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THE DJIA
Monday, Monday, Can't trust that day! These lyrics from a 60's band called The Mamas and The Papas started bouncing around my head this morning when I saw the futures up nicely. On Friday, the stop level of 10453 was hit but not violated by the systems 3 minute parameter, therefore I am short entering the open today. As a note of interest to the technical traders, Friday was practically a "Doji" day in Candle parlance. As you know, the candle traders see "Doji's" as an indication of a change of trend and that there is indecision. If this can be quantified and relied upon is the question? I will, however, follow the system to the letter and exit immediately should 10453 be violated in the cash index. Short/profitable
OIL
Oh yeahhhh! Oil is continuing in my projected sell off toward the major support level of 62. Anyone late to the trend game of buying new highs is getting slammed so far. Rita has fizzled so far regarding projected damage to the oil infrastructure, supplies may be flooding the market shortly and all is looking up for a trip to the 62 level soon. We will see! Short/profitable
US DOLLAR
The dollar is continuing to strengthen against the Euro causing the EUR/USD pair to continue its decline. The studies are indicating1.2018, 1.1999 and 1.1947 as support levels. We will see. Short/profitable
EQUITES
(DAL | Quote | Chart | News | PowerRating) Man, I still like this one. Awaiting 1.03 to break before buying in. Flat/long bias
(ALL | Quote | Chart | News | PowerRating) Keeping this warhorse on the list a little longer. Our shorts were profitable, then smashed out on a buying frenzy. Awaiting 51.97 to break on the downside before shorting again. Flat/short bias
(GOOG | Quote | Chart | News | PowerRating) Wow! Is all I can say about this one. Up another 4 points or so in the pre-market. Still awaiting trigger to enter short. I have received several emails asking why I just don't go long here since the supposed trend is so strong. I feel the downside potential is much greater and simply prefer to wait this out for the inevitable slide. Patience is key here. I am in no hurry, and will happily wait for the short trigger. Flat/short bias
(IBIS | Quote | Chart | News | PowerRating) Ah, my little chip maker showed a bit of strength on Friday. The go long figure remains at 2.03.. Flat/long bias
(SIRI | Quote | Chart | News | PowerRating) I just installed SIRIUS satellite radio in my car. What a great entertainment value! The stock appears to be coming off of recent lows here. I will be a buyer at 6.90. Flat/long bias
Best wishes in the market!
Dave G
David S. Goodboy (marketsurfer) has been trading professionally for over 14 years. Mr. Goodboy trades ETF's, stocks, index futures, energy futures and options. His primary focus is a unique multi-time frame index trading system based on a combination of time/price cyclical studies and statistical models. David was a trader/partner with Biltmore Capital, traded with an option arbitrage firm, and is currently in the launch stages of IntrendX, a global multi-strategy fund.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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