New book by Larry Connors Click here Improve your trading - See how
 |
|
Receive Alerts Free For One Week! Short Term PowerRatings Use PowerRatings every day to find the stocks for tomorrow to focus on and the ones to avoid. Sign Up Now >>
Long Term PowerRatings
Gary Kaltbaum Intraday Breaking Setups
Kevin Haggerty's Professional Trading Service
|
Gary Kaltbaum is an investment advisor with over 18 years experience, and a Fox News Channel Business Contributor. Gary is the author of The Investors Edge. Mr. Kaltbaum is also the host of the nationally syndicated radio show "Investors Edge" on over 50 radio stations. Gary is also editor and publisher of "Gary Kaltbaum's Trendwatch"...a weekly and monthly technical analysis research report for the institutional investor. If you would like a free trial to Gary's Daily Market Alerts click here. 888-484-8220 ext. 1.
In one of my recent reports, I stated that I was seeing many tops in the OIL complex and that the OIH looked like a "big giant top." A break below 134 would be a negative and a break below 130 would be bye-bye.
I am now seeing that top starting to occur as the OIH is now falling off. Keep in mind, this is representative of many OIL SERVICE names. On top of that, the XLE, which represents BIG CAP OIL is now rolling over as it has broke short term support as well as moving averages. Names like COP,MRO and others are topping out. I would completely avoid this area for now as OIL PRICES look to be headed into the mid 60s.
On top of that, I told you that other COMMODITY areas were also acting like they would follow suit to the downside. That is occurring also as ALUMINUM,STEEL, COPPER and anything you can drop on your foot are going down. Most charts are rolling over. I would be avoiding these areas also as changes are in the wind.
This could be good news as it could give cover to the FED. Lower COMMODITY prices is a good thing and could start to take all the inflationary talk off the table. At least, that's what the BOND MARKET has been saying.
TECHNOLOGY continues to get most of the bid right now as the resistance levels we outlined for you on the NASDAQ have been taken out. The SOX is leading the way. And when the SOX gets going, investors hold on for the very last drop. It is not often that "markets" get in trouble when the SEMIS are in gear. Keep in mind, the SEMIS are still way down from the highs and have plenty of damage to repair. This is occurring while all the news is bad in SEMILAND. At the highs, all the news was good. A lesson to be learned.
You can see how important it is to be sector-specific right now. Even though the D0W and S&P are a smidge from the highs...even though the NASDAQ and SOX have the bid right now, there are still plenty of uglies in RETAIL,TRANSPORTS,HOUSING and other areas. In fact, BROKERS are now rolling over badly which is less-than-thrilling. I am playing this game sector by sector right now...now more than ever.
Gary Kaltbaum
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
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.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
