Putting Crude Oil Aside

While traders are trying to determine if the crude oil prices have made their low for this cycle, some of the energy stocks are showing signs of a recovery. No one knows if the recent price action from the energy stocks is sustainable or is only a temporary reaction to an oversold condition. As a trader, one can only apply ones best guess based on price action and past observations to put on a trade.

Stock Market & MOMO Stocks Review - 3/29/2015

The market continues to be choppy and still in the process of establishing its next directional move. In this video, we will take a look at some possible price levels the market might be targeting, and also review these MOMO stocks: AAPL, FB, TWTR, GOOGL, NFLX, AMZN & TSLA.

Time To Look At Home Builders?

The latest new home sales that were reported on March 24, 2015 provided a positive outlook for the housing market. The February annualized rate of 539,000 is the highest since May of 2008. In addition, the January number was revised upward from 481,000 to 500,000. Also cited in the report is the existing home inventory is down to 4.7 months, which is the lowest since June 2013. Is it time to start looking at the home builders stocks?

Stock Market & MOMO Stocks Review - 3/21/2015

Last week, the market moved back above the December pivot high and the Russell 2000 continues to make new all time high. The NASDAQ Composite almost tagged the dotcom bubble closing high, and AAPL made its debut on Thursday as a component of the Dow Jones Industrial Average.

Post Market Stock Charts For 3/19/2015

Here are some notable stock charts to watch.

Notable Charts To Watch - 3/16/2015

Here are some stocks that are showing potential upward price move.

Today's Posted Charts - 3/15/2015

Here are some of the charts posted on my twitter stream earlier today.

GS let's see if the financial will help lift this market

Stock Market & MOMO Stocks Review - 3/15/2015

In this video, we will review the recent price actions of the market and look at the following MOMO stocks to get some projections where they might be headed in the near term: AAPL FB TWTR GOOGL AMZN NFLX TSLA SPX DJIA NDX RUT.

How High Will The Dollar Go?

Recently, the US dollar has been moving up against all other currencies and it is beginning to put a toll on the US market and possibly on the US economy. In this video, we will take a look at the US dollar and get some ideas where it might be headed.

Stocks Review - 3/8/2015

In this video, we will review the stocks I have posted on Twitter last week. The stocks are: FB GOOGL VRTX ARWR WB REGN SLB LLY INTC ORCL LUV IBM GILD /CL TLT UUP TWTR ICPT MEET CYBR AMZN MXIM T NKE GS HPQ GMCR & BX.

Stock Market Review - 3/8/2015

Ever since mid February, the market has alerted us to be cautious as the indices begin to show divergence along with weakening market breadth. No one knows to what extend this pullback might be as no one has a crystal ball to obtain that information. But there are some levels that the market could be targeting, and those are the levels we should keep our eyes on.

Here's What To Watch On AAPL

AAPL will be holding a product announcement event on March 9, 2015. This event will likely be about the pricing and the availability of the iWatch. As in the past, AAPL stock price tends to display some volatile movements leading up to the event and after the event. In this video, I will present some price actions to watch for the coming week.

Charts Posted On 3/5/2015

Click on this link to view the charts I have posted today for AAPL, TWTR, FB, GILD, VRTX, ARWR, REGN, WB, SLB, LLY, INTC, ORCL, IBM, LUV & more.

Charts Posted On 3/4/2015

Here is the link to my twitter stream for all the charts I have posted today

if you missed the charts I have posted today or simply to review them, click the 'Photos & video' or 'More photos' to view $CYBR $MEET..more

— smtrader StockTrader (@smtraderCA) March 4, 2015

Charts Posted Today

Here is the link to my twitter stream for all the charts I have posted today during & after market hours: @smtraderCA charts. This link only works on laptop/desktop twitter app. Click the 'More photos' on my twitter stream on your mobile twitter app to view the charts posted today.

Weekly Stocks & Market Review - 3/1/2015

In this video, a quick look at some of the levels the market might be targeting and a brief update on these MOMO stocks: AAPL, NFLX, FB, TWTR, GOOGL & AMZN.

What You Might Have Missed

I know many of you are only following me on my blog and/or on my YouTube channel. If you are not following me on Twitter and are not checking my Twitter stream frequently, then you could be missing many interesting charts that I have posted throughout the week.

Stock Watch - 2/25/2015

The market has been printing new record in the recent trading sessions. Some divergence beginning to show up and that is a sign to be prepare for a near term pullback. But, there are still many good opportunities for some possible swing long. Here are the charts for some of these potential swing long setup.

It's No Different This Time

Last Friday, February 20, 2015, the Dow Jones Industrial (DJIA) closed at a new all time closing high of 18,140.44, 86.73 points above the previous all time closing high of 18,053.71 made on December 26, 2014. The broader market index, the New York Stock Exchange Composite (NYA) also closed at a new all time closing high at 11,108.67, surpassing its previous all time closing high made on July 3, 2014. This is a good indication of broad market strength as the NYA represents all the stocks being traded in the NYSE.

The Market Kept Its Words

Last week, the SP500 and the Russell 2000 made a new all time closing high, and the NASDAQ closed at a multi-year high.

Projected Price Targets For ER - 2/11/2015

Here is the projected price move for some of the stocks that are scheduled to report their earnings on 2/11/2015.

What’s Next For Gold?

Since the November 2014 low, gold has gained more than 15% before the recent pullback to the 1236 level. The November low was 1130.40 and the recent high was made on 1/22/2015 at 1307.80. Looking at the recent daily price chart, it shows the price has pullback and found support near the 38.2% Fibonacci retracement level at 1221. Presently, it appears to be consolidating within the Fibonacci retracement zone between the 38.2% and 61.8%. If the price moves above the 61.8% (1255.60), then a retest of the recent high at 1307.80 (100% Fibonacci retracement) is a possibility along with the 1346 level which represents the 127.2% Fibonacci extension. The Fibonacci 127.2% is also in confluent with the 7/10/2014 intraday high of 1346.80.

Market Wants To Go Higher

Here is a review of the market along with the following stocks: AAPL, NFLX, GPRO, BABA, FB, TWTR, TSLA, AMZN, GOOGL, GS, BAC, XLF, XLE, CRUDE OIL (CL_F), GOLD (GC_F).

Weekly Stocks & Market Review - 2/1/2015

Here is a look at the market and these MOMO stocks: AAPL, NFLX, GPRO, BABA, FB, TWTR, TSLA, AMZN & GOOGL.

What Is The Breadth Telling Us - 1/31/2015

In this video, I will demonstrate how I use some of the market breadth indicators and how to get some clues on where the market might be headed.

Magic Number For AAPL

Now that Apple has reported its earnings, I’m sure there will be numerous analysts issuing their revised stock price target for Apple in the coming days. Here is my magic number for AAPL based on my technical analysis.

Some Notable Twitter Post -1/27/2015

In case you might have missed it, here are some of the post I've made on my twitter stream today that might be of some interest to you.

Gold Outlook - 1/26/2015

After the recent breakout from the declining trendline and a move above the 1221 level, price of gold has risen to a high of 1307.80 before it pulls back to consolidate some of the gains. Historically, gold has acted as an inflation hedge or a safe haven asset. From recent US inflation data and the ECB concerns on deflation, the recent increase in gold prices cannot be attributed to inflation concerns. Therefore, the only other viable reason for the price of gold to rise is due to some possibility of a black swan event that caused money to seek gold as a safe haven.

Large Cap Tech Stock Earnings Week - 1/24/2015

In this video, we will take a look at the market along with some of the large cap tech stocks scheduled to report earnings next week, such as AAPL, FB, AMZN and GOOGL, In addition, we will take a look at GPRO, TSLA, TWTR and NFLX.

Another Beginning?

The US market started with some hesitation after the ECB announced its QE program today. In the afternoon, momentum starts to gather and the market finally start showing some conviction and pushed the DJIA to close with a gain of 259.70 (1.48%) at 17.813.98, the SP-500 gained 31.03 (1.53%) and closed at 2063.15, while the Nasdaq 100 closed at 4270.36 with a gain of 78.27 (1.87%), and the Russell 2000 closed at 1190.37 with a gain of 24.12 (2.07%). Today’s rally could be the beginning of the next upward move that could propel the DJIA to another all time closing high.

Energy Watch - 1/21/2015

A quick look at some of the energy stocks that could present some near term swing long trading opportunities.

PXLW Breakout

Here is a chart of PXLW as it is breaking out from its baseline near 4.80

Chronology Of GPRO Price Action

Here is the chart depicting my recent observations on GPRO price actions.

NFLX Post Earnings Review - 1/20/2015

Here is a quick look at NFLX after it has reported its earnings. In addition, a quick recap on AAPL & BABA.

Weekly Stocks & Market Review - 1/19/2015

Here is a look at the market and some MOMO stocks: AAPL, BABA, NFLX, FB, TWTR, TSLA, AMZN & GOOGL.

Gold Outlook - 1/18/2015

Here is a look at some of the potential price levels for gold.

Was Gold Sending Us Warning?

Was gold trying to warn us of something bad is about to happen?  Was it trying to warn us about the Swiss' currency move?  Is it still warning us on other disruptive things that might be taking place?  Who know, only time will tell.  But here are some of my tweets on twitter as I follow the price action of gold:

Gold Miners Trade Update - 1/12/2015

Here is the latest update for the trade setups posted on December 30, 2014.

HOV Trade Setup - 1/12/2015

Here is a setup for a potential swing long on HOV. This setup is based on bounce off supporting trendline, a break from engulfing candle, and a breakout from upper declining trendline. Black dash line is the trigger level, red dash line is the reference stop level, and the blue lines are the potential targets.

A Possible Low For Oil

Nowadays, it seems like everyone is obsessed on guessing how low the price of oil will go. Just like it was back in 2008 when everyone is guessing how high oil prices will go.

Another 'V'ersal?

Are we watching another 'V' reversal triggered by the FED? Only time will tell. But for now, here is what has transpired, and some levels to watch along with a few stock setups for possible swing long. Here are the links for the setups I have tweeted on my twitter stream earlier today: CYBR & FB

CYBR Trade Setup - 1/8/2015

Here is a revised swing long setup for CYBR. This setup is based on bouncing off support trendline and breakout from engulfing candle. Red dash line is reference level for stop, black dash line is the trigger level, and the blue dash line is a possible target.

FB Trade Setup - 1/8/2015

Here is a swing long trade setup for FB. This setup is based on a bounce of support from the long term trendline and the breakout from the the engulfing candle high. The red dash line is a reference level for establishing stop, black dash line is the trigger level, and the blue dash line is a possible target level.

Note: at the time of this posting, FB has moved above the trigger level.

10,000 Feet High

The table below is a summary of my 10,000 feet level view of the market.

Gold Miners Setup Update - 1/5/2015

Today, 3 of the 5 setups from our gold miners setup list posted on December 30, 2014 got triggered. In this video we will review the two ETF and a mining stock that have triggered. They are NUGT, GDXJ and AU.

Prepping For 2015

Happy New Year everyone! Hope everyone had a great 2014 and wish everyone a profitable 2015.

In this video, we will take a look at the market's recent price actions and what to monitor, then review some of the recent swing long setup for DDD and some of the gold miners, and finally review the following momo stocks: AAPL, BABA, NFLX, FB, TWTR, TSLA, AMZN, GOOGL. The mining stocks covered in this video are: NUGT, GDXJ, ABX, AU, AUY.

Revival Of The PC

One of my thesis for 2015 is it will be the year of PC. This might be a bit surprising, but yes, PC! A new PC upgrade cycle could begin in 2015 and last well into 2016.

After Apple introduced the iPad, there were many predictions on how the tablet will replace the PC. Although the PC sales have been stagnant in the last few years, but that was not due to tablet taking market shares away from the PC market, it was primary due to some blunders made by Microsoft and partially due to the US recession.

DDD Trade Setup - 1/2/2015

Here is a potential swing long setup to watch for DDD. The red dash line is the reference level for establishing stop loss, the black dash line is the trigger level, and the blue line is a possible price target. This is a breakout from resistance setup with a potential gap fill as the price target.

Live Video Update - 12/31/2014

Hope you had a great 2014. This is my last video for 2014. In this live video, I will review the recent swing long trade setups and a look at these MOMO stocks: AAPL, FB, NFLX, TSLA, AMZN & GOOL, along with TWTR, BABA, CYBR, NUGT, GDXJ, ABX, AU, AUY.

Happy New Year!

Gold Miners Trade Setup

Here are some potential swing long setups for some gold miners and a few of the miners' ETF. The red dash line is a reference level for establishing stop loss, the black dash line is the trigger level and the blue line is the initial potential target.

PCRX Trade Setup

Here is a potential swing long setup for PCRX. Red dash line represent reference level for establishing stop loss, black dash line represent trigger level, and the blue line represent possible target.

DIAmond Is Our Friend

After seven consecutive up days from the DJIA, it finally closed with a modest loss of -15.48 at 18,038.23. The tech heavy NASDAQ 100 also closed with a small loss of -1.45 at 4,312.64. The SP500 closed with a small gain of +1.80 and closed with another record high at 2,090.57. The Russell 2000 continues to make up for lost time and closed with another all time record closing high at 1,219.11, a gain of +3.90. The interesting thing that happened today is how the DJT closed with a new all time closing high after it was pulled back from a record close in the closing minutes on Friday. This move from the DJT suggest to the market watchers to look for another record high from the DJIA.

The weekly chart of the DJIA shows the index is still trending within the long term price channel with the near term upper channel boundary in the proximity of 18,350.

CYBR Trade Setup

Here is a potential swing long setup for CYBR. This is an inside candles coil breakout setup with the 43.30 (black dash line) as a potential swing long trigger and the low of the engulfing candle of 40.30 (red dash line) as a reference level for establishing stop loss level.

BABA Trade Setup

Here are couple possible swing long trigger levels for BABA (highlighted by the black dash lines). The first trigger level at 108.47 is an inside candles coil breakout, and the 110.65 is the trendline breakout. The low of the engulfing candle at 103.88 (red dash line) could be use as the reference for establishing stop loss level. If the price move below the stop loss reference level before moving above the trigger levels, then this potential swing long setup will be abandoned.

Another New All Time High

The market made another new all time high to end the holiday shorten week. The DJIA, SP500 and the Russell 2000 closed with a new all time closing high. The Nasdaq 100 and the Nasdaq Composite did not closed above their all time high that were made back in 2000, but the Nasdaq Composite did finished the week with a new 52 weeks closing high. As far as the DJT goes, for most of the last trading session it was in the all time record high territory. But it closed a few points below its all time closing high and again failed to confirm DJIA new high.

TWTR Trade Setup

The recent price actions from TWTR are showing some signs of a possible turn from down to up.

Market Sending Holiday Cheers

The holiday season is upon us and soon a new year will begin. The festive season started with a holiday blues when the market sent a message alerting us a turning point has been reached on December 2. Shortly thereafter, the DJIA dropped 889.92 points or nearly 5% from the December 5 all time recording closing high of 17,958.79. As soon as the bulls starting to doubt if Santa will show up with his holiday cheers, a sudden 709.28 points two day rally appeared, a gain of 4% from the December 16 closing low of 17,068.87. Is this the beginning of another upward move for the DJIA similar to the 11.4% gains it has attained from the October 16 closing low to the December 5 all time closing high?

Collateral Damage

Here is one of the collateral damage resulted from the current oil price drop, solar. The current price drop in oil makes solar or any form of alternative energy much less attractive. And the perception that the primary reason for the current price drop in oil is due to oversupply makes the renewable energy argument less compelling. Aside from this short term crude oil price drop, there is a longer term reason that could maintain a less favorable environment for solar. This long term cause is the changing of the guards in Washington. The changes in Washington could result in reduction or elimination of government subsidized alternative energy programs, and the possibility of further increase domestic oil supply in the long term by allowing more offshore drilling for oil.

Here are some of the solar stocks that are part of the collateral damage from the current oil price drop.

Market Update - 12/14/2014

Here is a video update on the market indices along with JNK & HYG. The market has once again entered into a corrective phase as it had alerted us in early December, and one should continue to be cautious.

AAPL, FB & TWTR Update - 12/14/2014

Here is a brief update on AAPL, FB & TWTR.

Holiday Cheers

The market continues to spread holiday cheers to the longs as the DJIA and the SPX closed with another record high. The market breadth is getting weaker, but it remains to be a stock picker's market. There are still many good long and short setups for the active traders. During the holiday season, trading activities will get lighter. Therefore, do not over extend yourself on either side, long or short. Money is shifting toward the big cap value stocks once again, continue to exercise caution and trade defensively.

Here We Are Once Again

The market has made its way back to a similar spot as it was on September 19 of this year. The Dow Jones Industrial Average (DJIA) made another new all time record closing high yesterday but with no other major market index made a new high along with it, just like it was on September 19. Although it is similar, but there are some differences as well. One thing that is different is on 9/19/2014 all the other major market indices closed with a loss while this time they all ended with a gain.

Happy Holidays

Happy holidays everyone! Here is a quick look at the futures for oil & gold, the equities market indices and the following momo stocks before the opening bell; AAPL, BABA, FB, TWTR, AMZN, NFLX, GOOGL, TSLA & GPRO.

Projected Price Targets For AAPL

Here are some price targets for AAPL using four different approaches.

Setting the Fib retracement point from the April earnings gap projects a 161% Fib level of 118.35 which was exceeded at the close today:

Black Gold

Couple weeks ago we started to look at gold after we have observed a possible near term bottom type of price action. Today, we will take a look at the oil or black gold. Oil appears to have put in a near term bottom that might present some near term swing long trades along with some of the energy stocks.

Another Golden Moment

The market finished with another positive week as the DJIA & SP500 continue to make new all time high, and the NASDAQ 100 printed another new multi-year high. The breadth of the market continues to show sign of weakness, and the DJT along with the Russell 2000 also starting to weaken. The bright spot of the week was gold. Last Friday, it was another golden moment for the precious metal.

It Tried

The title said it all. Whomever and whatever it is, it tried to fool the market participants into believing the market has the strength to continue to make new all time high. It tried to over shadow the market’s natural movement by injecting manipulative money into propping up the indices. Fortunately, the market always reveals to us what it is doing. The market shows us not by how much gain the indices have attained, or how high the indices have reached. Instead, it shows us through its breadth indicators how weak it is and how concentrated is the manipulative liquidity.

Everyone Is Waiting

The market seems to be in a holding pattern of some sort and everyone is waiting for something to happen. Although the DJIA and the SP500 continue to make new all time high last week, but trading activities seem to be very subdued. The market has been up for the last three weeks and it is quite extended, therefore one should be cautious and be prepared for possible sudden pullback (note: the video I stated a 1 to 2 days, it should be 1 to 2 weeks of possible pullback).

Mirror Mirror On The Wall

Here is a look at some chart patterns in a slightly different perspective.

Oil Hidden Agenda

The current falling oil price is not all about excess supply or the slowing down of the global economy. It is about control, the control of world oil prices by OPEC. As US oil producers refined and improved the fracking technology for extracting oil, this has caused a hidden price war launched by OPEC to retain control of the oil market. While there is an oversupply of oil, the largest OPEC oil producer, Saudi Arabia has not reduced its oil production to halt the falling price of oil. Not only OPEC did not cut production, it has just reduced the price of oil destined to the US. This price reduction has two purposes, one is to retain market share, and second is to determine at what price level it will cause US oil producers to cut their production. It is vital for OPEC to know the US producers’ breakeven price level in order to control the world oil market.

Coal Play

The outcome of tomorrow's US mid-term election could have ramification on the coal stocks. Here are three coal stocks that could be setting up to be in-play after the election.

The Maneuver

Base on the title of this post, you might have thought I am going to write about the maneuver the Bank of Japan (BOJ) has announced on 10/31/2014. Although BOJ’s version of QE is a big deal and it will essentially take over from where the Federal Reserve (FED) has left it; the creations of the next asset bubble. This is not news that a central bank will be in the market. In matter of fact, the central banks have been in the market for a while already and have been maneuvering within the market (courtesy of Zero Hedge "Central Banks Trade S&P500 Futures"). What is news is BOJ publicly announced it will be in the market and told the market what it will purchase and how much it will purchase.

What this post will concentrate on is how the market maneuvers trend changes. There have always been different forces maneuvering within the market, and some of these maneuvers can alter the short term price movement but they cannot alter the longer term price direction. The longer term price movement will always base on fundamental factors that are related to economic activities and asset values. The market will move accordingly to the expansion and the contraction of economic activities, and similarly to undervalued and overvalued assets.

Nonconfirmation

Today, the DJIA made a new recovery high with the help from Visa. The DJT closed with a loss and this resulted in a non-confirm new recovery high for the DJIA. The other market index that did not make a new recovery high today was the Nasdaq 100, NDX.

Something Unexpected

Yesterday an unexpected happened. The Dow Jones Transportation index closed at a new all time closing high. The new high from the DJT was not a complete surprise. Since the Dow Jones Industrials made a lower closing low on 10/16/2014 without being confirmed by DJT, this signal the possibility of a new recovery high.

Earnings Price Targets For 10/28/2014

The following charts show some of the projected earnings report price targets for FB, GILD, WDC and WYNN.

Waiting To Press The Button

The market continues to ride the elevator up and it is just waiting to press the button to trigger a massive exit from all those participants holding on their recent gains.

Earning Watch - 10/25/2014

In this video, we will review the following stocks that are scheduled to report earnings on Monday & Tuesday: TWTR, PCYC, GILD, WYNN and FB.

Too Much Too Fast

The market continued its rebound from the October 15, 2014 low with some very impressive gains on 10/21/2014. The SP500 gained 1.96% by adding 37.27 points, Dow Jones Industrial up 215.10, a 1.31% gain, Nasdaq 100 put in a rare performance by adding 101.31 points or 2.62%, and the Russell 2000 ended the session with a gain of 17.88 or 1.63%.

Is The Selloff Over?

Last week, the market volatility continues to increase. On Wednesday October 15, 2014 the DJIA dropped more than 360 points within the first 10 minutes of trading (Figure 1). After a brief bounce off the opening low, the market resumes its selloff and incurred more than 460 points of losses in the DJIA shortly after the FED released its beige book. During this time period, the selling pressure has reached extreme level where the up volume-down volume ratio went to 10-to-1 favoring the down volume, and the advance-decline ratio also exceeded 10-to-1 favoring the declining issues. When such an extremity is reached by the market, it usually indicates indiscriminate selling or some form of capitulation. What triggered the opening bell and early afternoon sell off is unknown at this time.

Where Will They Go?

The market took a dive in early trading yesterday. The DJIA at one point was down more than 460 points and the SP500 was down over 60 points. In the afternoon, the market recovered from the low of the day and made up a good portion of the early losses. Ever since 9/19/2014 turning point, the market has been in a down trend with short bounces which resulted in a very choppy trading environment. The market is due for a dead cat bounce and maybe yesterday's rebound from the huge drop could trigger a dead cat bounce.

QQQ Trading Scenarios

Here are a few possible scenarios for the QQQ.

MOMO Stock Chop Update

The earlier post on potential price action for GOOGL, NFLX, TWTR and FB has been updated in the following charts.

Be Prepared

The market continues with its violent mood, creating an ideal trading environment for the day traders and a chopping board to the dip buyers. As the market establishing its new trend, one needs to be prepared for some of the possibilities for the market.

Extreme

The market sold off after the rally from the release of the FOMC minutes. The sell-off reached extreme level as many market breadth indicators reached level that could trigger a brief relief rally.

MOMO Stock Chop

As the market continues to be choppy, there are quick trade opportunities on either side for some MOMO stocks. Here is look at these momo stock for possible quick trades: GOOGL, NFLX, TWTR and FB.

Re-programming Continues

The market remains to be volatile and choppy. After three consecutive down days, the market came through with a dead cat bounce and setup some short squeeze to wipe out majority of the PUT options from recent down draft for weekly OpEx.

Market Outlook - 10/2/2012

Today the market made a strong bounce off the morning flush. After all said and done, the DJIA closed with a 3.6 points loss, the SP500 eked out a whopping gain of 1 cent, the Nasdaq 100 regain all its early losses and added 1.13 points, while the star performer of the day, the Russell 2000 added 10.97, approximately 1% gain, and the DJTA added over 66 points.

Chronology Of The Turning Point

If you have been following me and my blog, you already know what have transpired prior to reaching the September 19, 2014 turning point. For those that might not have been following my blog or wish to get a recap, here it is (To read the complete post of each event, click on the embedded link.)

The Turning Point

The market will not top until the DJIA has topped and the DJIA appears to have topped on September 19, 2014.

Shhh…Listen

Do you hear anything? Exactly! There wasn’t much fanfare as the DJIA made another all time closing high.

Slightly Different

The DJIA made another new all time closing high today by closing at 17,265.99. Today’s record close is slightly different than yesterday’s record close for the DJIA. The difference is the SP500 also close with a new all time high along with the DJT. In addition, the Nasdaq 100 also closed with a new multi-years high. The market breadth was pretty much the same, marginally positive but still relatively weak.

Into The Record Book

Today the Dow Jones Industrial Average, DJIA, finally put itself into the record book by closing with a new all time closing high. It closed at 17,156.85, surpassed its previous closing high of 17,138.20. Although today’s record high was not accompanied by a record close from the SP500, the Nasdaq 100 or the Russell 2000, but the Dow Jones Transportation did close with another new all time closing high.

What Would It Look Like

Can you imagine how this chart would look if the DJIA was able to close with a new all time closing high today? And what it might mean?

Something Different

This has not been seen for quite some time that the DJIA closed with a gain while all the other indices closed with a loss. This is something different for this market cycle. Remember I have said it numerous times that the market does not top until the DJIA has topped. Could this be the beginning of that final move on making a top? Only time will tell.

Patience

Here is an updated look at all the charts I have posted on Twitter during the past week. Some of the stocks are still waiting to be triggered. It just to show trading is more about exercising patience and waiting for the trade to come to you.

Early Look

Here are some stocks from a recent long scan that might present potential swing long opportunities. For those aggressive traders, you can tap into the possibility of scaling in off support. And for those traders that are more accustomed to the classical breakout pattern, watch the pattern for entry trigger.

Keep It Real

The market continues to frustrate those that been calling for a 10-20% correction and scare those weak players as the market plays the game of taking one step back and two steps forward. The SP500 continues to chop into all time high, and the DJIA continues to tease and refuse to enter into the record book.

Don’t Kid Ourselves

One of the most difficult emotion to control as a trader is our ego. Our ego has the tendency to subconsciously instill a bias on what we want to see instead of accepting what we see in front of us. In trading, this bias can cause us to believe the market should do what we believe it should do. When we are in this mindset, we tend to hold on to a trade that went against us or we try to force a trade when it is not there. These behaviors usually end up badly and cause great damage to a trader’s capital account. Worse yet, it can devastate the trader’s confidence. To avoid falling into this mental trap, a trader needs to remind him/herself with these two clichés; “Trade what you see!” and “Trade what is in front of you!”

Stock Chart Updates - 9/3/2014

In this post, I will present an update on some of the charts I have recently posted on my twitter page. If you wish to follow my live commentary and postings on twitter during NYSE trading hours, then follow me on twitter @smtraderCA

How High Can It Go

As the SP500 continues to make new all time high, one must question how high can it go? In this video we will review the market indices and a review on some MOMO stocks such as: AAPL, NFLX, AMZN, GOOGL & TSLA. In addition, a review on some biotech stocks for possible trade ideas: CELG, GILD, PCYC & HZNP.