Posts Tagged ‘ Dow Jones Industrial Average ’

Why I am long $SPY $QQQ $IWM going into tomorrow.

I have been eyeing to go long S&P 500 $SPY, NASADQ $QQQ and Russell 2000 $IWM  since June 1, 2012 when we had the false breakdown on volume which had no followthru the next day.

$SPY $QQQ $IWM all trended up till June 19, 2012 before we had that big down move which was called out in my post ‘ WHY I am long $TZA’. We had a sever down move on June 21, 2012 and I was watching how the market was gonna react on June 22, 2012. Once again we had very little follow thru to the downside.

Between June 26th and Jul 3rd we once again trended up nicely, I blogged about ‘ Is it time to buy the DIPS’ on July 4, 2012 before we had a down move today on July 10, 2012.

AT 3:50pm I tweeted out to go long  $SPY and also mentioned in  free online live trading room

Follow me on twitter @dchsn6 for my tweets.

My Thesis why I mentioned long $SPY $QQQ $IWM, as traders we look for opportunities which favors the reward to risk.

As can be seen from the chart ,

1.  Tested trendline B which is the upward slopping trendline.

2. Tested Trendline A which is the downward sloping trendline.

3. 134 on $SPY is also the region between 38% and 50% retracements on fibonaccis.

4. We did the gap fill created on June 29th gap up.

5. We have the volume accumulation signs in $SPY

6. 20EMA and 50SMA as support on daily.

The above are the 6 points why I mentioned to go long $SPY $QQQ $IWM.

My thesis is nullified if $SPY goes below 130. But once again as a trader we look for risk-reward with 4point downside, I am looking for 1st tgt atleast to 142 on $SPY.

I am also offering a 6 HOUR POWER DAY TRADING COURSE for new and experienced traders.

My previous Market Calls

dchsn6

www.dchsn6.com

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Market Index and Trade Reviews of $GMCR $PCX

MARKET REVIEW JULY 5, 2012

$DJIA DOW JONES INDUSTRIAL AVERAGE: -.35%

$SPY S&P 500 : -.29%

$QQQ NASDAQ: .01 %

All 3 market indices closed pretty flat  for the day, making it easier for traders to identify stocks where money was flowing into. Lot of stocks with high short interest like $FIO $NFLX $GMCR $DRYS $GNK saw short squeeze in them.

ONLINE TRADING CHAT ROOM

There were some amazing trades taken by our traders in our free live online trading chat room today.

Here are two of the most lucrative trades. All the stock trades were called out with the stop loss pre-detemined before entering the trade. If you are interested in joining our trading roomemail me at dchsn6@gmail.com

$GMCR STOCK CHART TRADE REVIEW

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A lot of stocks with high short interest were getting a lot of momentum during the day and $GMCR was just consolidating near its highs.

1st trade was on the break of consolidation, on the break of intraday highs we took our 2nd trade and scaled it out for nice profits.

$PCX STOCK CHART TRADE REVIEW

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The coal sector which has been one of the beaten down names has been getting of momentum and interest in the last few days and we saw $PCX coming out of the range, we took the first entry on the break of consolidation, we then added more on the break of intraday highs and then scaled it out infront of  daily resistance for maximum profits.

EMAIL STOCK NEWSLETTER SIGNUP

Thanks for reading and cya in our online live trading chat room soon.

dchsn6