Stock Market Technical Analysis for Ending Day 06/03/09

12:51 am

Well Guys I did a video and waited my time just to find out YouTube error and possibly because I went too much over the allotted time. I did type up some stuff though below that I discussed and showed charts for in the video.

Hi Traders, I hope all is well with you guys. First I must apologize for you guys out there that follow my videos for I have been real busy and have not been able to post videos like I was before.So what was the hold up? Well I started this new trading gig with this firm over here in South Florida, and I just been real busy trying to learn their platform. It's a little different from the setup I use, but I am in the process of incorporating them to be used together which will be even better. Now with that being said, the market continues to move higher on light volume. I think we could be starting the light volume scenario now and it could get lighter going into Summer of course. So what happened today? Well we had the reflation trade comeback from the dead after being killed yesterday, and we had the Dollar( UUP) consolidate under some resistance on the 60 min chart. It did get oversold pretty quick yesterday on the gap up. We see oil hitting resistance from November highs, we see the dry bulk index down 5% today probably giving us an early signal that there is a pullback in the reflation trade to come, and we see the markets up today. Markets like a week dollar, and the fact that the dollar didn't go down today allowed the markets to float higher on lighter volume. What I see happening as you can see from the videos, is that we may go up a little bit more tomorrow and make a lower low on the charts and some of are indicators, which will start to signal negative divergence. I do believe though, that some charts do have negative divergence already. So trade careful tomorrow because I'm pretty sure volume will be lighter. Commodities look like they can move slightly higher tomorrow then possibly pullback EOD. Like I said, it all depends on king Dollar. If the dollar does break above that key channel in the video we go lower and commodities pullback. If we trade flat or go down the market could float higher. Nas daq looks strong and broke resistance near EOD. SO lets see what happens guy. Glad to be back in the video mojo as well =)! Oh yea steel was on fire today guys. AKS gauged perfect using are channel analysis!!

Stock Market Technical Analysis Video for Ending Day 06/03/09
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