 |
| |
MainStreet
on Hotcomm
CLICK HERE to learn how you can participate! FREE one
week trial!
Disclaimer: Positions discussed for
educational purposes only
and past performance is not indicative of future results. Trading in
securities or commodities may not be suitable for all individuals.
CLICK HERE
FOR THIS WEEK'S POSITION TRADE NEWSLETTER
|
|
|
 |
| |
If
you are unable to view the
images in this newsletter Click
Or put the following in your browser:
www.tradingfrommainstreet.com/Newsletters/focusletter/current.html
|
|
|
Daily
Editorial: |
 |
| |
Market Remains in Corrective Mode, but Many
Stocks Push to New Highs
Good morning! I'm a
bit under the weather here as the week winds to a close, so I'm going
to make the column today a bit more brief than usual. Take a look at
the charts below to view the technical action for the day. Despite the
late day turn around with the 2T double top around 14:00, many stocks
had a really great session on Thursday. The morning began with a lot of
choppy action, but broke higher just before noon. That buying helped
fill the prior day's gap, taking a number of stocks to new highs on the
year.
Overall my outlook over the next couple of weeks is still falling in
line with what we were looking at heading into the new year. Despite
the bounce off Wednesday's lows, there is still the concern that the
market tried to break higher too fast this year. The result has been
the correction off highs over the course of the past week. A correction
like this did not occur on the last market run from November until a
more substantial upside move lasting about a month had been put in.
Hence, we are still looking at the risk that this most recent pullback
from highs lasts into the 20 week moving average support levels in the
S&P500, NASDAQ Composite, and Dow Jones Ind. Average. The best
scenario for bulls is that the moving average rises to catch up with
current price action as opposed to the market declining quickly into
that support. It will also be ideal for volume to decline as well,
showing a lack of strong selling interest as the correction progresses.
|
| |
| |
|
| |
Economic
Reports and
Events:
|
|
|
|
Jan 20: Mich.
Sentiment-Prel. for Jan (9:50 am)
|
| |
|
| |
Earnings
Announcements of Interest: |
|
|
| |
Only stocks with an
average daily volume of 500K+ are
listed. List may not be complete so be sure to always check your
stock's earnings date before holding a position overnight. (A) =
Earnings after the close, (B) = Earnings before the open,
(?) = Earnings time not specified at the time of this writing
Jan 20: AT
(?), C (B), GE (?), JCI (B), KEY (B), RF (B), SLB (B)
Jan 23: AXP
(?), ACF (A), ARBA (A), AV (A), BAC (B), CBST (A), ET (A), ETN (B), F
(B), MSPD (?), PPC (B), SKM (3:00 pm ET), TXN (A)
Jan 24: MMM
(B), ADTN (?), AGR (?), AAI (B), AKS (?), BJS (?), EAT (B), BNI (B), CA
(?), CTX (A), CKFR (A), COH (B), GLW (A), CSX (?), DD (B), EMC (B),
EXTR (A), GDW (?), HMA (B), JNJ (B), KMB (B), LAB (B), LXK (B), LU (B),
NFLX (?), NOC (B), PPP (?), RFMD (A), RYL (A), STLD (?), STM (A), SUNW
(4:30 pm ET), NYT (B), TMA (A), TDW (B), UTX (B), ZION (A)
Note: All economic numbers
and earnings reports are in lines with those compiled by Yahoo Finance.
Occasionally changes will occur that are made after the posting of this
column.
|
| |
|
|
If
you are receiving this from a friend and would like to
have it sent
to you, click.
Please
visit the Support Center to email questions or comments or
contact support@tradingfrommainstreet.com.
To UNSUBSCRIBE send a
blank email to have this email address removed from the Focus
Letter List only.
©
1998-2005 All information presented is property of
TradingFromMainStreet.com and Bastiat Group, Inc.
|
|
