Intraday Price Moves
Stocks: CLL CWPC ECA NKO PDP SU TSK UTS
By Don Rogers of Speechers Blog
Crude oil continues to sell off from its high's earliey in the session, briefly touching but not hold the close of $70.98 to move higher to $71.99. Currently a move down to $70.35 on the intraday chart can takes us lower to $70.16. The stop from the entry down is $70.56. Gains made earlier at the open have now moved lower for UTS , CLL, TSK, CWPC, SU, PDP, WNWG. NYSE, NASDAQ, XAU, SOX, continue to give up gains made on the brief rally of last week.
As I mentioned in an earlier article we did see the impulse move I discussed but it has failed at least at this point in time to turn into a trend reversal to move us higher on a consistent basis. Bargain hunters are out in force but it will take massive, sustained buying to move the indexes up from recent lows. Short positions increasing is also worriesome as the big players are counting on further weakness and take advantage of any moves up to add to their growing short positions. Remaining positive in the face of increased short positions is difficult and investors should be careful adding to heavily to existing positions if they are averaging down losses. Continued losses could only add to the losing position on paper.
The utilisation of margin at these times hoping for a bounce higher on sustained buying is not advised at this time. Margin is best utilised if the market is giving a strong signal up or down for adding to or taking out a new long or short position but in these sideways markets any gains may very be offset by the costs of that margin and commissions.
As much as we all would like to see sustained upwards movement the market is in a state of flux and is catching its breath. We are not seeing strong downward movement although the downward market pressures seem to be building which could explode to lower lows. None of the long entry positions on the major indexes are close to being hit in todays session and as I wrap this up we are approaching the downside target on oil which should act as another reason to sell off some of the juniors.
Remember, the amateurs open the market, the pro's close it.
http://www.entryandexitinvesting.com/
By Don Rogers of Speechers Blog
Crude oil continues to sell off from its high's earliey in the session, briefly touching but not hold the close of $70.98 to move higher to $71.99. Currently a move down to $70.35 on the intraday chart can takes us lower to $70.16. The stop from the entry down is $70.56. Gains made earlier at the open have now moved lower for UTS , CLL, TSK, CWPC, SU, PDP, WNWG. NYSE, NASDAQ, XAU, SOX, continue to give up gains made on the brief rally of last week.
As I mentioned in an earlier article we did see the impulse move I discussed but it has failed at least at this point in time to turn into a trend reversal to move us higher on a consistent basis. Bargain hunters are out in force but it will take massive, sustained buying to move the indexes up from recent lows. Short positions increasing is also worriesome as the big players are counting on further weakness and take advantage of any moves up to add to their growing short positions. Remaining positive in the face of increased short positions is difficult and investors should be careful adding to heavily to existing positions if they are averaging down losses. Continued losses could only add to the losing position on paper.
The utilisation of margin at these times hoping for a bounce higher on sustained buying is not advised at this time. Margin is best utilised if the market is giving a strong signal up or down for adding to or taking out a new long or short position but in these sideways markets any gains may very be offset by the costs of that margin and commissions.
As much as we all would like to see sustained upwards movement the market is in a state of flux and is catching its breath. We are not seeing strong downward movement although the downward market pressures seem to be building which could explode to lower lows. None of the long entry positions on the major indexes are close to being hit in todays session and as I wrap this up we are approaching the downside target on oil which should act as another reason to sell off some of the juniors.
Remember, the amateurs open the market, the pro's close it.
http://www.entryandexitinvesting.com/
posted by douglas mcintyre at 12:15 PM
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