Action Points

The Index Watch , Weekend Review and the Trading Spreadsheet are complete. Many of the setups I post have several entry points so don't focus entirely what I list on the spreadsheet. In other words, look at the chart and you may find more than one potential trade. I opened a separate account at Ameritrade a couple of weeks ago so I could try my hand at building an account from a modest starting balance ($10,000). Since most of the correspondence I receive seems to be from the more inexperienced trader, I thought this would be the best way to go (public humiliation). I'm only going to take trades (or the ones I'll tell you about) I post at the website beforehand. At the end of the day, it won't be necessary to admit success or failure because the results will be listed and audited by Covestor . If I enjoy it and someone requests me to, I'll open and link a larger account. Between work, trading, and court system imposed community service, I hope this will benefit a...

Breakout Setups (Click on Symbol for Annotated Chart) ANGO AngioDynamics DAL Delta Airlines THRX Theravance VM Virgin Mobile USA EHTH eHealth XCO Exco Resources XTEX Crosstex Energy HWD Harry Winston Diamond ICO International Coal Group OTE Hellenic Telecommunicatio ABK Ambak Financial FMCN Focus Media LVS Las Vegas Sands ANR Alpha Natural Resources HNT Health Net SGI Silicon Graphics HSTX Harris Stratex Networks CCO Clear Channel Outdoor SUPG SuperGen ENZ Enzo BioChem KND Kindred Healthcare BJS BJ Services MTW Manitowoc TSCM The Street.com CGX Consolidated Graphics WRES Warren Resources DMAN DemandTec ES Energy Solutions FCSX FCStone Group GMET GeoMet FLOW Flow Intl HW Headwaters KIM Kimco Realty LYV Live Nation MBI MBIA Inc MITI Micromet MMR McMoran Exploration MPEL Melco PLB Enterntainment MVG MAG Silver Corp NPO EnPro Industries OPXT OpNext TEX Terex AB AllianceBernstein ACI Arch Coal AHII Animal Health Intl ALTH Allos Therapeutics ARP ...

Index Charts S&P 500 Index ($SPX) -- On the 60 Minute Chart , there will be minor resistance at the R/S and the Stick Highs of 1040 with support at the potential Neckline. I was having a difficult time getting a read on the Daily Chart so I cleaned it up. The key S/R levels are updated. Nasdaq 100 Index ($NDX) -- It caught a bid at the Neckline on the 60 Minute Chart . In the short term, it's going to run into minor resistance at the R/S and the Stick Highs with initial support on another test of the Neckline (i.e. 2nd test). The Daily Chart looks the same as last week, but I updated the key S/R points. On the Weekly Chart , the downward sloping trendline continues to hold the price down. At some point in the near term, I think it's going to break over. When it does, it will likely explode up for a test of "former" trendline support, which appears to be in the 1680 area. That would be a good spot for intermediate term traders to take initial profits on any ope...

I thought I would post an Intraday Update of the short term view of $SPX and $NDX . With the move today, I'm now going to be surprised if we don't test and likely exceed to most recent highs. As I've already mentioned, I think the market will push higher before it forms an intermediate term top sometime in October. I think it will ultimately top in August or September of 2010. A few of the Setups I posted last night are either at or nearing actionable levels. It's going to be tough going short anything so it's imperative to use TIGHT stops. The "easier" trades will continue to be the high volume breakouts and the long setups on pullbacks to support.

I posted a number of Short Setups to watch tomorrow that may be good for swing trades. With the exception of a couple, they are all mining related. I'm really tired and short on time so I'm not going to update the index charts. They really haven't changed from the post I made Tuesday night anyway. I still think we'll head higher into October, but it's not going to surprise me to see one more push lower in the next day or three to eliminate the weak bulls and to lure in a few more bears that have been slaughtered the past few months. Again, I'm tired so I don't know if any of this makes sense, but I think everyone gets the idea.