David Elliott's MARKET COMMENTARY
Yesterday, Tuesday, November 18th, Market comment.
Monday saw continued selling it the morning and a turn positive in the afternoon … we should have closed the markets right then because in the last 45 minutes we took it all back to close down 233 points.
The Key Reversal has failed to follow thru on the key day 2. Prospects for a large rally here have melted.
DJ support 7965 is our target support today while our EPPV technical indicator is giving signals of more market bounces this morning with a potential positive close .
Should the DJ-30 break out low support then we see the 2002 lows as our immediate target.
QQQQ needs to take out 29.23 to reverse any current down move.
SP-500 needs to take out 880 to reverse the downward slide today.
SMH needs to take out 17.37 to reverse the downward slide today.
Remember to have a plan and trade the plan. If you do not have any exit plan do not initiate a opening order.
Wednesday, November 18, 2008.
Tuesday gave us our up market for all the indexes via our EPPV technical indicator.
Again large moves were in the last hour of the day where the final day's direction seem to get its important trend move.
Stocks, in our email yesterday, like RIMM, did 11% and CCRT 10%. While the Advance / Decline for the NYSE was just barely positive with at plus 845.
Only one of the three banking indexes were positive yesterday, another sign of a weak rally.
The DJ-30 itself was unable to move over the 30 minute 50 SMA ( 30/50), closing right there.
Today, rejection of the 30/50 SMA is not a healthy sign for an up move today,
Look for the markets to be weak in the morning, again.
Rallies later today still face the 30/50 at 8432, and the hourly 50 SMA S(60/50) at 8536 both serious resistance levels. The bear trend is still with us.
Markets are in indecision with the continued indecision of funding the big three auto manufactures. Public sentiment is to let them go into bankruptcy. However, I don't think the markets will hold here in that event, but immediately take out the 2002 lows.
Bankruptcy may be delayed while congress continues to feed them good money after bad. Bad management got caught in the financial collapse, where customer sales are difficult to finance to even the best creditors.
GOVERNMENT REPORT
Nov 18 8:30 AM Core PPI Oct - 0.0% 0.1% 0.4% -
Nov 18 8:30 AM PPI Oct - -2.0% -1.8% -0.4% -
Nov 18 9:00 AM Net Foreign Purchases Sep - NA $17.5B $14.0B -
Nov 19 8:30 AM Building Permits Oct - 760K 772K 786K -
Nov 19 8:30 AM Core CPI Oct - 0.1% 0.1% 0.1% -
Nov 19 8:30 AM CPI Oct - -0.7% -0.8% 0.0% -
Nov 19 8:30 AM Housing Starts Oct - 780K 780K 817K -
Nov 19 2:00 PM FOMC Minutes Oct 29 - - - - -
Nov 20 8:30 AM Initial Claims 11/15 - 505K 503K 516K -
Nov 20 10:00 AM Leading Indicators Oct - -0.7% -0.6% 0.3% -
Nov 20 10:00 AM Philadelphia Fed Nov - -30.0 -35.0 -37.5
GOLD
Gold $699 support, snap down yesterday , follow thru today unless the financial Indexes reverse to the upside . Upside Resistance $750.00
US DOLLAR
Support was in the 86.00's , with 87.50 now a resistance area.
86.00 is a bounce area.
Natural Gas
Natural Gas, XNG index has resistance up at 449.
UNG target is $28.67
Monday's 11/4, post: Failed new lows are in for NGAS, CHK, CNQ, and DGAS.
XNG--X is the index.
CNQ
CHK
NGAS
MOBO BREAKOUTS TO THE UPSIDE
CECO
VRX
DMND
ABT
BRKL
XOM,
GDP
$2 > STOCKS with positive indications
SIRF
JMBA
ROIAK
FRE
BULL ENGULFING
WAG
SIG
FAST
LII
BRS
SPW
DE
ROK
BULL KICKER
TI
EJT
RMIX
CTR
CVI
CSGS
SPECIAL SITUATION STOCKS
MVIS up 70% off lows , Our special Watch stock with new product development.
Pullback target $1.30, was hit and good bounce. Stop is just below $1.30 now.
SNAP BACK UP
VOLC
NFS
DOWNSIDE MOVERS
184 BREAKING MOBO LOWER BAND
THOR
CYH
QSFT
WOOF
ULTI
A LIST OF TRIPLE LEVERAGED ETF's
300% times the underling's move
ERX
TNA
BGU
FAS
BGZ
TZA
ERY
FAZ
FOR THOSE INTERESTED IN OUR AET CLASS:
Next class is in Dallas Texas
Date: Dec 6 -7 , Saturday and Sunday.
Hotel: Crown Plaza Hotel
7050 Stemmons fwy , Dallas . 75247
214 630-8500
I WILL BE TEACHING OUR EPPV NEW STUDY IN THIS CLASS.
EMINI WORKS SHOP IN FRANCE
I am considering doing an Emini Boot Camp this summer.
Location would be in the Canne, France area.
I am looking at renting a Villa/Large Estate with 5-6 bedrroms for Traders, with or without spouses.
I each session would last for one week for the 5-6 students.
I would set up a trading room, wired for internet live trading.
We would bring in new students as others left.
Trading starts at 3:30 PM so we get plenty of time to do other things as well as study and prepare for the markets each day.
And we would also do some side trips around the local area.
We would keep the same Emini prices for classes, while you paid your travel expenses.
Let me know what you think.
EPPV TECHNICAL INDICATOR 4.0 for Trade Station is now available on our web site, wallstreetteachers.com (407) 719-2592
Live chats began again. They can be reviewed in the archives at http://www.chartsnchat.com/
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Last update : 19-11-2008 06:25
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