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THE DJIA
The shorts were profitably stopped out yesterday when 10453 was violated. I am flat entering the open today. The active channel figures are 10553--10427. The 50 day MA is at 10562 and the 200 day rests at 10539. I have no directional bias today and will trade the system mechanically. Flat/no bias
OIL
My black gold trade has been flirting back and forth across the break even level of 65.88. My confidence still remains high for a test of the 62 level soon. Short/profitable
US DOLLAR
I closed the dollar longs in the EUR/USD pair trade yesterday with nice profits at 1.2030. I have been learning to aggressively daytrade this pair recently. Every advance has been met with selling and a mean reverting strategy is currently working well in this arena. One lesson I have learned when it comes to daytrading FX, set stops will KILL you due to what appears to be the dealers propensity for sharp, unexpected spikes. Daytrading/short bias
EQUITIES
(DAL | Quote | Chart | News | PowerRating) -- Keeping this one on the list for now. The critical 1.03 go long level remains elusive. Flat/long bias
(ALL | Quote | Chart | News | PowerRating) -- The 200-day MA rejected Allstate's recent advance yesterday. I am sliding the go short figure up to 52.47. Flat/short bias
(GOOG | Quote | Chart | News | PowerRating) - The internet bubble type advance actually seems to be slowing at this time. Our short trigger is currently 303.97 Flat/short bias
(SIRI | Quote | Chart | News | PowerRating) -- This new addition to the watch list, picked Peter Lynch style, has disappointed. Removing from list. Removed.
(IBIS | Quote | Chart | News | PowerRating) -- Another little company I was expecting a nice pop from that has not materialized. Removing from list. Removed\
(GLD | Quote | Chart | News | PowerRating) -- I am stepping into the metals arena with a short bias on the shiny yellow commodity. The gold bugs are out in full frenzy due the recent upmove potentially indicating a top soon. My short level is 46.13. Flat/short bias
(PALM | Quote | Chart | News | PowerRating) -- A nice gap down and the price stopping directly on the 200-day MA perked my interest in this one. Here's the strategy: 30.03 long, 27.43 short. Flat/no bias
Best wishes in the market
Dave G
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