Todays Stock Chart Check

Good Morning Stock Hoppers, Just dropping a note on my on yesterdays decision to short GE at 17.92, although it finished the day at 18.19 the chart shows me that even when the major index was up yesterday, GE could not make a new high, I am still seeing short term weakness here as it should continue in a short term downward direction. I am thinking somewhere in the neighborhood of 16.90. The major index keeps plodding along in an upward direction, I did say look out for a pullback here very soon, but maybe it has to spike upward first before we see that pullback.

As for my other active trades HCBK and TER, I will give a weekend profit report on those stocks after today, currently they are both in the money!!! Until next time Happy Stock Charting!

Daily Stock Chart Check 2-25-10

Good Morning,

So far this week the market has shown a great deal of predictability(We know all that can change in a hurry). Before the open lets take a look at the chart for the Dow Jones. We are concentrating on the 13 day and the 21 day exponential moving average. Look how the Dow seperated last week from these averages, and if you have been following along with my recent blogs, I have mentioned that it will seperate but count on the return back to these averages as they do not (usually) stay seperated for a very long period of time, as was the case for the Dow here recently, as it moved back to its averages this week.

The Dow now is sitting on top of the 13 day and 21 day ema, will it consolidate a bit more? or will it bounce of these averages today and continue its uptrend and head toward the resistance level of around 10500? I would wave a short term Red Flag if the Dow goes below its last 2 day low of 10267.

HCBK one of my active trades is showing some consolidation with the 13day ema crossing upward over the 21 day ema which is a bullish sign, I also am looking at this stock chart seeing it meet its support level of around 13.00 and yesterday bouncing off those levels in a positive direction. That is why I will stay with this trade and look for its momentum to carry it over the 13.47 mark.

Yesterday I exited IPG at 6.91 (Bought at 6.82) for a small gain. The reason that I exited was that the stock chart showed me that the 13 day ema was crossing over the 21 day ema in a downward direction alerting me that it looks like it will continue its downward trend and head back toward its support levels of around 6.30. As I said in a recent blog this chart has formed a classic head and shoulders formation. Hey no matter how small the gain, it is still a again and I will take it over a loss anytime.

Until tomorrow.....Happy Stock Charting!!!!

Daily Stock Chart Check

Good Morning, The Dow looks to be wanting to come back to its 13 day and 21 ema before it moves to its resistance level of 10,514. Dow futures are pointing slightly down to flat this morning but that could all change after the open.

IPG - One of my two active trades went up and hit its resistance level and now going back to meet its 13day and 21 day ema. I will wait for the bounce. Take a good look at this chart and you will see a classic head and shoulders formation forming(See the shoulder to the left and the head in the middle and the right shoulder is forming). It would be great to see it bust through resistance of 7.22 today!!

HCBK - As you can see from the chart it is bouncing off its support level looking for follow through today.

When you are looking at support and resistance levels you should see at least 3 points of where the stock bounced off of those levels, as you can see on this chart there are 5 good points where it bounced off and continue in a upward direction from its support levels. These are the type of stock charts that I look to trade because they show some predictability and trend.

Until tomorrow.......Happy Charting!

Evaluating Picks from 2-16-10

Today lets hope for a follow through from yesterday, dow futures are up modestly this morning. The chart for the dow shows some momentum as it trades above the 13 day ema. and the 21 day ema, as I said yesterday this is what I was looking for.

Charting my stock picks from yesterday they all triggered. Here was the results

HCBK - Order for 1000 shares triggered at 13.27 closed at 13.41

IPG - Order for 1000 shares triggered at 6.82 closed at 6.87 - I am watching this one closely as it gaped up and many times when a stock gaps up it will retrace its gap the next day or so.

LEG - Wouldn't you know I identified this stock in yesterdays blog but did not put in an order for it, as I went with the other 2(IPG and HCBK) and of course that was the best performing stock of the day, I said in yesterdays blog that I felt there was a good opportunity if LEG crossed 18.87 and it did it closed at 19.39!! Oh well you can't buy them all. I hope someone following this blog got in and made money yesterday charting this stock.

I will be watching the stock markets closely today watching for follow through and momentum. Until tomorrow..............Happy Charting

Buying Opportunities 2-16-10

This morning I looked at the overseas market and they are pointing to a higher open for our major indices. Hopefully we will start a new uptrend today, I am looking for the markets to get on top of the 13 day moving avg. Here are the possible buying opportunities I identified.

HCBK(above)- I have placed an order to buy 1000shares on a move above13.27, notice trading above 13 and 21day avg. looking for follow through.

LEG below)- Here the stock is bouncing off support levels, I believe it will move back toward the avgs. I would be watching very closely as it does reach the avgs. to see if it will bounce back but there is profit to be taken in between. I would be looking at a buy here above 18.87,but again keep an eye out as it reaches the avgs.

IPG(right) -Trading with upward momentum and above the 13day ema(exponential moving avg), it is bouncing off support levels and looking for a follow through above the 21 day ema today. I have put in an order to buy 1000shares when it moves above 6.82

Remember charting stocks is not an exact science. I look at it as more of an art. Follow these charts and see how I do.

I may be in these stocks for a day or 10 it all depends on what the stock charts tell me.

Until tomorrow.... Happy Charting