Using technical analysis for my realtime stock chart analysis and best stock picks for stock trading
November 23rd, 2007 richk
Today I used free time after lunch when my son sleeps to read my notes from book ” Beyond Candlesticks: New Japanese Charting Techniques Revealed” . I bought this book several years ago and this is very important book in my traders library. I made notes and read them really every year once or more to memorize what I read.
I think this book is “must read” and “must have” for every serious technical trader .
Details about book you can find on my web site.
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November 11th, 2007 richk
Yes, I think that current downtrend move is near end. I noticed during stock market sector analysis that a lot of SP500 sectors are on supports or they are going to move up for small correction move. So I feel that risk reward ratio is now much more in favor of long trades.
But it is necessary to be very selective. I personally want to see really strong stock for new long trade. Like FPL or CL . I entered stock swing long trade in both of them on Friday.
I prepared swing stock trade setups for long trades for Monday in these symbols: ALXN, MON, PEP and EOG. All of them are really strong stocks in current stock market situation.
Here is chart for MON:
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October 31st, 2007 richk
FED cut done. Story written.
Although majority of my trades are stock trades, I also monitor closely Forex and commodities (especially gold and oil). Some of them I trade by commodity ETFs (GLD, USO, SLV and so…)
I would like to stress my opinion on USD especially in EURUSD Forex pair. There is so large bearish sentiment for USD that I think it could serve as contrarian indicator. When so much people think about only one direction then opposite could happen.
So I will not be surprised if USD will correct especially against EUR in near future.
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October 20th, 2007 richk
Is here some reader of my blog from one of these two areas of Florida ? I plan to come there for two months or so during this winter and any advices will be helpful. I cannot decide which area is better , how it is safe and so on (my family will come with me).
How about renting of some apartment (condo) or small house? What about high speed Internet access ? I scanned Internet already but some local info from local person living there would be the best.
If you could help me with further info , please send me a message.
Thank you in advance.
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October 18th, 2007 richk
I thought yesterday that market use big positive gap up for selling into strength. And it happened. Big boys are clearing their holdings . For now at least.
I was surprised by strength in last hours of trading. I think it was caused by strength of Nasdaq (technology stocks). S&P500 and Dow lagged. And I think they will not go up with techs. Important sectors like Financial , Transportation or Retail are weak. They will drag index down. I do not believe that there are big buyers now on markets.
Financial sector ETF (symbol XLF) is in negative territory again. I am waiting for good shorting opportunity. Also Retail sector ETF (RTH) is weak.
I prepared ETF short setup for swing trade of Transportation ETF (IYT). It is now on important long term trendline support. If it will break it down, I want to short it.
I must also note that I entered VRSN long yesterday, but it was stopped out. Stock chart of VRSN shows classical example of failed breakout.
But retail shorts (GPI and LOW) I opened on Monday are working pretty well.
I will check if I will be able to find some new trade setup for today. In positive case I will post this stock pick here in my blog.
Posted in ETF trade setup, General, Stock market comment | No Comments »
October 16th, 2007 richk
Today’s sell off was not so heavy especially on Nasdaq market. Tech stocks was much stronger then SP500.
As I mentioned before open in previous posts, Semis chart is weak. I still like it for short.
But INTC as one of most important semiconductor stock has much stronger chart. So I expect that INTC will open in positive territory tomorrow.
What will be important how investors and traders will react on that. Will it sell into strength ? Or will it buy much more ? Who knows …
VRSN acts very strongly today with above average volume. So my former setup is still valid, only entry trigger is above todays high.
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October 14th, 2007 richk
Friday came with small rally. But again - volume was light. Big investors are not buying during updays . I am very cautious and I do not want to be aggressively long or short now.
I also noticed that current leaders like GOOG, AAPL or RIMM are going up in parabolic move. It is very dangerous situation. Such parabolic move up finishes usually by hard and painful decline.
Also semiconductors are weak and this is another warning sign. They usually lead Nasdaq. Now they are laggards. SMH (Semiconductors ETF Holdrs) paints head and shoulders stock chart pattern on weekly chart.
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October 10th, 2007 richk
If you watch intraday market moves then you see as Nasdaq is trying go up. It is definitely much more stronger then Dow or SPX (S&P500). This relative strength is not new, Nasdaq leads markets for several weeks already.
My retail shorts have not triggered today, so I will wait for tomorrow. I moved out XLNX long setup as it broke from bull flag chart pattern down.
I still have 2/3 of my ETR long.
I will check if I will be able to find some good setups for tomorrow. But markets need correction . I am mostly in cash as I do not want to enter new long swing trades now.
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October 5th, 2007 richk
Bad day for shorts. My KSU Short was stopped out.
But from opposite view my position long trade of MYGN gave me nice profit today. I closed this position trade opened in August after breakout of 40 resistance level with gain approx. +42% (17 points). 
Also I am still holding ETR long. I have closed partials today and moved trail stop for rest shares to profit level. I still expect it can go to 118 target.
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October 4th, 2007 richk
Very indecisive markets in last two days. I feel that rally in last two weeks was very strong. Markets need to pause and rest little bit.
Strength could be found in Biotechnology sector. Transportation sector is on opposite side. I noticed also possible new wave of buying interest for Utilities (I am watching XLU as sector ETF). After approx 40% retracement of long term rally it looks that sector want to go to its highs again. I like this and I entered ETF trade (in XLU) with targets min. at 43.
I also like some Utility stocks like ETR . I entered today after breakout of 111 resistance level. I expect targets in 118 - 120 area. Any pullback is buyable, too.
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