Tuesday, August 31, 2004
Recent ProfitPoint trades:
We were long AM from 8/12 at $22.73 . We closed first half on 8/23 at $23.80 for +$1.16, 5.1%. Aug 30th we close out the 2nd half for +$1.06, 4.7%. Net gain for AM is +$1.11, 4.9%.
S&P perspective (E-Mini)
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. The current rally to 1109.75 on the daily chart puts us about half-way into that channel. The recent rally has pushed the S&P above an important resistance level, which is a bullish sign if these levels can be maintained.
QQQ has a similar strong resistance level at $34.50, which is being tested lately. If these SK resistance levels do not hold, the market is bullish!
DIA has the equivalent SK resistance level at 101.75 to 102.50. This resistance level still needs to be tested and broken for the bulls to prevail.
This could be a telling week. It seems that the S&P is leading the bulls, and could be over-extended. Watch these levels for great short opportunities if the bears surface.
SPY has intraday (60-min) SK support at $110.50, and also at 109.50, could stall the bears. We need those two levels to break for a great down-move. Until then, there is significant risk of whipsaw, watch your stop-losses! Profit-point is positioned to take advantage off a down-move, with some great short trades on the watch-list.
Quotes from our intraday chat room:
Aug 26th
TZOO, 60-min SK support at 44.50 and stronger support at 41.82, bullish chart right now.
bottom of rising channel is at about 41.80 too.
Note that TZOO also has daily SK support at $39.25 approx. This chart has supported, making for some long opportunities intraday. I suggest intraday scalps only at this time, due to overall market weakness. Near-term intraday profit-points would be $42.75, $45.00 and $47.00, bank profits on resistance at any of those.
Aug 30th
NVDA daily, short the gap close if it can get there. SK resist $13.50
PXLW another cheap chart for shorting - PXLW, at SK resist on daily now.
Posted by Admin @ 06:58 AM PST [Link]
click here for AM chart
8/30 We were long AM from 8/12 at $22.73 EOD. We closed first half on 8/23 at $23.80 EOD for +$1.16, 5.1%. Today we close out the 2nd half for +$1.06, 4.7%. Net gain for AM is +$1.11, 4.9%.
click here for ProfitPoint newsletter (36k file)
Posted by Admin @ 05:26 AM PST [Link]
Monday, August 30, 2004
Recent ProfitPoint trades:
We were short ALDN from 8/6 at $17.58 . We closed the 1st half on 8/23 at $15.58 for +$2.00, 11.4%. Friday we exit the 2nd half at $16.15 for +$1.43, 9.7%. The total net gain for this trade is +$1.71, 9.7%
S&P perspective (E-Mini)
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. The current rally to 1109.75 on the daily chart puts us about half-way into that channel. The recent rally has pushed the S&P above an important resistance level, which is a bullish sign if these levels can be maintained.
QQQ has a similar strong resistance level at $34.50, which is being tested lately. If these SK resistance levels do not hold, the market is bullish!
DIA has the equivalent SK resistance level at 101.75 to 102.50. This resistance level still needs to be tested and broken for the bulls to prevail.
This could be a telling week. It seems that the S&P is leading the bulls, and could be over-extended. Watch these levels for great short opportunities if the bears surface.
Posted by Admin @ 07:40 AM PST [Link]
click here for AGIX chart
8/27 We were short AGIX from 8/25 at $16.31 EOD. We were whipsawed out today at $16.96 EOD for a small loss of -.65, 4%. We may look at this chart for a future trade.
click here for ProfitPoint newsletter(93k file)
Posted by Admin @ 05:53 AM PST [Link]
Saturday, August 28, 2004
click here for QQQ chart
8/27 Griffey, a Fibmarkets chat member, had this quick trade on the QQQ this week. Using opitins to trade the QQQ, on Tuesday afternoon he bought Aug 35 calls at .30. On Thursday morning he exited his position at .40 for a gain of +.10, 33%.
Posted by Admin @ 06:54 AM PST [Link]
Click for ALDN chart
8/27 We were short ALDN from 8/6 at $17.58 EOD. We closed the 1st half on 8/23 at $15.58 EOD for +$2.00, 11.4%. Today we exit the 2nd half at $16.15 EOD for +$1.43, 9.7%. The total net gain for this trade is +$1.71, 9.7%
click here for ProfitPoint newsletter (69k file)
Posted by Admin @ 06:33 AM PST [Link]
S&P perspective.
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. The current rally to 1101.75 on the daily chart puts us about half-way into that channel. The S&P is currently testing a fairly strong resistance level 1093/1096 approximately. If the daily chart crosses down at this level, I'll be looking for short trades, for a possible move down to the the 1037/1040 level..
Yesterday the S&P spent the day stalled just above that resistance level, not making a convincing run-up at all.
QQQ has a similar strong resistance level at $34.50, which is being tested today. If these SK resistance levels do not hold, the market is bullish!
TZOO,
The 60-min chart has SK support at 44.50 and stronger support at 41.82. This is a bullish chart right now.
The bottom of a rising channel is at about 41.80 too.
Posted by Admin @ 06:24 AM PST [Link]
Thursday, August 26, 2004
8/26
Recent ProfitPoint trades: We recently banked $2.37 per share on our ALDN short trade, but retain half of our position for a later exit.
S&P perspective.
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. The current rally to 1101.75 on the daily chart puts us about half-way into that channel. The S&P is currently testing a fairly strong resistance level 1093/1096 approximately. If the daily chart crosses down at this level, I'll be looking for short trades, for a possible move down to the the 1037/1040 level..
That test of resistance is under way again today, after a strong showing yesterday. It would take a fairly quick snap back on the daily chart for that 1093/1096 resistance to hold, since the E-Mini was up as high as 1106.50 yesterday.
QQQ has a similar strong resistance level at $34.50, which is being tested today. If these SK resistance levels do not hold, the market is bullish!
Posted by Admin @ 06:40 AM PST [Link]
8/25 Recent ProfitPoint trades:
We recently banked $1.21 per share on our AM short trade, but retain half of our position for a later exit.
We recently banked $2.37 per share on our ALDN short trade, but retain half of our position for a later exit.
S&P perspective.
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. The current rally to 1101.75 on the daily chart puts us about half-way into that channel. The S&P is currently testing a fairly strong resistance level 1093/1096 approximately. If the daily chart crosses down at this level, I'll be looking for short trades, for a possible move down to the the 1037/1040 level.
Posted by Admin @ 06:39 AM PST [Link]
Wednesday, August 25, 2004
Hi Neal
this is one of those times I need your help in understanding
Today 8/25/04 at about Noontime (12:00PM east coast time)
the mkt took off and moved up higher
The "system" ( 30 minute chart )
was showing the MACD (Trend) was down
so I was looking to go short when the mkt bumped up
against the 38.2% retracement at 1095.75 (High 1100.50 low 1092.75)
the mkt "piddled" around in the 1094.00 to 1095.75 for 2 hours
and was "below" the 3x3 DMA - so I was just patiently holding
a short position at 1096.25 waiting for the mkt to drop
to the expansion targets of 1092.25 (61.8%)
but then the mkt popped up and I got stopped out at 1097.50
for a loss of $1.25 and jumped back in at - Long 1099.00 (ya can't
beat them - then join them) - obviously at that point - the MACD/Trend
on the 30 minute chart had turned up.
and I bailed out at 1102.50 +$3.50
Question - Why? didn't the system or WHERE? did the system
show me that the mkt was about to move up
I appreciate your help - Take Care - Don
Reply -
Don, the higher time frame bit you! See the attached chart. Comments are on the chart.
Click here for 30-minute S&P E-Mini chart.
FYI, I answer this type of question in real-time in our intraday chat here:
Click for chat details.
-Neal.
Posted by FibMaster @ 04:49 PM PST [Link]
Tuesday, August 24, 2004
8/24 We are long AM from 8/12 at $22.73 EOD. Today we exit half at $23.80 EOD for +$1.16, 5.1%.
Posted by Admin @ 05:49 AM PST [Link]
8/24 We are short ALDN from 8/6 at $17.58 EOD. We exit half our position today at $15.58 EOD for +$2.00, 11.4%.
Posted by Admin @ 05:41 AM PST [Link]
8/23 Another whipsaw. We were short DVN from 8/20 at $66.12 EOD. We exit today at $65.25 EOD for -.87, 1.3%.
Posted by Admin @ 05:37 AM PST [Link]
8/24 Whipsaw again! We were long GHI for one day from 8/20 at $39.35 EOD. We exit today at $38.76 for -.59, 1.5%. Keep the losses small and move on.
Posted by Admin @ 05:32 AM PST [Link]
Monday, August 23, 2004
9/23 We were short RTN from 8/12 at $33.70 EOD. Another whipsaw exit on 8/20 at $34.69 EOD for a loss of -.99, 2.9%
Posted by Admin @ 07:57 AM PST [Link]
Monday, August 16, 2004
We were short K from 8/4 at $41.30 EOD. On 8/13 per newsletter alert we exited at $40.89 EOD for a profit of +.41, 1%.
Posted by Admin @ 04:59 PM PST [Link]
Sunday, August 15, 2004
We were short BA from 8/5 at $49.97. On 8/9 we exited half our postion on 60 minute chart at $48.59 for a gain of $1.38, 2.8%. On 8/13 we exit the remaining position at $49.72 EOD for a small gain of +.25. Total for BA trade is +.81, 1.6%.
Posted by Admin @ 02:37 PM PST [Link]
We were short SYMC from 8/5 at $45.90 on 60 minute chart. We exit 8/10 with cross of 3x3 and TRSI at $46.28 EOD for a small loss of -.38, 1%
Posted by Admin @ 07:50 AM PST [Link]
We were short MWY from 8/8 at $11.49. The next day whipsawed us out at $11.99 for a small loss of -.50, 4.3%. We respect our triggers and move on.
Posted by Admin @ 07:44 AM PST [Link]
We were long ABK from 7/29 at $71.03 EOD. We exited 8/5 at $70.24 EOD for a small loss of -.79, 1.1%.
Posted by Admin @ 07:11 AM PST [Link]
We were long RSAS from 7/30 at $18.61 EOD. Another 4 day whipsaw, and exited at $17.96 EOD for a small loss of -.65, 3.5%
Posted by Admin @ 07:06 AM PST [Link]
8/15 We were long ACI from 7/29 at $32.82. We were whipsawed out 4 days later on 8/4 at $32.40 for a small loss of -.42, 1.3%
Posted by Admin @ 06:49 AM PST [Link]
Wednesday, August 4, 2004
8/3 We were long RIMM from 7/30 at $61.67 EOD. Whipsawed again for an exit today at $60.44 EOD for -$1.23, 2%.
Posted by Admin @ 05:30 AM PST [Link]
8/3 We were long DG from 7/28 at $19.01 EOD. That old enemy whipsaw knocked us out today at $19.01 EOD for a small loss of -.21, 1%
Posted by Admin @ 05:26 AM PST [Link]
Sunday, August 1, 2004
12 Positive trades for +$20.14
7 Negative trades for - $6.92
Net Gain for July +$13.22
Posted by Admin @ 03:08 PM PST [Link]
