day.

  Mark Phillips   2/11/03,  1:54:56 PM
PII $50.52 (+0.92) This OI Put play is at a critical juncture this afternoon. After a tentative breakdown below $49 last week, the stock has been seeing some solid improvement, posting a series of higher lows and this morning challenged its month-long descending trendline, currently at $50.85. While this may prove to be a good aggressive entry point, for positions taken near current levels, I really wouldn't want to see the stock close above the $51 level. Bears would feel a lot better about the play if we were to get a late afternoon fade back below the 10-dma ($50.25).

  Steven Price   2/11/03,  1:50:53 PM
Yes, Linda, I'm a believer in using the VIX as one indicator in our tool box!

  Steven Price   2/11/03,  1:49:09 PM
Swing Trade Signals
We took out the days lows and we could pick up some downside steam from here. I'd love a failed rebound for short entry, even though it may come at a less desirable entry level than the last position. We are starting to see a head and shoulders on the 5 minute chart and the bulls apparently have lost their enthusiasm.

  Linda Piazza   2/11/03,  1:48:49 PM
Just for fun: I’m trying to convince fellow writers (and myself) that there’s validity in studying chart formations on the VIX. Since the VIX isn’t a stock that’s traded, can we look at support and resistance levels, trendlines, and formations in the same way we’d look at those same aspects of a stock or index’s chart? Yesterday, I mentioned again the double-bottom formation I’d seen in the VIX, and today I watched to see what would happen if the VIX were to dip to the horizontal line that conformed to the peak between the two double bottoms. Would that line now provide support? The VIX hit that level and then bounced, just as a stock might do. That line is the magenta line shown on the linked chart: Link Is this definitive proof that the VIX can be studied using the same methods and that it will meet the target projected by that double-bottom formation? No way, not yet, but I’m still watching and collecting anecdotal information. Why is it important to understand or predict the VIX's behavior? Far before I began writing for OIN, Mark has been writing about the VIX and using its behavior as one tool to forecast market direction. On Friday, several writers mentioned the pullback from that red descending trendline, wondering if it forecast an effort at a bounce early this week. Steven Price has mentioned that we might watch its behavior today, too, to help us predict market behavior.

  John Seckinger   2/11/03,  1:41:22 PM
The five-year auction came out at 3.029%, with 71.96% allotted at high. Bid to cover was 1.42, compared to last auction at 1.96. The last 12 auctions had an average bid-to-cover at 2.01. In a nutshell, the auction went very poorly. Ten-year yields has recently fell underneath the 3.98% level (noted in earlier chart), and the weak auction accompanied with lower yields in the 10-year has picked up uncertainty and sent some fear to the equity markets.

  Jeff Bailey   2/11/03,  1:28:02 PM
NVLS $28.21 +0.03% .... dipped below $28.20 in last 10-minutes, but did not see a 5-minute close below that level. "Going to be close!"

  Kent Barton   2/11/03,  1:23:40 PM
Grainger (GWW) $45.77 +1.47: OI/PI short play GWW is heading higher today, following an upgrade from BB&T Capital Markets. Those guys aren't exactly a heavy hitter like Solly or Merrill Lynch, but the raised rating seems to have provided shorts with a good excuse to cover.

The 10-minute chart shows that GWW is approaching resitsance in the $46.00-$46.25 range. We'll be looking for the current rally to lose momentum below that region.

  Jonathan Levinson   2/11/03,  1:20:19 PM
The FVX has regained its losses and is currently flat, actually up .3 bps. QQV has faded to below 40, currently -1.39 to 39.79. The put to call ratio has been within a .03 range between .79 and .76 since the first half hour of trading, and I believe that the sudden return of equilibrium to the options market could be a contributing factor in the drop in QQQ options volatility. Little other action within the COMPX' trading range.

  Linda Piazza   2/11/03,  1:12:10 PM
The FTSE 100 and CAC 40 broke out of consolidation to the upside and closed near their highs, but the DAX trades longer—long enough to begin reacting to Greenspan’s testimony or Powell’s statement about the bin Laden tape. The DAX dipped down below the 2617 support, trading near 2610 before heading up again. The DAX remained positive all day.

  Steven Price   2/11/03,  1:11:07 PM
Swing Trade Signals
Still sitting around the middle of today's range. I'm left wondering if the trade up to 7985 was the best short entry point we'll see today. However, the COMP once again found support at 1300, with a low of 1300.84 on the dip. Now that we are above that level and once again finding support, I am concerned about that support level. Still, the bounce looks weak and I think current shorts still have the upper hand.

Current levels: Dow 8929/SPX 837.40/OEX 422.62/COMP 1306

  John Seckinger   2/11/03,  1:10:39 PM
With GeoPolitical events becoming the catalyst for cash to quickly leave stocks and enter bonds, an equity trader could actually look at ten-year yields as a an indication of direction in equities. Currently it points to higher stock prices. See Link

  Jeff Bailey   2/11/03,  1:08:41 PM
QQQ $24.39 +1.54% .... 5-minute stochastics now approaching "overbought" as QQQ enteres the $24.39-$24.40 zone from Index Trader Wrap. QQQ bears and DO NOT want to see QQQ above today's high of $24.61 in my opinion. Otherwise, risk assessed to $25.32.

Thinking here is if there are some "big time bears" around, then QQQ should see selling near here, but then need to take out the recent little lows of $24.24 to get an intra-day lower high and lower low.

Quick check on NVLS $28.25 +0.17% is sitting right on DAILY retracement level of $28.21 (retracement from DAILY R2 and S2 of $29.11-$26.75). A 5-minute close below $28.20 and decline from there should give some hint of QQQ weakening from current recovery. Things are "tight" in here and monitored closely by shorter-term traders.

  Linda Piazza   2/11/03,  12:39:29 PM
Volume now is 614 million shares on the NYSE and 657 million on the Nasdaq. Adv/dec ratios now show slightly more decliners than advancers, with a .91 ratio on the NYSE and a .97 ratio on the Nasdaq. These would be considered neutral rather than bearish numbers. Down volume is about 50 million ahead of up volume on the NYSE, while up volume is about 2.6 times down volume on the Nasdaq. New lows are about twice new highs on both.

  Jeff Bailey   2/11/03,  12:35:31 PM
QQQ ... Jeff: $24.61 on QQQ was hi end of down channel line.

Good, then should be OK with stop just above at $24.65. I'm not sure where this channel line comes from, but if it is a trend you're trading, then trade it and perhaps use the pivot levels for a step-by-step approach to monitoring things. Any correlation with this downward channel's LOW end and pivot analysis levels?

  Linda Piazza   2/11/03,  12:32:29 PM
I’ve been thinking about the dollar’s strength earlier today and remembering a discussion on CNBC World this morning. The gist of the discussion was that the dollar had been showing weakness against the euro in recent weeks, but that continued German and other economic numbers showed the economies there were “just dismal,” and that today’s dollar strength might in fact be a vote against the euro rather than a vote for the dollar.

  John Seckinger   2/11/03,  12:26:41 PM
The WSJ is reporting that Secretary of State Powell told a Senate panel that a possible new statement from Osama bin Laden shows why the world needs to be concerned about Iraqi ties to terrorism. Powell said he read a transcript of "what bin Laden -- or who we believe to be bin Laden" will be saying on the Al-Jazeera Arab satellite station later today, "where once again he speaks to the people of Iraq and talks about their struggle and how he is in partnership with Iraq."

  Jonathan Levinson   2/11/03,  12:26:41 PM
The COMPX 1300-05 s/r zone is providing support on this move off the day highs. The TRINQ continues to point to an overbought COMPX at .35, TICK.NQ -170. QQV is still down nearly 1 point, showing continued bullishness from the QQQ option market. FVX is down -1.7 bps, while XAU and HUI continue to advance.

  Steven Price   2/11/03,  12:15:48 PM
Follow up to Jonathan's last post about Citigroup - Here is the entry from last night's Watch List:

Citigroup - C - Close under $32.50

WHAT TO WATCH: $32.89 Citigroup is yet another financial that looks sick, to say the least. The stock actually looks as though it is attempting to fill a gap at the minimum and has plenty of room to drop below that gap if it keeps going. A close beneath $32.50 would have Citigroup into its gap from October 15 and it appears as though it was headed for a sub-32.50 close if not for the news rally on Monday. The bottom of the gap sits between $30 and $31, which wouldn't be much of a move, but if it keeps going, the stock does not get strong support until the $26.50 range. Because the stock tends to be a slow mover, premiums should be reasonable and traders can look out to March or April to give it some time.

  Steven Price   2/11/03,  12:13:04 PM
Swing Trade Signals
Quandry: I think the failure of the rally into the red looks bearish, but I'm not crazy about the risk reward from these levels. Aggressive traders can look to go short on a break below Dow 7900, but I'm hoping for another shot closer to 8000. That may leave me on the sidelines today, but I'm going to be patient with the Iraq weapons report coming on Friday and pick my highest percentage entries. I still like a stop above 8000 for current shorts, but give it some room, possibly up to 8015.

Current levels: Dow 7910/SPX 834.81/OEX 421.45/COMP 1303

  Jonathan Levinson   2/11/03,  12:09:56 PM
Particular weakness is seen in C(itigroup), down 2.16% at 32.18, on rumors of a possible restructuring charge.

  Jeff Bailey   2/11/03,  12:06:11 PM
S&P Banks Index (BIX.X) 270.30 -0.9% .... I'm not listening closely to Mr. Greenspan's testimony, but note the weakness in the financials. Per 11:00 Update, I was writing and noted quickly the weakness in the BIX.X and view this as a NEGATIVE for the equity indexes.

Per Pivot Analysis Matrix, we now note that the BIX.X trades its DAILY Pivot of 271.50. Are the major indexes doing so?

Answer: NO. OEX is 421.66, but not yet DAILY Pivot of 420.

  Linda Piazza   2/11/03,  12:04:09 PM
On the 60-minute chart, the OEX currently moves to the bottom of the regression channel that defines the latest potential bear-flag pattern. As it does so, the 5(3)3 stochastics have clearly touched and begun slanting down from overbought territory while the more reliable 21(3)3 stochastics haven’t yet chosen a clear direction. Those longer-term stochastics have now approached overbought levels. The 60-minute chart shows a series of bear-flag patterns as the OEX stair-steps down. So far, there’s no reason to doubt that this is just another of those bear-flag patterns that will break to the downside. However, on the daily charts, stochastics are in oversold territory and remind bears not to be too complacent about direction.

  Jeff Bailey   2/11/03,  12:03:05 PM
QQQ $24.31 +1.24% .... day-trader that didn't like the QQQ rally to session high of $24.61 most likely closes out QQQ short/put here at break-even (DAY TRADER ONLY) and looks for something back higher again, maybe $24.55 as 5-minute Stochastics now "oversold" and might see a little recovery back higher.

  Jeff Bailey   2/11/03,  12:01:36 PM
The 11:00 AM Intraday Update has been posted. Link

  John Seckinger   2/11/03,  12:00:06 PM
The S&P 500 underperformance appears to be pulling down the Nasdaq. For a moment, I thought the Nasdaq would lift the SPX higher; however, selling pressure is certainly picking up as the Dow fell to the unchanged mark. Bonds are mixed as well, as the 30-year is lower in price while supply issues are not affecting the shorter-end of the Treasury curve (fives higher by 5.5 ticks). Note: The bidding deadline on the five-year auction is at 1 p.m. With my focus now on the SPX, I think a move above 840 could stop the selling pressure (currently at 836.25 and trying to find a relative bottom; five-minute chart).

  Jonathan Levinson   2/11/03,  11:46:08 AM
Al Green's discussion about deficits, productivity, and the costs associated with the President's incentive plan is one of the most intelligent I've heard. That said, buying continues in bonds with FVX -2 bps on the day. The TRINQ is at .33 but the TICK.NQ is now -160. QQV is still down .98, while HUI and XAU continue to climb, +3 and +1.98 respectively.

  Linda Piazza   2/11/03,  11:41:32 AM
This morning, I noted potential historical resistance for the OEX near 425.75, this level approximating the bottom of the recent consolidation in the OEX. Since that level had served as support, I thought it might be the first level of resistance the OEX would face today. Jeff mentioned that 425 showed up as both daily and weekly resistance in the pivot matrix that he updates for us each evening. Today, I was watching the latest potential bear-flag pattern I’ve noted on my hourly OEX chart. Since those patterns tend to break out or break down about halfway through the previous move, I was calculating the midpoint between the highs on February 5 and the lows on February 10, and noting that the midway mark comes at about 425.50. While preferring to watch trendlines, chart formations, and historical levels of support and resistance, I also monitor the levels Jeff and John identify through their pivot analysis, and find it interesting to see how levels derived from one method often coincide with levels derived from another method.

  Steven Price   2/11/03,  11:37:13 AM
Current levels: Dow 7938/SPX 837.95/OEX 423.17/COMP 1307

  Steven Price   2/11/03,  11:36:26 AM
Swing Trade Signals
I'm not seeing overwhelming bullishness here, but so far we are getting a higher low intraday. Still, the sell-off of the last 20 minutes looks like we may have exhausted bullish sentiment. I'm going to take a wait and see approach for the time being, as I'd like to watch the action after getting stopped out at our previous entry point. More aggressive traders who took the suggestion to leave stops just over 8000 are looking fine right now and I wouldn't worry too much yet about this morning's rally. We are now testing that higher low theory and I think a move back below 7928 would look bearish.

  John Seckinger   2/11/03,  11:34:07 AM
I would have liked to find equity direction out of the UTY Index, but this interest-sensitive sector is at 239 and the 50% retracement from the move beginning in October and ending in January. The exact level looks to be 239.73, and the UTY.X is now at 239.23. If anything, slightly bearish for stocks in general.

  Jonathan Levinson   2/11/03,  11:25:44 AM
The US Dollar Index has dropped from its highs to below 100.60. Precious metals are not exactly rebounding from the shellacking they took yesterday, but are still up, with HUI +2.18 and XAU +1.46. FVX is down .5 bps.

  Jonathan Levinson   2/11/03,  11:23:35 AM
The Al Green testimony is absolutely gripping and, for some reason, I'm able to follow and understand his every word. You can follow along via free internet radio at this Link

  Mark Phillips   2/11/03,  11:18:42 AM
TRMS $42.78 (+0.85) Moving to new highs of the day, OI Call play TRMS is looking pretty solid here, as it has now moved through the 10-dma resistance and is closing in on the 50-dma at $43.15. The pattern of higher lows and higher highs over the past 3 days is also encouraging for the bulls, as buying the dips continues to be a winning strategy. With the proximity of the 50-dma, I wouldn't advocate chasing the stock higher, but would wait for the next pullback to a higher low (perhaps in the 41.50-41.75 area) before initiating new positions. Remember, our upside target is in the $45-46 area, so take that into account when deciding whether to enter the trade.

  Jonathan Levinson   2/11/03,  11:14:08 AM
Al Green has just reiterated the "very significant" demographic problem of mass retirements over the next ten years.

  Jeff Bailey   2/11/03,  11:07:46 AM
S&P Banks Index (BIX.X) 273.78 +0.37% .... per Index Trader Wrap, wanted to monitor BIX.X at this point. Not seeing "overly bullish" trading here at this point. WEEKLY pivot is 273.60 and we're right there now. QQQ at daily high, OEX close at 425.31. Bears need some weakness from BIX.X to hold some conviction if shorter-term trader.

  Jeff Bailey   2/11/03,  11:05:13 AM
QQQ $24.59 +2.28% ... session high here. DAILY S2 is $24.61 and if short-term trader initiated bearish trade in QQQ from $24.36 comment, would have stop just above at $24.65 and call it quits if traded as risk then becomes WEEKLY R2 of $25.32 and too much "heat" for me.

  Jonathan Levinson   2/11/03,  11:01:27 AM
The spin I'm hearing on Al Green's comments is very impressive. The COMPX thinks so too, with the TRINQ back down to .26, TICK.NQ up to 175, QQV down 1.02 to 40.16. FVX is +.5 bps, and QQQ is printing 24.595 as I type.

  Steven Price   2/11/03,  11:00:38 AM
Alltel (AT) $43.80 (-0.35) This OI put play, picked at $46.20 on Jan 30, has slowly crept lower since then. We have seen six straight red candles and only four green candles since Jan 6. I'm thinking it is overdue for at least a slight bounce and conservative traders may want to think about keeping a tight stop. A slight bounce would not change my opinion of the current downtrend, but every trader has his/her own profit targets and should have a bit of a gain here if trading ITM puts. Today's high is $44.06 and can be used by the most conservative traders, while a move over $45 would be another alternative. My target remains the $40 area.

  Linda Piazza   2/11/03,  10:58:45 AM
Volume patterns now show neutral adv/dec ratios of 1.08 for the NYSE and .99 for the Nasdaq. Up volume remains about 1.67 times down volume on the NYSE and just over three times down volume on the Nasdaq. Total volume traded is 313 million shares on the NYSE and 359 million shares on the Nasdaq.

  John Seckinger   2/11/03,  10:58:21 AM
It is nice to read that Greenspan is also having difficulty forecasting when a possible war lies ahead. This further highlights the uncertainty in the marketplace (read: supply), and can really force a trader to adapt to market conditions and constantly adjust trading techniques as volatility picks up. A number of indices I look at (10-year yields, Dow, NQ, ES, YM, 30-year, etc.) area all either on or close to very important areas. The NQ contract is right above the top of its range (978.50 to 986.50), and things should heat up from here (most likely higher unless 978.50 is cleared). Ticker: NQ03H.

  Linda Piazza   2/11/03,  10:54:22 AM
After moving just below its simple 200-dma at 71.83, the XAU has now moved up and trades at 73.20. A bounce off the 200-dma is good news for XAU bulls. The trending-upward simple 50-dma is overhead at 75.30. However, the trending-downward simple 22-dma is just above that at 76.84. If the 22-dma crosses below the 50-dma, that would be bearish.

  Steven Price   2/11/03,  10:50:02 AM
Swing Trade Signals
I'm watching the VIX, which has received plenty of air time and in depth analysis here from Mark and Linda. While I'm not sure I have anything new to add here, that 40% level has been awfully reliable as far as indicating bounces, at least short-term. I'm looking at the cluster from 40-42 in late October as well, and thinking a trip above 42 could spell doom. Yesterday's bounce off 7800 coincided with the VIX topping just over 40 and gave us a good indication that the rubber band had been stretched. That's not to say we couldn't have headed lower, as we have each time after the 40 level has been tested in recent days, but shorts looking to protect profits may want to use that resistance level as part of their arsenal of indicators.

  Linda Piazza   2/11/03,  10:48:46 AM
What’s happening with the Dow Jones Transportation Index ($TRAN)? On January 17, the index fell beneath a trendline that had been supporting prices since mid-October. After falling for several days, the index settled into a tight pattern of higher highs and higher lows, moving counter to the previous movement in what is most likely a bear-flag pattern. Yesterday, the index punched beneath the bear flag pattern, but moved back into it. Today, it’s at 2154.70, again having touched the bottom of that channel. A move through 2135 or so will punch the index through the bottom of that bear flag pattern again, but a clearer break of the channel would come on a a move below the 2120 January 31 low and then below 2090, the index’s July low. Currently, the daily 5(3)3 stochastics are inconclusive, as they've flattened out as they tried to roll down. MACD is similarly inconclusive. ADX measures 35.46, indicating a strong trend still in place, so it's probably more important to watch MA's than it is to watch the oscillators. All MA's trend down at the current time, with the 22-dma the closest to current prices, at 2238.66. Since 2200 is also historical resistance, I can see two possible scenarios, one being that the index continues to trade up within the bear-flag pattern until it reaches the top of the flag near the historical resistance and descending 22-dma near or just above 2200. The other is a breakdown out of the channel before that happens.

  Jeff Bailey   2/11/03,  10:44:56 AM
Cisco Systems (CSCO) $13.50 +2.66%. Last night I set upside alert on CSCO here, which is 200-day SMA. Index bears wants to see some selling as CSCO move above 200-day could improve some market psychology in technology.

P/F chart of CSCO still rather bullish and one of the NASDAQ-100 stocks still on a p/f buy signal. Link

Here's the bar chart of CSCO, which shows the testing of 200-day SMA. Link

  Jeff Bailey   2/11/03,  10:43:20 AM
Dow Industrials (INDU) 7,934 +0.32% .... hanging around the WEEKLY pivot level of 7,949.

John Seckinger's very short-term technique of taking a retracement bracket on the first 5-minute bar of trading has Dow trading inside this 5-minute range for the most part. Exception is Dow did trade to upside for about 10-minutes. Looks a little strong here on short-term basis.

  Jeff Bailey   2/11/03,  10:40:45 AM
Novellus (NVLS) $28.21 +0.03% ... same type of "technical" setup as QQQ here, but note NVLS up just fractional. Make that observation as it relates to QQQ and day-trader looks to short/put NVLS similar to QQQ, with stop just above today's high. I've done some pivot analysis on NVLS and several levels of resistance in play, but up near $29.11. From daily and WEEKLY retracement, correlative support at $27.65 right now.

Disclosure: I currently hold bearish position in NVLS.

  Steven Price   2/11/03,  10:38:16 AM
Tractor Supply (TSCO) $31.92 (-0.06) OI put play TSCO has not participated in today's rally. The stock moved below its 200-dma on Feb 7 for the first time since Jan 2001 and the first time on a downswing since May 2000. The stock traded between $32 and $32.50 for much of the day on Monday. It broke that level at the close and after a trip down to $31.65 this morning is attempting a rebound. So far it has found resistance at $32 and I like new entries on the failure at that level. More conservative traders may want to wait and see how the market responds to Alan Greenspan, but given the Iraq testimony on Friday, there are not a whole lot of "low-risk" entries to be had. The relative weakness here is encouraging and the sellers seem to be keeping a lid on any effort in this stock to the upside.

  Jonathan Levinson   2/11/03,  10:35:34 AM
The put to call ratio has returned to a more recognizable range, opening at .84 and most recently at .79. The TRINQ is still quite low at .31, TICK.NQ +16, QQV -.81 to 40.37.

  Jeff Bailey   2/11/03,  10:35:31 AM
S&P 100 Index (OEX.X) 424.55 +0.49% ... this is perhaps "only" index that we had some "exact" correlative resistance at 425 in the Daily, WEEKLY level. OEX traded 425.80 earlier, but got "quickly reversed" from that level and never closed the 425 level. Important test here. If rejected, then this may be resistance for the day and perhaps.... the WEEK.

Even a QQQ short/put trader from earlier 10:19:21 comments understands and monitors things closely here. Gets a good feel for QQQ trade with an observatiion in the OEX.

  Jeff Bailey   2/11/03,  10:30:52 AM
Pivot Matrix Quick look at today's matrix. Green are levels that are currently deemed "support" and have NOT been traded. Blue are levels that have seen a trade, while RED are leveles deemed resistance that have NOT been traded.

Daily would be considered short-term, WEEKLY "intermediate-term."

Interpretation would be "short-term" strength, but "intermediate-term" "neutral." Link

  Steven Price   2/11/03,  10:28:48 AM
Swing Trade Signals
So far we are just sort of drifting around in the middle of the day's range. Not much developing and I'm not going to try to force something. I still think we are eventually headed lower, but the fact of the mattter is that we are back into an area of congestion and while I think it is unlikely, I can even envision a scenario where we re-test the top of the previous range up to Dow 8150. I do think that it will be hard to manage that much bullishness and a failure at 8000 will be hard not to enter short on.

  Mark Phillips   2/11/03,  10:28:34 AM
AZO $64.33 (+1.34) What looked like too much to hope for last night turned into a gift for the bears this morning. The combined effect of the company's updated guidance last night and a positive tone to the broad markets sent the stock soaring this morning to a high (so far) of $64.80, very near my desired entry point near the $65 level. With our stop set at $65.50, entries taken near today's high look favorable for a decline back down to the $61 level on a risk/reward basis.

  Jeff Bailey   2/11/03,  10:23:21 AM
Shorter-dated Treasuries now see YIELD on 5-year ($FVX.X) 2.946% just marginally in the red. This shows a little bit of buying in the 5-year and gets a short-term bearish trader's attention for the QQQ.

  Linda Piazza   2/11/03,  10:23:11 AM
Light volume of 147 million shares on the NYSE and 212 million shares on the Nasdaq show positive trading patterns. Adv/dec ratios are 1.3 on the NYSE and 1.22 on the Nasdaq. Up volume is a little more than twice down volume on the NYSE and a little more than six times down volume on the Nasdaq. New lows outnumber new highs on both indices. Both yesterday and today, we saw mixed to positive adv/dec numbers while the new highs/new lows patterns diverged, perhaps revealing the weakness underneath the other numbers.

  Jonathan Levinson   2/11/03,  10:22:03 AM
Al Green's testimony can be found at this Link

  Jonathan Levinson   2/11/03,  10:20:29 AM
Dude! Bloomberg radio has just noted that Ben Curtis, the DELL dude, was "busted buying a small bag of marijuana". I guess that by Bloomberg's standards, the bag was only a small one :)

  Jeff Bailey   2/11/03,  10:19:21 AM
QQQ $24.31 +1.29% ... I'm updating my pivot matrix and note that QQQ came within a penny of its WEEKLY R1 of $24.56. Will make note and assess upside in the QQQ currently to WEEKLY R1 and would do the same with other indexes.

Per last night's Index Trader Wrap, the QQQ entered the $24.39-$24.49 zone and currently trades $24.36. Aggressive bear can short/put here on the selling from this zone, with tight stop just above today's high.

  Linda Piazza   2/11/03,  10:15:24 AM
After moving up to 425.80, near that 425.75 level that marks the bottom of the recent consolidation range, the OEX has now fallen back to 423.36. If it does move above that resistance and then above 427, 429 would serve as next resistance. These are historical resistance/support levels.

  Jonathan Levinson   2/11/03,  10:14:58 AM
The FVX is now flat on the day, just going red as I type. Buying is returning to bonds.

  John Seckinger   2/11/03,  10:12:37 AM
I believe part of Greenspan's text includes mention to a rate cut if the economy falls, but growth overall is expected in the range of 3.25-3.50% for 2003.

  Jonathan Levinson   2/11/03,  10:06:53 AM
The fed has just added 500M in liquidity with a 5.25B overnight repo. The breach of 1310 was short lived but was sufficient to stop traders in bearish COMPX positions from breathing for a few moments there. Steven's stop hit was looking and continuest to look pretty good here at the highs as price strains the upper trendlines of a number of bullish formations we've been identifying for you. The TRINQ is maxed out to the downside at .19, showing a buying frenzy, but the TICK.NQ at +27 tells us that's not widespread in the COMPX. FVX is failing to confirm as well, +1.1 bps only.

  John Seckinger   2/11/03,  10:03:22 AM
Inflation at the commodity level? The CRB Index is closing in on multi-year highs, as the 247.98 level isn't too far from 256 and a monthly high dating back to 1996. This index up 33% since the beginning of 2002, and 6% in 2003 alone. It is interesting how bonds and the CRB Index continues to both trade higher. Historically, there has been an inverse relationship.

  Linda Piazza   2/11/03,  10:00:45 AM
Since early this morning, the FTSE 100 has settled into a rectangular trading pattern with a range of about 27 points, touching the day’s highs and then falling back toward 3638; the CAC 40 broke out of its consolidating pattern but has not yet moved back to the day’s high; and the DAX broke out of its consolidating range and currently trades near the day’s high. European commentators mention waiting for Greenspan’s testimony today, too.

  Steven Price   2/11/03,  9:54:57 AM
Swing Trade Signals
I don't plan on entering a trade ahead of the Greenspan testimony, but I'm still looking for short entries. A failure at Dow 8000 once again may be that opportunity. Being stopped out on the short signal at the high of the day is feeling pretty frustrating, but in hindsight, lowering the stop on yesterday's drop seemed prudent at the time.

Current levels: Dow 7957/OEX 424.49/SPX 840.21/COMP 1305.93

  Linda Piazza   2/11/03,  9:53:01 AM
On the OEX, a move above 425.75 will take the index back into the consolidation range that contained prices for about eight trading sessions. Slightly above that is resistance near 427. It’s natural to expect a test of this former supporting range after the OEX closed below those levels on February 6. While I don’t expect this to be more than a short-covering rally, the test of previous support and resistance levels will tell us a lot about how far the rally might be expected to carry the markets.

  Linda Piazza   2/11/03,  9:45:01 AM
At 72.09, the XAU trades perilously close to the simple 200-dma at 71.82. The exponential 200-dma lies below that at 70.33, while the bottom of an upward-slanting regression channel lies near 65.

  Jeff Bailey   2/11/03,  9:42:31 AM
Getting some upside alerts at the WEEKLY pivots. I view this as near-term bullish and bearish traders holding some full positions that are profitable may look to take some gains off the table near-term and look for rally entry points as discussed in last night's Index Trader Wrap.

Dollar Index (dx00y) 100.67 +0.39% and slight selling in Treasuries with 10-year (ty03h) $114'030 -0.07% and YIELD ($TNX.X) 3.996% approaching 4.0%.

Trader that can monitor between YIELD and equity Indexes.... if bearish equities, then wants to see some buying start to come into Treasuries near these levels.

  Linda Piazza   2/11/03,  9:42:20 AM
On the 60-minute SOX chart, it’s possible to draw several descending lines. One begins January 13 and touches the February 5 highs. The SOX’s open today touched that descending line and is now falling back from it. It’s also possible to draw a less-steep descending line beginning at January 29 highs, touching the February 5 highs, and currently crossing at about 21.45. Meanwhile, the 21(3)3 hourly stochastics have unkissed and are headed back up again, while the faster-moving and less reliable 5(3)3 hourly stochastics remain hinged over.

  Jeff Bailey   2/11/03,  9:41:09 AM
Qualcomm (QCOM) $38.54 +2.39% ... Announces first ever quarterly dividend of $0.05 per share and approved a stock repurchase program of up to $1.0 billion of common shares over the next two years. Link

  Jeff Bailey   2/11/03,  9:40:25 AM
The 9:00 AM Intraday Update has been posted. Link

  John Seckinger   2/11/03,  9:39:07 AM
After the first five-minutes of trading, the Dow has shown a range from 7920 to 7962, and a 50% retracement of this range would be to 7941. A five-minute close underneath this area should dull the morning's enthusiasm. The Dow is currently at 7950. R1 is at 7969.

  Jonathan Levinson   2/11/03,  9:38:33 AM
1305-10 COMPX is the nearest resistance area, and a failure of that level could imply a breakout of the 60 minute bull flag, implying a move to the 1350 area. 1325-1333 is intermediate resistance.

  Jeff Bailey   2/11/03,  9:36:17 AM
Ameren (AEE) Utility reports Q4 EPS of $0.18 per share, which excluded items. This was 2-cents below Multex estimates of $0.20. Link

  Steven Price   2/11/03,  9:35:00 AM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
We were triggerd on the stop at the entry level when the Dow traded 7962 at 9:33:18. So far, that is the high of the day. Truly amazing.

  Jonathan Levinson   2/11/03,  9:31:17 AM
5 point gap up open to 1301 COMPX, TRINQ .62, QQV +1.06 to 47.31.

  Jeff Bailey   2/11/03,  9:30:40 AM
Texas Instruments (TXN) $15.06 ... indicating $15.35 open after reaffirming Q1 outlook. Link

  Steven Price   2/11/03,  9:30:23 AM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
Correction: I must have entered a time warp for a few minutes. The numbers I listed earlier, particularly the stop should have read 7962, not 8062. I corrected the previous post, but please make a note.

  John Seckinger   2/11/03,  9:29:40 AM
Intra-day Pivot/Levels for Tuesday (02/11/03)...

INDU : S2= 7753, S1= 7836, P= 7885 , R1= 7969 , R2= 8017

SPX : S2= 819, S1= 827, P= 832, R1= 841, R2= 846

OEX : S2= 413, S1= 417, P= 420 , R1= 425, R2=428

NDX : S2= 941, S1=956 , P= 965, R1=979 , R2=989

QQQ : S2= 23.35, S1= 23.72, P= 23.98 , R1= 24.35, R2= 24.61

  Jonathan Levinson   2/11/03,  9:24:50 AM
FVX has dropped from its opening highs and is now up +.5 bps.

  Steven Price   2/11/03,  9:23:27 AM
Swing Trade Exit Point Alert - OEX/SPX/DJX/DIA/SPY
From the looks of things, we may be stopped out on the 1/2 short signal as the markets continue to head higher ahead of Alan Greenspan's testimony and following the Iraq news yesterday. Stops are currently set at Dow 7962, which is the average breakeven level of the last two short entries at 7949 and 7974. While I certainly wish I had taken my chips off the table before the Iraqi news release, at the time we were testing Dow 7800, things looked awfully grim. Once again we are seing a very difficult environment to pick direction for more than a day or two.

  Jonathan Levinson   2/11/03,  9:19:09 AM
The fed has 4.75B in overnight repos expiring today. We await the 10AM announcement.

  Jonathan Levinson   2/11/03,  8:37:11 AM
Bonds have opened and are seeing selling, with FVX +2.1 bps, TNX +2.1 and TYX +2.2.

  Linda Piazza   2/11/03,  8:07:47 AM
European markets trade slightly off the levels mentioned in my 6:41 post, remaining fairly stable in early trading. The markets appear to be pulling back and testing support in what may be bull flag patterns (a tight series of lower lows and lower highs moving against the previous trend) on the CAC and DAX, while the FTSE’s right triangle (horizontal support and a series of lower highs, with an apex near 3638) looks suspect. I anticipate that the patterns will resolve as 9:30 ET approaches.

  Jonathan Levinson   2/11/03,  7:57:29 AM
The US Dollar Index has forged ahead to 100.80, though gold seems to have found support at 362/oz. Lately we've been seeing the bulk of selling in gold take place during New York trading, particularly since last week's increase of margin requirements for gold contracts. Futures are also strong so far, with QQQ trading 24.26 after printing 24.50 for a few minutes on Island ECN, which might have been a bad print.

  Linda Piazza   2/11/03,  6:41:06 AM
Good morning. The Nikkei was closed on Tuesday for a national holiday, but the Asian markets still produced lots of news. Some sources report that Merrill may buy a block of the new shares to be offered by Japanese banking concern Mizuho. Bad loans and stock market declines have hit Mizuho particularly hard, requiring Mizuho to take steps to keep its capital-adequacy ratio at the required rate. Reacting to worries about North Korea’s weapons program, Moody’s cut South Korea’s outlook to negative. South Korean markets had been up before the announcement, but then fell. News reports say that South Korea today approached the E.U. for help in dealing with North Korea. In China, retail sales numbers matched forecasts of an increase of 8.8%, but fell from the previous year.

European markets moved up this morning, but trader talk on CNBC World mentions “technical bounce,” “oversold bounce,” and “short-covering bounce,” and dismisses this morning’s climb. One evidence of a short-covering bounce rests in the best-performing sectors for the day. One of those sectors is the insurance sector, a group that has been particularly punished lately after revelations that stock market declines imperiled their needed reserves against claims payouts. A Morgan Stanley recommendation of Fortis, a Belgian financial-services company, also boosted banks and insurers. Car manufacturers, another embattled group, also rose today. Yesterday, Total Fina Elf, announced earnings that were helped by higher crude oil prices, and today, BP also mentioned those higher crude oil prices when announcing Q4 profit that rose 49%. Analysts had forecast a rise of 44%. BP also announced its intention to take a 50% stake in an oil venture with Alfa Group and Access Industries-Renova, giving it access to Russia’s oil fields. As of this writing, the FTSE 100 had climbed 62.30 or 1.74%, the CAC 40 had risen 52.21 or 1.88%, and the DAX had climbed 47.68 or 1.84%.

  Jeff Bailey   2/10/03,  12:20:41 AM
The Index Trader Wrap has been posted: Link

  John Seckinger   2/10/03,  12:20:30 AM
The Futures Trader Wrap has been posted: Link

  Steven Price   2/10/03,  12:20:23 AM
The Swing Trade Game Plan has been posted: Link

  Steven Price   2/10/03,  12:19:38 AM
Yesterday's Market Monitor has been archived. You may view it and any previous days here: Link

Disclaimer: Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in many cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.


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