Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Down Trend Ahead?


Powerful moves could define the day.


  • A 10 minute chart from my Trading Report shows short term support at approximately 970.

    Click to enlarge

    Just below 970, the bottom of an hourly triangle at 960 would be broken, triggering a Triangle Pendulum Sell Signal (a break one way through a triangle and an ensuing break in short order to the other side of the triangle). These are often times powerful moves. If 960 is broken in the first hour and we see a meager backtest toward 970, heads up, as an early break of the hourly triangle today could imply a trend day down. After all, would that be so odd in this alternating frequency of one day to the next that avoids follow through at all costs?

  • Memory check: Tracinda is selling a slug of Ford (F) shares here in the $2 range after purchasing them in the 8's. Lots of people have done that, but what are the implications? What did K-man see at 8 that he doesn't see at 2?

  • Remember when there was a "rumor" that Tracinda was going to make a run for MGM Mirage (MGM)? That put in the highs.

  • Remember the secondary on Wynn Resorts (WYNN) near the highs by Steve "Big Stevie Wonder" Wynn? As they say, timing is everything.

  • It will be interesting to see what news comes out of the approaching summit of finance ministers and how it affects the US market and the dollar. Will there be an agenda by other finance ministers and nations to have their pound of flesh since the 'financial outbreak' started in the US?
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos