Friday, October 29, 2004
This is a transcript of an actual conversation yesterday. A trader initiated a private chat with me, while I was in my intraday chat room. I post it here as an example of the beautiful variety of human life-forms.....
teddyfreddy: i didnt want to alert everyone of my problem
FibMaster:
lol
teddyfreddy: like i was saying i have some trouble
FibMaster:
ok
teddyfreddy: well i am a pig farmer and ive just installed the interenet
and as i was viewing some web pages a window popped up and it claimed that i
could double my money with shares if i gave that site my credit card details
FibMaster: lol really
teddyfreddy: yeah
teddyfreddy: so i did it
teddyfreddy: and now im broke!!!
FibMaster: haha
teddyfreddy: they
stole my fuckin money!
teddyfreddy: its not funny
teddyfreddy: i
might only make 3.70 an hour but i work hard for it
FibMaster: call credit
card company, get them to reverse the charges. no problem, but do it
now.
teddyfreddy: whats your advice
FibMaster:
http://www.fibmarkets.com/distribution/tmp/041027_du_YM.html
FibMaster: oops
wrong post
teddyfreddy: yeah i tried that but they couldnt do anything
about it
FibMaster: ignore that
FibMaster: well then you're out of luck.
need to start over.
FibMaster: and rememebr that no-one will be able to
double your money.
FibMaster: the markets are extrememly difficult to
trade.
FibMaster: it takes several years of losing money before you get good
at trading. just like farming.
FibMaster: if you really want to trade
shares, you're off to a good start, learned a good lessong right there. more
lessons on the way. it's a long and difficult path.
teddyfreddy: fuck me
drunk
teddyfreddy: i didnt think it was gonna be such a bitch
teddyfreddy: can you give me any hidden tips for shares?
FibMaster:
and the path is full of nasty vultures who will rob you. bastards. I'm sorry
to say.
teddyfreddy: like good companies to invest in?
FibMaster: no
teddy, you'll just lose more money. that is exactly the wrong way to go about
it.
teddyfreddy: so your saying i should just take there money
teddyfreddy: like hack them or something?
FibMaster: I'm saying forget
about shares trading.
FibMaster: do something you are good at. unless you
like losing money.
teddyfreddy: well my mumma says im good at breeding pigs
teddyfreddy: but i wanna make more money
teddyfreddy: i guess selling
my body on the streets isnt an option?
FibMaster: only if you're good at
it.
teddyfreddy: shit ummm
teddyfreddy: what if i just give you my
money
teddyfreddy: and you try and get me more of it
teddyfreddy:
using shares
FibMaster: lol you already did that to the people who took
your credit card number.
teddyfreddy: yeah but i can trust you right??
FibMaster: no, you can't trust anyone with your money. Are you
sober?
teddyfreddy: well come to think of it i have drunk a couple bottles
today
teddyfreddy: anyways
teddyfreddy: my credit card number is
xxxxxxxxx (number erased) and my pin is 6969
FibMaster: there's the problem right there. get some sleep, take a fresh look some other time.
teddyfreddy: (my missess favourtie position.)
teddyfreddy: sleep?!?!?
teddyfreddy: fuck sleep
FibMaster: ok I need to get back to trading. take care.
teddyfreddy: i want money babey!
FibMaster: bye.
Posted by FibMaster @ 06:22 AM PST [Link]
Thursday, October 28, 2004
Attached is a short comment I made for our intraday traders in our chat room. It is a potential DiNapoli DRPO (double-RePo) pattern. It needs to close below the 3X3 on the 30 min chart to trigger a short, otherwise no entry.
Click here for chart.
Enjoy!
------------
Update at 3:00PM Eastern. The market rallied instead, did not trigger a short trade. It would have been a beauty though!
Posted by FibMaster @ 10:17 AM PST [Link]
Tuesday, October 26, 2004
click here for NTXP chart
We were long NTXP from 10/15 at $16.81 EOD. Today we exit at $16.85 EOD for a break-even trade. NXTP has lost its momentum so no point risking it.
Posted by Admin @ 05:49 AM PST [Link]
Monday, October 25, 2004
click here for AMX chart
We were long AMX from 10/19 at $39.75 EOD. Today, 10/22, we exit at $39.26 EOD for a small loss of
-.49, 1.2%.
Posted by Admin @ 06:19 AM PST [Link]
Friday, October 22, 2004
The attached image shows the triangle I was taling about in our paltalk chat room. The market needs to break out of this for a decent move. Current fib levels: Resistance at 1109 and 1113/1115. Support 1099.5 and 1092
click for chart
Posted by FibMaster @ 08:14 AM PST [Link]
Tuesday, October 19, 2004
click for ARIA2 chart
We went short 10/6 at $6.10 (half) then added 10/7 at $6.02 (half). We exited half on 10/15 at $5.34 (+.76/.68), then closed the trade 10/18 at $5.75 (+.35/.27) for a total gain of +.51, 8.4%.
Posted by Admin @ 06:07 AM PST [Link]
Monday, October 18, 2004
click here for Monday's ES 5 min chart
I sent out a short video to our chat members this morning before the open for the ES E-mini. Click this URL to view:
http://fibmarkets.no-ip.org/updates/daily/Oct18_ES.html
I have also included a 5 min ES chart from today to show you how it turned out. See where it supported before the bounce? Fibonacci studies really do work, eh?
Congratulations to everyone who banked profits from this set up. Well done!
Posted by Admin @ 01:14 PM PST [Link]
Sunday, October 17, 2004
Thanks Don!
I looked at all of these, and this is what I think:
"Give me a rally to short"!!
I'll add them to my list to watch.
-Neal.
Don wrote:
> Neal
> Recently I have found several shorting opportunities in major drug
> stocks. These stocks are overvalued and several forces are converging to
> reduce their prices and theie p/e's.
> 1.The era of the blockbuster drug business model is coming to an end.
> 2.Their marketing costs are exceeding their research costs.
> 3.Their pipelines of new drugs are fairly weak.
> 4.Most of the companies are under legal assault for failing to warn
> their customers about.the dangerous side effects of their big money
> making drugs.
> One current example is Merck who had to pull its cash cow (VIOX) off the
> market completely.
> Some leading candidates for shorting are WYE, LLY, PFE, AZN ABT, MRK. ACL.
> Take a look and see what you think.
> Regards and good trading
> Don
Posted by FibMaster @ 05:20 PM PST [Link]
Friday, October 15, 2004
click here for ES5min chart
I sent out a short video to our chat members yesterday morning, 10/14, before the open for the ES E-mini. Click on this URL to view:
http://fibmarkets.no-ip.org/updates/daily/Oct14_ES.html
Then look at the 5 min chart (in the pop-up above) to see how the day unfolded!
"I try to keep my emotions on an even keel, but, truthfully, it's very rewarding to see so many members make so much money in one day.
Good trading everyone!
Neal (Fibmaster at Fibmarkets.com)"
Posted by Admin @ 05:20 AM PST [Link]
Wednesday, October 13, 2004
Sector Focus: SMH Semi Conductors Sector
Current update Oct 13: My Sept 23 comments about resistance, especially the $35 area are still valid. Could be some good shorting setting up in the future! The SMH chart has some similarity to QQQ. There is a daily up-channel within a weekly down-channel.
For the near-term, there is resistance at $32.00, $33.50, and then $35.00 and $36.50. Intraday scalpers look to exit longs and enter shorts on signs of resistance at those levels.
For the very long term (those buy-and-hold investors who have suffered so long), there is support in the $27.50 to $28.50 area.
For more details, see video on website:
http://fibmarkets.no-ip.org/updates/daily/Oct13_SMH.html
Update Oct 4. That support at $27.78 held, and the bulls are rallying a bit. The Sept 23 comments about resistance, especially the $35 area are still valid. Could be some good shorting setting up in the future!
Sept 23 - This sector has been ruled by bears since January this year, where it topped out at about $45.00.. There is some hope, for those poor "buy-and-hold" investors, but it's not that great.. The weekly chart for SMH has some support at $27.75/$28.25, so we may see some buying at those levels.
I'm not too optimistic though. There is a huge down-sloping channel on the weekly chart, with a bottom currently at about $27.75 and a top at about $34.25. In addition, the weekly chart has significant resistance at the $35.00 level (SK resistance). So the upside is at about $35.00 on my chart.
That gives enough room for near-term traders to take a respectable profit, but not for the sector to recover. I would not be surprised to see this chart consolidate in the $27.75 area to $35.00 area. This is a longer term weekly chart. So intra-day and on an end-of-day chart there are profit opportunities in that range of $27.75 to $35.00. Suggestion: Look to buy semiconductor stocks when SMH is near the lower level $27.75, and look for shorting opportunities near the upper boundary $35.00.
Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his website. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
Please read our disclaimer at http://www.fibmarkets.com/disclaimer.html
Posted by Admin @ 04:11 PM PST [Link]
1 Positive trade for +.98
14 Negative trades for -9.14
Average gain for positive trades 2.5%
Average loss for negative trades 3%
Posted by Admin @ 05:49 AM PST [Link]
Sector Focus: XLU Utilities Sector SPDR
Today I want to focus on the long-term XLU chart. There is Monthly resistance in the $26.00 to $27.00 area. This is significant. The chart may try to spike through there, but I do expect some resistance at some point in that area. This may provide an opportunity to short this chart, but more cautious traders will wait for a top to be confirmed. Look for declining swing highs, and watch for this update to tell you about it!
Sector Focus: XLF Financial Sector SPDR
Current update Oct 12: XLF almost made it to the $29.50 resistance level, and reversed, just $0.24 before there. Ho do the markets know to do that? Do they read my update? Just kidding. Only above $29.60 does XLF get really bullish on the daily chart. The recent rally from $28.23 to $29.26 already fizzled with a pullback. At this time I can's see a clear direction on the daily chart, it could go either way. I suggest you pick a different chart to trade.
Prior update Oct 4. Did that support hold or what??? I hope you bears bailed out at $28.50 ! look at it now, popped up to $29.26 so far. Even with this bounce, this chart is not very bullish. The $29.50 level looks like a probable resistance area again. Only above there does XLF get really bullish.
Prior update Sept 28 - The XLF daily chart is showing signs of support now, a little under the $28.50 projected area. A rally could give good shorting opportunities in the future, perhaps in the $28.75area (valid only if current levels hold for support).
Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his website. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
Please read our disclaimer at http://www.fibmarkets.com/disclaimer.html
Posted by Admin @ 05:25 AM PST [Link]
Tuesday, October 12, 2004
ED1
We were long ED from 9/30 at $42.04 EOD. We exit today at $42.74 EOD for a gain of +.70, 1.6%.
click for ProfitPoint newsletter(69k file)
Posted by Admin @ 04:55 AM PST [Link]
Sunday, October 10, 2004
click here for 041008_es_5 chart
Take a look at this text-book trade!
Posted by Admin @ 06:05 AM PST [Link]
Friday, October 8, 2004
S&P (E-Mini)
Overview:
The S&P and NASDAQ are above key resistance levels now (though the DOW has dropped back below), which is officially a bullish condition. Even though the daily charts look bullish, the long-term charts (weekly) are still bearish and overbought. So there is still a good chance of a return to the downward channel on the weekly charts. It is too early to call a top, but keep the short side in mind if you see weakness at Fib levels.
Detail Oct 7 - The S&P E-mini broke above resistance an out of the down trend-line last week. Today was a severe down-day, bringing the S&P back down to support levels. With the Weekly chart looking overbought and tired, and the daily chart bullish and at support, what is a trader to do? The S&P has key support a little above 1127. If 1127 support breaks, that will be a signal to short rallies. If the daily chart closes below there, investors should seriously consider shorting the market. Unless that level breaks, the market is bullish or in a consolidation. Between 1127 and 1147, I caution against aggressive long or short trades. Take closer profit exits, trade smaller positions, and most of all respect your stops! Above 1147 the market is in clear bullish territory.
Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his website. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
Please read our disclaimer at http://www.fibmarkets.com/disclaimer.html
Posted by Admin @ 04:28 AM PST [Link]
Thursday, October 7, 2004
Sector Focus: XLP = Consumer Staples Select Spyder
Update Oct 6th - The daily chart for XLP shows several declining tops, in June, July, and September 2004. Since the recent bottom in late September, XLP has rallied from $21.36 to $22.00 a few days ago. Are the bulls finally back? I think not, or perhaps only temporarily. There is Fibonacci resistance at $22.25 to $22.50 that could prove to be too much for the bulls. Trader holding XLP should consider taking profits at that level. Bears will look to enter short in that area on signs of resistance.
Sector Focus: XLE = Energy Select Spyder
Update Oct 6th - What is there to say about this chart? It's off to the moon! Under the influence of oil.. XLE has rallied from a low near $20.00 in 2002 to $36.43 today. And no sign of resistance overhead. Almost. There is a FibLevel at $37.35 that may bring some selling, but I'm not too confident of that when I look at the recent chart. Let's see how it behaves up there. Until then, buy dips on this chart!
Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his website. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
Please read our disclaimer at http://www.fibmarkets.com/disclaimer.html
Posted by Admin @ 05:08 AM PST [Link]
Tuesday, October 5, 2004
The markets are all above key resistance levels now, a bullish condition. Even though the daily charts look bullish, the long-term charts (weekly) are still bearish and overbought. So there is still a good chance of a return to the downward channel on the weekly charts. It is too early to call a top, but keep the short side in mind if you see weakness at Fib levels. Here is a quote directly from my intra-day chat room: " Weekly chart is not out of bearish zone. Daily is bullish. Intra-day below 30 minutes is bearish, but 30 min is setting up for potential support. Maybe that's too confusing? Pick your time-frame."
QQQ
Sept 21 -QQQ is testing resistance at $35.77/$36.00 SK on the daily chart.
Sep 24 - The SK resistance of $35.77/$36.00 held, causing a significant and quick retracement. Now we have to watch for support at $34.50. There is an SK level there on the daily chart, which should bring some buyers into the market. Scalpers may consider covering shorts there on signs of support. After that, a bounce could provide great short trades, let's see if we get one.
Sept 29 - QQQ is supporting at that $34.50 SK level right now. I would not be surprised to see a counter-trend rally here, up to a FibLevel resistance. Key resistance levels on the way up are at $34.59, $34.85, and $35.25.. The $34.85 level is the stronger of those three. Intra-day bullish scalpers should consider taking profits at those levels. Bears may consider entering at those levels.
Update Oct 5 - QQQ resisted at the $35.25 for a while, regained some energy and punched through to new highs. The recent high was $36.60 and QQQ is in an intra-day retracement towards support right now. There is support at $36.20 today, if that breaks the chart turns bearish in the short-term.
SPY
Sept 21 - SPY has SK resistance at $113.00/$113.25 and also the top of a downward sloping weekly channel in that area. Yesterday the S&P looked weaker then QQQ and actually dropped from that resistance level. We may see a rally in this chart intra-day, until the markets determine whether this resistance will hold. Consider scalping shorts on intra-day resistance.
Sept 24 - After stalling a the resistance level $113.25 (slightly above), Spy has now retraced to a support level. The daily chart has SK support at $111.00, so we can expect some support there. If it crashes though here, the markets will become extremely bearish! Scalpers may consider covering shorts intra-day near $111.00, and taking risky counter-trend longs intra-day. A bounce to Fib resistance could provide good short trades. I prefer short to long trades in this market, sell rallies.
Sept 29 - $111 support still holds, and we may see a counter-trend rally from here. Key resistance levels for SPY on a rally are at $111.25, $111.75, and $112.50. The $111.75 is the stronger of those three, lets see how it plays out.
Update Oct 5 - The S&P also rallied beyond the resistance trend-line, and needs to show continued buying or it will drop back to the down-sloping channel. On the 60-minute chart, there is support at about $113.00, so that needs to break for the bulls to start capitulating on the daily chart.
DIA
Sept 21 - DIA has a resistance area similar to SPY, up at $103/$104, and has backed off of that level. If QQQ can get in line, the markets will top out and retrace downwards. Look to short rallies intra-day for scalp trades, but wait for resistance to manifest.
Sept 24 - Wow what a drop. The predicted $103/$104 resistance drove DIA down to $103.40 so far. There is an L6 support level at $100.30, though it is not as strong as an SK level. DIA may support her, especially if QQQ and SPY support at current levels. This chart screams "short the next rally" to me.
Sept 29 - DIA has been weaker than the NASDAQ and S&P, retracing all the way down to L6 support at $100.31. The daily chart looks like it can support here for a bounce. Key resistance levels are $101.25 and $102.25.
Update Oct 5 - The Dow is the weaker of the indices right now. It didn't even rally above the resistance trend-line as the other indices did. It would take a sustained move above 103.50 for this chart to turn bullish. There is short term intra-day support near $102.00, there would be great shorting if that breaks. Or scalp long on support there.
S&P (E-Mini)
Sept 21 - The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. There is a significant resistance area near the top of that channel at 1124/1125. The E-mini is currently a little above that area, we must watch to see if it returns. There is still a good chance of a roll-over here.
Sept 24 - The S&P obediently rolled over at the predicted level, near the top of the weekly channel. No I can't claim that I caused it, but I certainly warned of that probability. Now the question is "how far down can the markets go?". Over the long term, the bottom of the channel is around 1046.. That may sound scary, but it isn't really. Before then there will be many opportunities to buy and sell, especially intra-day. There is support on the daily chart at 1104/1105, so I would not be surprised to see a short-term rally from there.
Sept 29 - The 1104/1105 support has held, and the S&P may have a rally from there. Key resistance levels for the S&P are 1109.25, 1113/1115, and 1120.50. The middle on, 1113/1115 is the stronger of the three. Scalpers should consider exiting at those levels and bear scalpers may consider shorting there.
Update Oct 5 - This chart also rallied above resistance. Technically we want to buy dips, unless the NASDAQ and S&P fall back below the down trend-line.
Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his website. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
Please read our disclaimer at http://www.fibmarkets.com/disclaimer.html
Posted by Admin @ 01:01 PM PST [Link]
click here for ALKS chart
We were short ALKS from 9/23 at $11.66 EOD. It spiked against us today so we exit at $12.21 EOD for a loss of -.56, 4.8%.
click here for ProfitPoint newsletter(34k file)
Posted by Admin @ 05:01 AM PST [Link]
Monday, October 4, 2004
Sector Update:
IYR = real-estate ETF
Sept 15th - Possible double-top on the weekly chart. Daily chart turning down now. Bears look out for support at $106.00 and even stronger support at $102.50
Sept 20th - Those support levels are still valid. We really need to see the 106.00 level break for this to be a top. Until then, this chart is still in rally mode (daily) or at worst consolidation mode.
Sept 23rd - Looking like consolidation for now. If $106 support breaks, we have a top and permission to short rallies.
Sept 28 - No change in my outlook. If 106 breaks, then short down to 102 area is the play.
Update Oct 4 That support held at $106, and IYR is headed back towards the prior high of 111 approx. Watch that high area for possible resistance. Above there, bulls may buy dips. Bears will be looking to short on signs of resistance near the prior high.
IBB = NASD Biotech
Sept 15th - The biotech sector has rallied from the Aug 9th low of $61.22 to a recent high of $71.35. Why is this significant? This sector is now in a resistance zone! IBB has SK resistance on the daily chart at $70.30 to $70.94, so you bulls should look for profit exits on signs of resistance. The IBB weekly trend is up, but recovering from the March-04 to Aug-04 downtrend. The current resistance could stall this market in the near-term. Stocks to watch in this sector: Amgen Inc, Biogen Idec Inc, Teva Pharmaceutical Industries Ltd SPDR, Genzyme Corp-General Division, Gilead Sciences Inc, Chiron Corp.
Short term traders may consider scalping with the bears on signs of weakness.
Update Sept 20th - IBB has rallied a little above the $70.30/$70.94 resistance zone (say $71.00 approx), but can still fall back. The next higher resistance is $76.00 so bullish till there if the $71.00 resistance level doesn't hold.
Sept 23 - IBB issued a sell trigger on the daily chart yesterday. This gives traders permission to short rallies intra-day, and to look for short entries on longer time-frame swing charts. Intra-day scalpers will take profits on intra-day support. Swing traders, exit shorts if the daily chart triggers and exit, or can't remain below the SK resistance zone.
Sept 28 - IBB has intraday resistance at $69.75 today, for a possible short scalp entry. The daily chart is still in selling mode, down to support in the $67.50 to $68.25 area where we could see support.
Update Oct 4. IBB broke intraday resistance, and has reversed the daily down-trend, giving the bulls a chance. Bulls should watch out near $72.00 and $72.50 and then $74.25 for possible resistance.
XLF = SPDR Financial
Sept 20th - For DiNapoli pattern fans, the monthly XLF chart just completed a "bread and butter" or "B&B" pattern with a profit-objective of $29.18.. Where does it go from here? The Daily and weekly charts look week, with short-term support at about $28.50 for the scalping bears. Longer term there is support (weekly chart) at $26.75 and even stronger support down at $26.00 if it should get that low. If you prefer to trade the XLF components, look at Citigroup "C".
Sept 23 - The XLF chart has dropped to the first key support level on the daily chart at $28.50, so intraday bears should consider covering on signs of support. There is weekly support down at $26.75, but we will probably have a short-term rally before XLF can get that far down. Looking at the daily chart, I'd say that we want to short financial stocks on rallies to resistance. Where that resistance is can only be calculated once XLF finds some support and begins a mini-rally.
Sept 28 - The XLF daily chart is showing signs of support now, a little under the $28.50 projected area. A rally could give good shorting opportunities in the future, perhaps in the $28.75area (valid only if current levels hold for support).
Update Oct 4. Did that support hold or what??? I hope you bears bailed out at $28.50 ! look at it now, popped up to $29.26 so far. Even with this bounce, this chart is not very bullish. The $29.50 level looks like a probable resistance area again. Only above there does XLF get really bullish.
SMH = Semiconductor Holders Trust
Sept 23 - This sector has been ruled by bears since January this year, where it topped out at about $45.00.. There is some hope, for those poor "buy-and-hold" investors, but it's not that great.. The weekly chart for SMH has some support at $27.75/$28.25, so we may see some buying at those levels.
I'm not too optimistic though. There is a huge down-sloping channel on the weekly chart, with a bottom currently at about $27.75 and a top at about $34.25. In addition, the weekly chart has significant resistance at the $35.00 level (SK resistance). So the upside is at about $35.00 on my chart.
That gives enough room for near-term traders to take a respectable profit, but not for the sector to recover. I would not be surprised to see this chart consolidate in the $27.75 area to $35.00 area. This is a longer term weekly chart. So intra-day and on an end-of-day chart there are profit opportunities in that range of $27.75 to $35.00. Suggestion: Look to buy semiconductor stocks when SMH is near the lower level $27.75, and look for shorting opportunities near the upper boundary $35.00.
Sept 28 - SMH didn't rally much, and looks like it could get to support at $27.75 or a little higher. Not much trading opportunity yet.
Update Oct 4. That support at $27.78 held, and the bulls are rallying a bit. The Sept 23 comments about resistance, especially the $35 area are still valid. Could be some good shorting setting up in the future!
Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his website. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
Please read our disclaimer at http://www.fibmarkets.com/disclaimer.html
Posted by Admin @ 03:55 PM PST [Link]
