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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:
April 24th-28th, 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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Market Rallies, Despite a Weak Close on
Tuesday
Good morning! After
rounding off at lows into Tuesday's close, the market saw a steady
uptrend day on Wednesday. The Dow Jones Industrial Average rose 61.16
points to close at 11,215.70, while the S&P 500 closed up 9.66
points at 1,302.89. The Nasdaq Composite in particular saw a strong
move, ending the day at 2,337.78, up 33.32 points. Semiconductors,
internet companies, brokers, compurer hardware, and gold stocks all saw
nice buying.
The market gapped up slightly into the open
and quickly fell into a range. Volume declined as the indices pulled
back gradually, creating a strong buy pattern on the 5 minute charts
into the 10:15 ET reversal period. This took all three indices to new
intraday highs before they began to correct once more into 11:00 ET.
This created the third wave of morning upside on the S&P 500 and
Nasdaq. The Dow, which had a more difficult time out of 10:15 ET, also
picked up its pace at this time, putting in a strong move until running
into the 5 minute 200 sma resistance. That helped the indices fall into
a longer correction over noon.
The market created a very narrow range
throughout mid-day. Volume decline significantly and the indices broker
higher out of the 13:00 ET reversal period. This took the S&P 500
back into the prior day's highs and the Dow into resistance from the
last two days. The Nasdaq outperformed, continuing to put in slightly
higher highs until hit made it back into the highs of the range that
has been in progress on the daily charts since early February.
The overall bias in the market on the daily charts is for more buying,
but the Dow is not looking as strong at this point, despite having lead
the bulls in recent months. The slowing on the upside into the close on
Wednesday also leave room for a correction intraday going into Thursday
morning. While focusing primarily on the bulls on Thursday overall, I
would continue to keep my eyes open for changes in pace intraday that
would give way to more selling since my scanning lists remain fairly
evenly distributed between long and short setups.
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 April 24th-28th, 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. To register CLICK
HERE.
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. Hotcomm is a virtual chatroom where one can see charts and
listen to commentary live!" - 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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Mar 30: Chain Deflator-Final
and GDP-Final for Q4 (8:30 AM ET), Initial
Claims 3/25 (8:30 AMET), Help-Wanted Index for Feb (10:00 AM ET)
Mar 31: Personal Income and Personal Spending for Feb. (8:30 AM ET),
Mich. Sentiment-Rev. for March (9:50 AM ET), Chicago PMI for March and
Factory Orders for Feb. (10:00 AM ET)
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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
Mar 30: ACN (A), ATYT (B), BBY (B), KMX (B), COGN (A), PRLS (A), TXI
(B),
Mar 31: -
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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