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Friday, September 01, 2006 

Another great week for Bulls

Dear visitors,

I'd to inform all, that on 5th of September I'll start to daily update this Blog with a new topic for stocks, the Blog will have the topic " Stock of the day ", which means that I will check in the US Markets one stock that it's trading very well or bad due some relevant news occured during the trading day, I hope you enjoy it. Please feel free to contact me for any kind of comments about my posts.
I will use this post also to inform the visitors, that this Blog is customize to work appropriately with Mozilla browser due the many tools that appear in the theme but you can use any kind of browser, but I always test my posts through the Mozilla , so if have any kind of problems with the Internet Explorer or other , please inform me to check and correct the problem.

Chart courtesy of stockcharts

The major US indexes ended the week with gains for the first day of September, a month that it's normally a bad month for the overall stocks.
SPX is 15 points away from May high, and we're still seeing light volume in the markets, next week will be different because the volume my show up and this will create some uncertainty. SPX have reached today the overbought conditions and is forming an ascending wedge, which is a bearish signal, so next week will be a very interesting trading week for both sides.

The stock closed down on Friday in a good day for the overall US indices, so according to chart above I think that the stock has lost strength to breakout the resistance area and now may be forming a larger head and shoulders, and can push down until the bottom of the channel, put this stock in your wacthlist next week for a possible breakdown of the triangle.

This stock continues to surprise me, up day after day with a interesting volume even when the indicators shows Overbought conditions, the stock double in a month. I'm looking on it but I don't have any position, perhaps when the overall markets starts to push down.

Keep in mind : Trading stocks involves risk, this information should not be viewed as trading recommendations.

That's All. Have a great weekend !!!


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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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