Monday, June 27, 2011

Stock Market Video - Potential Long Setups Here (Wait for Confirmation)

Hi traders - it seems like this market still can't make up its mind in terms of what it wants to do and today was another example.   After a nasty sell-off Friday, the Nasdaq took those losses right back today and now looks poised to potentially break above some key levels I highlighted in yesterday's video.   I am still going to wait for some confirmation before going long and I wouldn't be surprised at all to see the market back down 30-40 points tomorrow, but you always have to be ready, so here you go.   The video has a list of stocks holding up better than others and that deserve your attention here.   The short setups I shared last night also still deserve your attention, so don't forget those - short-term direction is still up in the air.

Feel free to pop the video out for better size and quality.   Good luck Tuesday.


Anonymous said...

hi mac
careful mac, all minute charts are with selling signals after the last wave yesterday when it swinged above 12045) and then retreated.

neutral on hourly chart.

the best thing yesterday is, it didnt big gap-up, so that i can cut short at 11948 when it performed a 15mins consolidation there.

u know mac, big thing coming tuesday, greece...
and when the whole US market bounces, ftse and dax didnot follow. so do WTIC and gold.


Anonymous said...

Thanks for the video Mac. My favorite is TITN. TZOO is interesting and earnings have been good; but just noticed that the current chart looks eerily similar to the "middle finger" pattern at the end of 2004/beginning of 2005. All the Best! Steve Clem

Anonymous said...

I'm not much of a day trader, but bought TITN (featured in your video last night). I sold 1/2 after a 3% gain, then got stopped out at break even. Hey, I'll take that any day of the week. Thanks !
Steve Clem

Mac said...

Thanks Steve. TITN did move nicely early on and I considered entering it. Then it closed terribly. There were some weak closes today - we'll see if that means anything. I entered a small position in SCSS early and really that's it.

Anonymous said...

hi mac
not the same suddenly?

everyday its divided into 3 parts
- early consolidation (dayopen +10-20mins)

- +50 to + 70pts around lunch hour then retreat

- at around 2pm, achieve dayhigh with top divs, the dayhigh is the high in the morning plus another 30 to 60pts. then retreats again but at or slightly below the morning high.

so, why was there no new high during 2pm-3:30pm? it was abit easy (same rising pattern) in the last two days.

normally, i do long only for daytrade, still not dare to keep overnite.