Here are some snaphots of the major indexes. There seem to be some possibilities coming up for some breaks in trendlines of the Nasdaq, S&P500, and the Russell2000.

Playing Catch-Up

I haven't been around much these past two days, so am catching up on some reading of the current events in the world economy. I came across this article while getting updated at TraderMike's web blog. Being a closeted Bear I admittedly eat this stuff up. In particular I found interest in this paragraph: "The bursting of [this] bubble will be across all countries and all assets, with the probable exception of high-grade bonds," Grantham warned. "Since no similar global event has occurred before, the stresses to the system are likely to be unexpected. All of this is likely to depress confidence and lower economic activity."

Ouch.

Indeed.

Economic growth during the first quarter was the weakest in four years, hurt by a slumping housing market and deteriorating international trade, the Commerce Department reported on Friday.
I'm staying away from trading until Monday...my head's just not in it.

Earnings Season

A lot of stocks making big moves over the past week. Baidu.com Inc. (BIDU) is up $24.63 currently after hours at $134 due to 1st quarter profit soared and revenue doubled. 3M (MMM) had a solid $3.48 gain today with an added 35 cents after hours due to 1st quarter profit being up 52%. F5 Networks Inc. (FFIV) posted earnings of $20 million, or 47 cents a share and the stock price jacked up $13.86 throughout the day ($0.27 after hours) to come in around $80.20.

TWTC was an entry above the opening bar's range and above the 7th bar's high. After reaching my target it was time to jump ship.

COF was a good entry on the low of the 10th bar. I thought it was going to flop for a while there, but ended up reaching my target, where I bailed out.

Apple Inc. (AAPL) released their second quarter numbers today and after hours has the stock trading in the $101.50+ range...oofah...Profits are up "88% on lower component costs and sales of MacBook laptops and iPod digital media players." Net income for the 2Q jumped to 87 cents per share from 47 cents per share!! Beating Apple's own forecast ("which tends to be cautious") of 54-56 cents. "'The numbers were pretty unbelievable,' said Chris Armbruster, an analyst at Al Frank Asset Management in Laguna Beach, California. The firm manages about $900 million and owns Apple shares. "The biggest thing that jumps out at me was their gross margin." 'Gross margin, the percentage of sales left after excluding production costs, widened to 35.1 percent in the quarter from 29.8 percent a year earlier. Most analysts expected 30 percent, said Shaw Wu at American Technology Research in San Francisco."

Busy Day

To get the obvious out of the way, the DJIA bagged the 13,000 peak today and doesn't look as though it's going to give up too much ground in late afternoon trading. Amazon (AMZN) is the Queen of the ball today, up nearly 25%!!! on reports of rosy sales and profits.
New home sales were up 2.6% in March. Compared with sales of existing homes that's down 8.4% in March, the biggest decline in 18 years. Meanwhile, the Euro is approaching that all-time high vs. the U.S.Dollar.

QCOM

Here's a snapshot of Qualcomm Inc. price action over the past few months. The company will report its fiscal second-quarter earnings on Wednesday.
Today's movement allowed for two good entries.

We're settin' records (or approaching them) all over the place. The dollar vs. the GBPound is at a level not seen since June of 1981 ($2.0133). The Euro is approaching a record vs. the USDollar ($1.3638)and touching resistance set just over two years ago. Meanwhile, Gold is nearing the $700/ounce mark. All that AND the Dow Jones Industrial Average setting off a record high, the S&P 500 nearing resistance set back in January of 2000.

4.20...High Times for DJ

The DJIA carved out an all-time high today with budding earnings reports and an Asian market rebound. The S&P 500 added 13.62, or 0.9 percent, to 1484.35, the highest since September 2000. The Nasdaq rose 21.04, or 0.8 percent, to 2526.39, the highest since February 2001. I didn't make any trades the last few days because of mental hurdles I'm trying to get over. Looking forward to next week though. Have a great weekend!

I liked this illustration of a car exhaust featured in China by the World Wildlife Fund. Found on http://www.frederiksamuel.com/blog/

Crazy Print

I came across this chart while going through a morning scan. I still consider myself very much a newbie to the trading world. So, I'm still not sure how something like this happens exactly. Looks like I have some research to dive into. This print had a range of $11.14 to $10,230.73 and closed that 15 minute candle at $11.15 (that particular print took place within a timespan of 1 minute).

Movies

Tonight I watched Jesus Camp....I'll just say, WOW....draw your own conclusions. Two words though...Deleted Scenes.

What a Great Site

I came across this site....i don't remember how at the moment....that makes the perfect bookmark for amateurs like myself. I'm sure to be studying Bulkowski's Visual Index of Chart Patterns
until they're burned into my brain and they penetrate my dreams.

Weak Dollar Wednesday

The dollar fell to a 26-year low against the Great Britain Pound and neared a record low against the euro. Both currency pairs closed above some serious resistance levels. However, it's a bonus for some of those big U.S. companies.

No Trades Tuesday

I sat on the sidelines today. Everything I saw was too choppy for my comfort zone. Plenty of earnings expectations to pick through for tomorrow's open. Looks like Yahoo is getting spanked after hours, down more than 8%...ooffah

INTC

Sales down (1%), Profits up (19%) for Intel Corp. (INTC). As stated in this linked article..."It will update its processor roadmap this fall when it starts manufacturing a higher-performing chip called "Penryn." By 2010, the chipmaker's goal is to cut power consumption by 10 times in its family of microprocessors." They're making products that will be making our future.

So I'm a macAddict

I can't help it. I'm proud to admit that I've been a fan of apple computers (AAPL)since my brother turned me on to them in the late '90's. Maybe it has a lot to do with the comeback they staged (I always root for the underdog) from laughing stock to shining star. I just figured I would out myself now, let my audience (not that I currently have one) know I have a biased opinion. Therefore, you should take my opinions about Apple (and their products) with a grain of salt. Now with that said, here's some news I liked hearing in the rumor mill. Of particular interest to me is the last line of the article regarding an analysts projection for their stock price.

Green Monday

There was some hesitation on my part with APOL, with an entrance on the low-end of the sixth bar. Hesitation payed off with a 6R gain.





ERIC was one I wasn't happy with at all. It payed off in the end better than I thought it would have. I got in around the high-end of the 7th bar, nearly got stopped out mid-afternoon and closed out at end-of-day with 1R.


AMZN was a late entry (middle of 8th bar) but a decent 3R at the end-of-day.

Moment of Truth

It looks like the delay of OS Leopard is putting a lot more attention/press on Apple Inc. and their up-and-coming iPhone release (still a good 1 1/2 months, at least, away) . There are a lot of expectations being put on this cell phone. It's basically being billed as the re-invention of the iPod (iPod part Deux). I mean, let's face it, who's really sitting on the edge of their seat for Apple to release Leopard? I've gone through multiple OS releases from Apple, and though there are differences from one to the other, those differences are slight. But, I have to say, I'm looking forward to the release of the iPhone about as much as I was for their release of the iPod. If it lives up to the expectations look out for even more phenomenal growth for Jobs and his Apple.

Quinoa

While I'm at it posting about some of my favorite healthy products, I'll also include Quinoa (pronounced key-nuah). A crop, cherished by the Incans as being sacred, has some great nutritional value. Again, taken from wikipedia (for sake of simplicity): "The United Nations has classified it as a super crop for its very high protein content (12%–18%). Unlike wheat or rice (which are low in lysine), quinoa contains a balanced set of essential amino acids for humans, making it an unusually complete foodstuff. This means it takes less quinoa protein to meet one's needs than wheat protein. It is a good source of dietary fiber and phosphorous and is high in magnesium and iron. Quinoa is gluten free and considered easy to digest. Because of all these characteristics, quinoa is being considered as a possible crop in NASA's Controlled Ecological Life Support System for long-duration manned spaceflights."
It cooks really fast (email me for some personal recommendations as to how to cook it) and combined with some Bragg's Liquid Amino's makes a quick, tasty, and healthful snack. Eat it Up!

Go Go Goji Berry

If you're into healthy foods than this might be the product for you. The Goji berry (aka Wolfberry) is a Tibetan raisin-esque red berry with a plethora of healthful benefits. If you check out the story behind it on Wikipedia they give a break-down of the nutrients contained in this little berry. Check it out:

• 11 essential and 22 trace dietary minerals
• 18 amino acids
• 6 essential vitamins
• 8 polysaccharides and 6 monosaccharides
• 5 unsaturated fatty acids, including the essential fatty acids, linoleic acid and alpha-linolenic acid
• beta-sitosterol and other phytosterols
• 5 carotenoids, including beta-carotene and zeaxanthin, lutein, lycopene, and cryptoxanthin, a xanthophyll
• numerous phenolic pigments (phenols) associated with antioxidant properties
• Calcium- 112 mg per 100 gram serving, providing about 8-10% of the Dietary Reference Intake (DRI)
• Potassium- 1,132 mg per 100 grams dried fruit, giving about 24% of the DRI
• Iron- 9 mg iron per 100 grams (100% DRI)
• Zinc- 2 mg per 100 grams dried fruit (18% DRI)
• Selenium- 100 grams of dried wolfberries contain 50 micrograms (91% DRI)
• Riboflavin (Vitamin B2)- At 1.3 mg, 100 grams of dried wolfberries provide 100% of DRI
• Vitamin C- a wide range (from different sources) from 29 mg per 100 grams to as high as 148 mg per 100 grams (respectively, 32% and 163% DRI)
• Beta-Carotene- 7 mg per 100 grams dried fruit
• Zeaxanthin content in dried wolfberries vary considerably, from 25 mg per 100 grams to 200 mg per 100 grams. The higher values would make wolfberry one of the richest edible plant sources known for zeaxanthin content. Up to 77% of total carotenoids present in wolfberry exist as zeaxanthin.
• Polysaccharides are a major constituent of wolfberries, representing up to 31% of pulp weight.

There ya have it....the above list was taken from Wikipedia, so do your own research if you'd like to dig deeper. There are a lot of distributors of this food, but here's a link to the one I went with. Try it in your oatmeal...mmmm

Fillin' the Gap

The Nasdaq Composite Index (.IXIC) filled the gap it created back in February. Today's range (lookin a little hanging man-esque) didn't make it into the shadow above the gap, so we'll have to wait until Monday (confirmation day) to see where things go from here. I can just see a graph like this one in trading books of the future under the subject of gap fills, W patterns, Bottom trade entry, etc.
I like this one too for what you see when you snap the Fibonacci Price Retracement Lines, a bounce right off the 38.2% line.

Golden

Today's June gold contract gained 1.5%. That's 689.90/ounce, a new 48 week high. "The dollar fell to the lowest against the euro in more than two years on speculation Europe's economy will outpace the U.S...The U.S. currency was also down against the British pound, the Japanese yen and the Canadian dollar."

Over-Reaction

After hours trading seems to be giving Apple Inc. (AAPL) a beating. It's down over 2% at the moment following a $0.40 loss in today's regular session. Seems to be a reaction from their announcement of delaying the latest OS "Leopard." You would think yesterday's announcement about MGM pairing up with iTunes for movie downloads would have balanced the reaction out a little better. I really don't see an OS release delay having that big of an effect on their numbers.

Putting up a Fight

The DJIA looked like it was ready to have a free-fall, instead it turned around just before noon and headed for zee hills, regaining yesterday's losses. The DJUtilities didn't fare quite as well, not recovering much at all, regaining 40% from it's low point.

Decent

Murphy Oil (MUR) made a decent trade today after a close above the opening range's high. Thanks TraderX and TradetheMove.com!

Basics

Was checkin out Investopedia.com today. They have a good outline drawn out for day-trading I think is great for beginners and the curious cats. Plan your strategy and trade your plan. Also...Momentum Trading & Scalping are good refresher reads.

On the Sidelines

Didn't find a single set-up this morning, so I sat by and watched the melee unfold. Everything's lookin' pretty sloppy today. Tractor Supply Company (TSCO) was one of the better results today as a result of their 1Q results. Same with Manor Care Inc. (HCR). Dendreon Corp (DNDN) finally had a come down from their highs they were trippin' on for the past week. Looks like it would have been a good short play....good ol hindsight!

Analysis Paralysis

I've been having a touch of analysis paralysis these last few days, so haven't made a single trade. Which is fine, but a little frustrating. There have been a number of trades in the past two days that I just sat and watched pass me by. At least I had the restraint from entering into them too late. Tomorrow's a new day that I'm looking forward to...happy trading!

Rackin' up the Moolah

Apple Inc. announced the sales of 100 million iPods since their release 65 months ago. That works out to somewhere in the ballpark of 51,100 iPods per day!! "The company also noted that it had sold more than 2.5 billion songs, 50 million TV shows and more than 1.3 million movies through its iTunes music and media store." "Apple has introduced more than 10 new iPod models, with five iPod generations, two generations of iPod mini, two generations of iPod nano and two generations of iPod shuffle. The company has increased capacity of hard disk-based iPods from 5GB to a maximum of 80GB." Much like the cell phone, who doesn't have one these days?

A Page out of the Yuan Playbook

So, I came across this article today in regards to the loss in value of the U.S. dollar we've been experiencing. Some notable quotables:

• "American exports, made more competitive by a weaker currency, are helping prop up economic growth, offsetting slumps in housing and corporate spending. The euro's 2.5 percent gain since the end of January, meanwhile, should help Trichet combat inflation, complementing the ECB's interest-rate increases."
  

• "While Paulson...has hewed to U.S. policy of the last decade by backing a "strong dollar,'' he has coupled it with a view that markets, not governments, set exchange rates. That has allowed him to shrug off the dollar's decline, especially because it aids his nation's economy by making American products cheaper overseas. Exports are providing the U.S. with a needed boost after growth slowed to an average annual rate of 2.4 percent in the last three quarters of 2006, having expanded 3.2 percent in the prior year."

• "For U.S. policy makers, a weaker dollar against the euro is not even on their radar screens as long as it's happening in an orderly fashion.''
  

• "Meanwhile, China's yuan, whose movements are limited by the government, gained 0.5 percent against the dollar, while declining 3.2 percent versus the euro...The result: European officials will likely join Paulson in urging China to let the yuan strengthen more. The G-7 on Feb. 10 called on countries with widening trade surpluses -- especially China -- to let their exchange rates "move'' more against those of trading rivals. Trichet and fellow Europeans may also repeat their February warning to investors to avoid making "one-way bets'' against the yen."

• "Even a modest drop in the dollar would help fortify the world economy by narrowing international imbalances such as the U.S. current-account deficit...The shortfall reached a record 6.5 percent of gross domestic product last year."

• "The impact of the dollar's decline against the euro is already emerging. Europe last year posted its first annual trade deficit since 2000, while U.S. net exports contributed the most to U.S. growth in a decade during the fourth quarter."

• "There is no clear reason for the U.S. to stand in the way of a weaker dollar,'' said Sophia Drossos, a currency strategist at Morgan Stanley in New York."
  

Gold Rush

I've been watching Gold creep up to spring '06 levels slowly and quietly over the past few weeks. June '07 delivery is up $6.20 to $681.50 an ounce today mostly on news of the U.S. bitch-slapping China (filing two cases with the WTO) for the "piracy and trade issues" that are going on un-curbed. Everyone knows China doesn't take to kindly to being bitch-slapped, but what we're not sure of is how they'll slap back. Looks like a lot of investors are puttin their bets on Gold and against the U.S. dollar.

Gold has been ramping up lately and looking skywards to test resistance at the May '06 (June contract) $732 mark. Lookin' awfully bullish with that fast MA on top and the slow MA on bottom, while the RSI not showing any signs of OB sentiment. $700/ounce gold here we come?!?!!

Meanwhile the U.S.Dollar is (under) performing like some C student from Harvard or something.

Trading 101

Today's lovely, sunny day is being spent going through MaoXian.com
There you'll discover a treasure trove of charts and information to go through. You'll also find an excellent KISS (Keep It Simple Sucka) strategy towards trading. Where you'll want to go (and likely bookmark) is his archived Trading for Dummies Q & A section.

Tech. Analysis

I was trawling through some archived posts from some of my favorite blogs on this cloudy Saturday afternoon. I came across this posting on TraderMike.net regarding the drawing of trendlines. After reading it a couple of times and trying it out with some charts to fully understand the point being made I wanted to post it so as to refer back to it in the future. I found it made quite a difference compared to the way I was drawing trendlines. The point being made is taken from the book "Trader Vic-Methods of a Wall Street Master" (emphasis has been added):
"For an uptrend within the period of consideration, draw a line from the lowest low, up and to the highest minor low point preceding the highest high so that the line does not pass through prices between the two low points." Here was my final result:


What I screwed up on at first was drawing the line from point to point but realizing that there was an instance of the line passing through price between the two points, as is instructed not to allow.

My Latest Mantra

It will be posted in front of me while I trade until it sinks in to this thick head of mine!!

One That Got Away...BLUD

Here's one I missed today that seemed to have a nice set-up. It had a nice reaction to summiting the 1.382% Fib. Extension.

Longer-Term

A topic I haven't been putting much thought into at all lately is investing for my rainy-day portfolio. In other words, longer-term investments that I can just park and forget about for a while. Luckily we have thekirkreport.com to help remind us of such topics. Today his website touches on "sector-focused" funds and/or ETF's. I'm greatful to these people and their blogs/websites for all the topics they help you to remember to think about. In particular with today's posting at thekirkreport.com was a link to Ticker Sense, and a discussion on paying special attention to sector performance in the first quarter in order to gain some perspective on what the next three quarters might turn out like. The bottom line being; The Utilities sector performed best in the first quarter with an 8.44% gain, with the Materials sector a close 2nd at +8.38%. Looks like I have some research to do for my rainy day portfolio!

and Bringing up the Rear...

...is Apple Inc.. Ever since Apple has switched over to Intel chips the two companies have been making headlines (independently) ever since. And now Apple brings to the market an OctoCore!! That's TWO!! quad core Intel Xeon processors!! Running up to 3.0 GHz!! 16GB of RAM!! 4 hard drives that can support 3 TB!! of memory!! It never fails; I buy a brand new mac, and three months later they introduce a new and improved model. This company has been making leaps and bounds with its product development over the last 5+ years. Amazing stuff people!! Some are even projecting a $200 share price for '07!! I own it, and I'm holdin' on to it.

Every other week...

Lately it seems I'm reading something about either IBM or Intel and how they're unveiling a new chip, or processor, or other cutting edge technology. Looks as though we're quickly approaching that paradigm shift Ray Kurzweil talks about in his book;
"The Singularity is Near, When Humans Transcend Biology."

Slow-n-Steady

It took a while to jump on board this one. But the narrow bars leading up to the break & close above the opening bar's close encouraged me. The 13th bar was the narrowest of the session up to that point, so I waited to see what would happen on bar 14. A really tight stop allowed for a bigger R multiple too.

This one had a couple of tells. The 6th bars long upper shadow and breaking/closing above the opening range, and the confirmation that followed the NR7. I was about ready to jump ship after the hanging man on the 17th bar. This was another trade with a very tight stop.

Real Estate Roller Coaster

I know a lot of us that stare at charts all day long have envisioned what a particular chart would be like as a roller coaster. Now we can experience it first hand. Thanks to the people at speculativebubble.com Very cool

Green Day

ok, so I know it's been a while since I've posted. But, let's face it, I know nobody out there actually reads this blog (yet), so what difference does it make? I know that's no excuse, but I have to blame someone other than myself, right? Anyway....here's a good one I found this morning. GROW...i noticed what looked to be a three white soldiers-esque pattern marching off the $30 price point. Today was a good green day all over the indexes.