Stock Market Technical Analysis for ending day 05/20/09
**Watch in HD for crystal clear video**
Hi everybody, today was a real choppy day just like everybody was expecting ahead of memorial day weekend. I would hate to say it, but I do believe today was a confirmation that are big bull party rally that we had for quite a while now is possibly going to be over. We will look at some charts today to get a closer look at the big picture and see what we can expect going forward. Today was a good day to go short at one of the key reversal times 10:30 am. We then chopped up and down in a downtrend motion. So the indexes look like they are correcting form here on out. I would like to get a confirmation day tomorrow. Now on to the next subject GOLD. Early in the morning when I woke up out of nowhere for some odd reason, I decided to post a chart of the gold futures chart. I stated that gold and oil looks poised to move higher and that it did. I posted the key channels and pivots on the gold futures contract. Even once it broke I posted that it broke on the blog. I am not trying to rant and rave, but just showing you how when these opportunities show up you must pounce on them to get in at a good entry price with a tight stop. I listed a bunch of gold stocks and gold miner stocks that took off today at open and didn't turn around until say after lunch. So they played well for a good trade. I do believe some of these stocks did get a key breakout today and they may consolidate alittle bit before the move higher. Now oil and the gold trade will pullback I believe and consolidate again because dollar and markets are working inverse.However, I will have the key channels on the ones I plan on following so you can join me on the channel guide to profits. So that's it for today I am in the process of making the video now and it will be up later tonight. Youtube takes forever to upload so bear with me.8:42 pm
QID option trade will explain in tonights video
11:02am
Remember this chart XBI posted previously. Not a fast mover, but beaten down so much that its starting to creep its way up slowly. Good for you people trying to get your portfolio in order and diversify. Rome wasn't built in one day. The same as your portfolio it will take more than one day to get your portfolio looking nice again, but little by little is better than doing nothing. Accomplishing one thing a day and not focusing on trying to do a big task in one day will help you out alot. ( Review Don Harralds recent video were he talks about the clean up room story ).
XBI 60 min
7:05 am
- Gold has broke above that pivot point on the chart below. Pay attention to the gold miners today or the gold stocks. GG, AUY, NEM, ABX, AAUK, AEM, GFI, DGP( ETF double gold )
6:44am
-Gold and Oil looking poised to move higher. Remember Goverment is pushing down $USD to boost the markets.
Gold Futures 1 hr Chart( Notice how we are once again using key channels to guide us to future profits)
The doted lines are pivots
No comments:
Post a Comment