Good Morning Stockhoppers, Today is really going to be somewhat of a wash. Pre-Holiday trading usually is. Should see a up day today,again due to the Easter holiday. Did you know that on the last trading day before Christmas that there has not been a down trading day in the market for I do not know how long(can someone could tell me the exact stat), I have made a good share of money on the last trading day before Christmas. It is kind of a unwritten law, this will also hold true for the Easter holiday(even though I do not know the exact stat), the market always seems to be in a good mood before the big holidays, so take advantage of that little stat.
The major indexes should see a rebound off the the 13day exponential moving average. As you can see by the DJI index chart there is consolidation,with a slightly negative tone. Now I will say this, if the market does have a down day today,BEWARE, I am not an alarmist by any means, I just read the charts to gauge the mood of the market and if the market is in a bad mood today in what is traditionally suppose to be a good mood day, well that gives me a strong signal of what could be coming. Really the market could have an up day today and still show a negative trend,what I mean if it goes below yesterdays low and does not go higher than yesterdays high than I will still consider this market to be showing a negative tone. I do not try to predict too far into the future, I take it day to day, in todays market, I think you have to.
Ford stock as I predicted yesterday BEFORE the open is showing weakness. It gaped down yesterday, now today we could possibly see it cover that gap, but do not be fooled by that Easter Bunny behind the curtain, it will take a few good up days before the trend reverses. Ford stock is now trading below both the 13day and 21day exponential moving averages, before I will consider purchasing this stock it must be sitting on top of these averages.
As far as my active trade in shorting GE, I am still slightly out of the money, although much less than I was yesterday as it continues to show weakness. I shorted at 17.93 and how I decide whether or not I am going to stick with it or cover it is I ask myself would I short this stock today? the answer to that question is yes I would.
Well that is all for now I hope you all have a great Easter Holiday and ....Happy Charting!!!
Good blog.
ReplyDeleteYour article serves as a reference.
お互い頑張りましょう。
...my blog:
http://forex-chart-analysis-and-a-cat.blogspot.com/
Your charts are beautiful.