Sunday, September 2, 2012

Stock Market Video - "Almost Too Many Nice Charts Out There" - 9/3/12

Hi, traders - here's a video full of charts for the week ahead.   With the passing of Labor Day, summer is officially over and let me say what most traders are thinking - thank goodness!   It was a difficult summer filled with low volume and choppy conditions, but we should see some volume come back into the market now and that will hopefully make things a bit easier.

I am leaning bullish here for several reasons that I discuss in the video.  I have had some good success over the past two weeks after spinning my wheels for most of the summer, and although a good part of that success is probably luck, I am hoping that at least part of it is because individual stocks are acting better.  I've seen breakouts work much better the past two weeks.  I've seen less stocks give back all of their intraday gains in the final hour of trading.  Things still aren't perfect, but they have seemed to have improved a bit from where I sit.   We'll see over the next few weeks if this is just a figment of my imagination or something real. 

I am also leaning bullish because I saw a TON of nice charts this weekend - so many that I had a very difficult time narrowing my main buy list down (and it is actually still too big as it is as you'll see in the video).  I am totally aware that sometimes when you see too many good charts it is a warning sign from a contrarian perspective.  I do discuss the key market levels in the video that I will be watching going forward, but overall the market is acting well and with the number of charts setting up, I am hopeful the market can really get going here into the end of the year.  If it has other plans, I'll do what I always do - move to cash and wait.  We shall see I guess what the outcome will be.

As always, if you have any questions or comments about the video or the charts you see, please email me or leave a comment on the blog.  Take care and enjoy your Labor Day.

1 comment:

Rob said...

Great video! What is the main scan that you are using? Seems you are mostly looking at possible breakouts and pullbacks after breakouts. Im interest to know the formula you are using if you dont mind sharing. I am at the point where am getting really good at reading charts but im struggling to create some good scans.