Sunday, December 13, 2009
ENTANGLING: UNFAVORABLE MARKET CONDITIONS
RANGE COUNTER: 22 DAYS
Range counter is at 22 days now. 22 days in a row now that the S&P and NASDAQ futures have been in a tight range. However, something is beginning to happen. The market is trying to break out to the upside with the DIA (DOW Diamonds ETF) hitting a year closing high and could be signaling a continued break out. The SPY (S&P ETF) and the QQQQ, on the other hand, could not break out along with it. So, the question becomes will the DOW take the rest of the market higher or will the other indices pull the DOW back down? What is also of interest is that my crosshair indicator fired off a long signal on two major ETFs and several other stocks, one of which is the DIA. The others, along with several key economic and earnings reports, will be discussed below for members only. Several of our current stocks in the crosshairs are beginning to move as well after multi-day lateral moves. We also have many trades triggered on the WEEKLY charts (see below). The bottom line is that we do not have but a few trading days left until the end of the year so if there is going to be a year end rally of any significance it needs to get up and go. WE WILL HAVE OUR WEAPONS PREPARED AND READY as we begin the week by looking at potential trades in either direction.
