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MainStreet
on Hotcomm
CLICK HERE to learn how you can participate in Toni's
upcoming mentoring
program, live on Hotcomm!
Upcoming course dates:
March 20-24, 2006
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
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Daily
Editorial: |
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NASDAQ Rebounds Off Support While the Dow
Stalls at Daily Resistance
Good morning!
Wednesday got off to a slow start as the market awaited news of Fed
chairman Bernanke's first address to Congress. Luckily, it didn't carry
with it any surprises. While stating that more rate hikes may be
necessary, he didn't stray far from Greenspan's final remarks. This
created a strong little pop out of 10:00 ET. All three of the major
indices (NASDAQ Comp., S&P500, and Dow Jones Ind. Ave.) managed to
make new highs on the week.
Due to a lot of overhead resistance, the
rally didn't last. The Dow was still dealing with it's prior daily
highs, while the NASDAQ hit its 20 day sma resistance. The pace of the
upside led to a slower correction off the highs, but it was a steady
move. The market continued to selloff until it hit the morning lows.
From there they formed small 5 minute bear flag into the 5 minute 20
sma resistance and continued to move lower out of the 12:00 ET reversal
period.
With an average pace overall on the decline
from morning highs, the market found itself once again dealing with
range activity intraday. The mid-day action created a reverse head and
shoulders pattern on the 5 minute charts, offering a pop up around
12:35 ET that continued after a short base broke and took the indices
back to morning highs. The market became a lot more choppy as the
indices moved into that resistance, however, creating higher risk for
the final hour of the day.
Going into Thursday the market is at a lot of intraday resistance,
leaving room for a downside swing on the 15 minute charts. The pace has
turned over enough on the Dow to help protect it from any truly vicious
selling and the other two indices are also trying to pick up a little
steam off lows. Their pace isn't strong enough to insulate them, and
hence the overall market, from another pullback on the daily just yet
though. I'd like to see the pace pick up more on the upside over the
next two days for that to happen. The concern remains that many stocks
still have a great deal of weekly resistance, but I still have no
reason to go against this newest buying yet.
UPCOMING
MENTORING OPPORTUNITIES:
To further you own knowledge of market activity and technical analysis,
you may be interested in participating in one of my upcoming online
seminars. Held March 20-24, I will be utilizing the
Hotcomm platform which will allow participants the same opportunities
as they would attending a class on-site. For more information, click on
the journal image at the right hand side of my site at http://www.tonihansen.com or
email me directly at toni@tradingfrommainstreet.com.
When asking those who attended my last class which aspects of my course
were most beneficial, their responses were very similar:
"The concepts introduced
such as pace and pace within patterns which were new to me and which I
HAVEN'T SEEN ANYWHERE ELSE." - Larry
"I found
everything in the course to be beneficial... It ranked as the best I
have seen. Seriously, cant imagine any course being
better and using it with Hotcomm probably even more so!" - Karl
"The whole course covers everything you need to know
about being a successful trader.... I have gone from an
"unprofitable trader" to being a "PROFITABLE TRADER." Your course
made the difference...." - Jeff
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Economic
Reports and
Events:
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Feb. 16:
Building Permits for Jan (8:30 am), Export Prices ex-ag. for Jan (8:30
am), Housing Starts for Jan (8:30 am), Import Prices ex-oil for Jan
(8:30 am), Initial Claims 02/11 (8:30 am), Philadelphia Fed for Feb.
(12:00 pm)
Feb. 17: Core
PPI for Jan (8:30 am), PPI for Jan (8:30 am), Mich. Sentiment-Prel. for Feb. (9:50
am)
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Earnings
Announcements of Interest: |
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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
Feb. 16: ABB
(B), AAP (B), AEIS (A), AMMD (A), BHI (B), BRCD (A), COG (A), DELL (A),
GLBL (B), GT (B), GES (?), ICGE (B), LCP (?), LEH (B), LEXR (A), LTR
(B), LTXX (A9, MRH (A), NTGR (A), NU (?), NPSP (?), NVDA (?), ONXX (B),
PLD (B), PSYS (A), RYI (A), SAPE (A), SIMG (A), TGT (?), TKLC (B), FAF
(B), UBB (?), WPI (A), XMSR (B)
Feb. 17:
APPX (?), CPB (?), PBR (A), PCG (?), RSH (?), SIRI (B)
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.
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