Hi, these are just ideas not recommendations, sometimes I trade my ideas, sometimes I don’t.
Always remember, yours is the responsibility for your trades,
Good luck,

Sunday, October 7, 2012

Dow, Mid Cap, Russell 2000 and groups support and resistance lines for 10/8/12 to 10/12/12.

Dow Jones continues trading above the support line, support line went from 13303 to 13328 an insignificant increase, since the target was met before, any growth on the price is trivial. I need a close below the support line before going long again.

Mid Cap closed below weekly support on September 25, now the group is trendless and the Fibonacci MAs are in disarray. No position on the group.

The Russell 2000 is in long territory again trading 0.52% above the support line for next week, the target was reached on 9/14 and the group closed below support on 9/26. The 0.52% target is lousy so I have no interest in the group for next week.

Oil & Gas trading below the lower channel line and the support line, definitively no long interest on the group for next week.

Technology never reached its long target, at week’s end it is trading almost 3% below the resistance line making the group a likely candidate for shorting, anyway I am not taking the short.

To my readers from the great State of Iowa, thank you for being so nice, you are magnificent people.
Shalom to all

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From the Dominican Republic - Swing Trader Speculator - Civil Engineer/Project Manager - sternloinaz@gmail.com