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Kevin Haggerty's Professional Trading Service
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Kevin Haggerty is a full-time professional trader who was head of trading for Fidelity Capital Markets for seven years. Would you like Kevin to alert you of opportunities in stocks, the SPYs, QQQQs (and more) for the next day's trading? Click here for a free one-week trial to Kevin Haggerty's Professional Trading Service or call 888-484-8220 ext. 1.
Erratic is as erratic was yesterday with the SPX +0.2% to 1305.33 (1310.45 intraday high), Dow +0.5% to 11,253 and QQQQ -0.8%, led by the semiconductors with the SMH -3.3%. Today is Triple Witch option expiration and St. Patrick's Day to boot, not to mention the Full Moon this week. It was energy up yesterday, with the OIH +1.5% and the XLE +1.6%. The Dow diverged because of two below-the-line stocks, (GM | Quote | Chart | News | PowerRating), +3.3%, and (WMT | Quote | Chart | News | PowerRating), +2.3%. NYSE volume was 1.65 billion shares, with the volume ratio 64 and breadth +1116. The 4 MA VR and breadth are short-term overbought and the SPX has entered a key price and time zone, so any long position traders--"heads up." There have been many above-the-line (ATL) stocks that have advanced over the past 5-7 days and are now extended. Also, the contracted volatility patterns have been resolved and if you are looking for stocks to position trade but are having trouble, that should tell you something.
The reported economic news is totally distorted from reality, especially the jobs data, because the Department of Labor can and does just guesstimate on how many new company jobs were created. That decision is very likely influenced by how the current political climate is blowing. Remember, the new Fed guy is the current administration's choice, although the bogus decision not to publish the M3 figures (starting this month) was Greenspan, and he had a Democratic allegiance. With the wind blowing hard in Iran and Iraq, the Plunge Protection Team (PPT) will probably be called to action on various occasions of fear (but they started that game (that we know of) in 1987, which they have admitted--now they think it's a tool. Enron did it to a commodity and the Fed does it to the market, so what am I missing here? The media hypes rising interest rates and the Fed keeps printing money at the same time while making token interest rate raises on the other side, but the reality is they are still at the low end on a historical basis. The big "game" for this current bull cycle is about over and the next excellent position opportunity will most likely be in 10/06 - 3/07.
Have a good trading day,
Kevin Haggerty
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