Thursday, August 27, 2009

Stock Market Video - Thursday Market Summary - 8/27/09

Hi traders -well, after seeing the inability of the bears to do much of anything today, I was more bullish than I have been in about two weeks today. That is until I went through my scans. Unfortunately, when I did that, all I found was a lot of super-choppy charts that were all over the place. I was hoping to find some very nice bases being formed, but at least in the charts I follow, I just didn't find too many. That has me back to being basically neutral on this market and expecting more chop.

You need real leadership if the market is going to make another run north (AIG, FRE, and FNM aren't going to cut it, sorry). Since I don't see much, I don't expect a huge run here. At the same time, the bears have seemingly been completely declawed and until they start showing the ability to take this market down for more than a day (or a few hours), it is hard to expect a meaningful pullback to occur. Where does that leave us? More chop. Hopefully I will be wrong however.

The video takes a look at the indices and the few number of setups I found - most are stocks I would focus on more as a day-trader and not as a swing-trader. The week to two week swing setups I prefer to play just aren't out there right now. Hope you enjoy the video and good luck Friday.

As always, you can right click and hit "save as" to save the videos to your computer.

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