.................................................
TradeStalker's
R.B.I. Trader's Update
12/ 28 / 2006
(Published Since 1996)
...............................................
Dateline: 6:49 pm Eastern time, 12/28/2006
The market opened slightly lower on Thursday and then popped
back up. That bounce was sold, and after a quick drop the
market bounced back once again. And once again, the move
fizzled and the market stair stepped lower into lunchtime
trading. While reaching a low at 1433.00 on the SP futures,
the Nasdaq futures made a higher low for a switch, and the
rest of the market followed the Nasdaq's lead. However, the
rally fizzled with about an hour left in the trading day,
reversing after reaching the 1438.00 level on the SP futures
and 1783.50-1785.50 area on the Nasdaq futures. Selling came
in near the close, as the SP and Nasdaq futures spiked down
to 1432.50 and 1772.00, respectively, then recovered a bit
into the close.
We will be taking a New Years break, so the next update will
be on Tuesday night -- after the Tuesday trading session is
complete. We want wish all of our loyal readers a healthy
prosperous New Year.
Whether or not the market tries to rally into the end of
month/quarter/year is up in the air right now. Both the
bulls and bears would like another shot at the highs made
late on Thursday. As I stated last night, those resistance
areas just above should be lids here short term. If they get
back up there and stall out like they did on Thursday, "load
the boat" on the short side. On the bottom side, as long as
the bulls can defend the initial support zones, nothing bad
will happen.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Thursday, December 28, 2006
Wednesday, December 27, 2006
Market Comment 12/27/06
.................................................
TradeStalker's
R.B.I. Trader's Update
12/ 27 / 2006
(Published Since 1996)
...............................................
Dateline: 7:11 pm Eastern time, 12/27/2006
The market gapped up on Wednesday's open and kept going for
about 25 minutes. The move stalled and reversed, but the
selloff wasn't very sharp except for the Nasdaq futures. The
market turned itself around and moved back to test the
highs, then things quieted down for awhile. Just before 2pm
the market got going on the upside, and the rally took the
market to the 1438.75 level on the SP futures and 1784.50
level on the Nasdaq futures.Those highs were sold after
stocks closed as the futures sold off into settlement.
Up until late Wednesday, the market had a bullish tone and
buyers were in control. The move off of the Friday lows is
now getting a little bit ragged. At this point, a nice
little shakeout shouldn't be too far away. The Nasdaq is
still acting tired, and unable to match the good move in the
blue chips. The Dow set another record high print, and
closing high on Wednesday. Meanwhile, the SP500 closed just
below its 12-15 high. The Nasdaq 100 closed 56 points below
its 11-22 closing high. The daily internal gauges are
nowhere near their corresponding highs, and that leaves us
with bearish divergences. On top of that, the RBI Sell gate
is now open. The RBI Buy gate was open at Friday's close,
and that helped lift the market. Now that we're coming in to
good overhead resistance, the open sell gate should help
hold prices back.
We get the Consumer Confidence number at 10am on Thursday.
It looks like the initial resistance areas should be a lid
on Thursday, as they were at resistance areas and rejected.
The market will be a short unless those areas are cleared,
and then can hold on a pullback.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
12/ 27 / 2006
(Published Since 1996)
...............................................
Dateline: 7:11 pm Eastern time, 12/27/2006
The market gapped up on Wednesday's open and kept going for
about 25 minutes. The move stalled and reversed, but the
selloff wasn't very sharp except for the Nasdaq futures. The
market turned itself around and moved back to test the
highs, then things quieted down for awhile. Just before 2pm
the market got going on the upside, and the rally took the
market to the 1438.75 level on the SP futures and 1784.50
level on the Nasdaq futures.Those highs were sold after
stocks closed as the futures sold off into settlement.
Up until late Wednesday, the market had a bullish tone and
buyers were in control. The move off of the Friday lows is
now getting a little bit ragged. At this point, a nice
little shakeout shouldn't be too far away. The Nasdaq is
still acting tired, and unable to match the good move in the
blue chips. The Dow set another record high print, and
closing high on Wednesday. Meanwhile, the SP500 closed just
below its 12-15 high. The Nasdaq 100 closed 56 points below
its 11-22 closing high. The daily internal gauges are
nowhere near their corresponding highs, and that leaves us
with bearish divergences. On top of that, the RBI Sell gate
is now open. The RBI Buy gate was open at Friday's close,
and that helped lift the market. Now that we're coming in to
good overhead resistance, the open sell gate should help
hold prices back.
We get the Consumer Confidence number at 10am on Thursday.
It looks like the initial resistance areas should be a lid
on Thursday, as they were at resistance areas and rejected.
The market will be a short unless those areas are cleared,
and then can hold on a pullback.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Tuesday, December 26, 2006
Market Comment 12/26/06
.................................................
TradeStalker's
R.B.I. Trader's Update
12/ 26 / 2006
(Published Since 1996)
...............................................
Dateline: 6:32 pm Eastern time, 12/26/2006
The market rallied out of the starting gate Tuesday morning,
but the rally was rejected at the 1427.50-1428.00 resistance
on the SP futures and 1774.00-1776.00 zone on the Nasdaq
futures. From there the market gave back half of its gains
before noon. After then going sideways for a few hours, the
market started to rally back in the early afternoon. After
stalling out just under the early highs for an hour there
was a little shakeout lower, but as soon as the move stalled
buyers came in and took the market to new highs for the day
in the final minutes of trading.
Well, it would have been perfect had the market sold off
early and then reversed to close like it did on Tuesday.
That didn't set up though, yet the market still ended the
day in pretty good shape. The last 4 days of the month have
tended to be good for the long side. In addition, the VIX
gave several buy signals on Tuesday as sentiment swings back
from too bearish. The bad news is that the Nasdaq is still
struggling, and certainly was the lager on Tuesday.
On Wednesday morning, look for early strength to be sold and
then for the first decent pullback to offer a set-up on the
long side. As long as the 1425.00-1424.50 area on the SP
futures holds, the bulls should be in control.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
12/ 26 / 2006
(Published Since 1996)
...............................................
Dateline: 6:32 pm Eastern time, 12/26/2006
The market rallied out of the starting gate Tuesday morning,
but the rally was rejected at the 1427.50-1428.00 resistance
on the SP futures and 1774.00-1776.00 zone on the Nasdaq
futures. From there the market gave back half of its gains
before noon. After then going sideways for a few hours, the
market started to rally back in the early afternoon. After
stalling out just under the early highs for an hour there
was a little shakeout lower, but as soon as the move stalled
buyers came in and took the market to new highs for the day
in the final minutes of trading.
Well, it would have been perfect had the market sold off
early and then reversed to close like it did on Tuesday.
That didn't set up though, yet the market still ended the
day in pretty good shape. The last 4 days of the month have
tended to be good for the long side. In addition, the VIX
gave several buy signals on Tuesday as sentiment swings back
from too bearish. The bad news is that the Nasdaq is still
struggling, and certainly was the lager on Tuesday.
On Wednesday morning, look for early strength to be sold and
then for the first decent pullback to offer a set-up on the
long side. As long as the 1425.00-1424.50 area on the SP
futures holds, the bulls should be in control.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Market Comment 12/25/06
This is last night's market comment...
.................................................
TradeStalker's
R.B.I. Trader's Update
12/ 25 / 2006
(Published Since 1996)
...............................................
Dateline: 5:10 pm Eastern time, 12/25/2006
The market couldn't clear initial resistance, or establish
any uptrend, on Friday. That meant selling bounces was the
play, and the market was in bad shape for the 5th out of the
last 6 trading days. There was a bounce off of the last
support zones early in the day but, per usual of recent
action, the bounce was sold as soon as the move fizzled and
the market sold off to close at the lows for the day.
With the market getting very close to what should be a
critical juncture, I thought I'd sneak away and take time to
point a few things out for Tuesday's trading session.
IF the market hasn't been hurt too much by the recent
action, then we should be close to a short term low. The
trendline off the summer low on the SP500 daily chart is
just below. Along with that trendline, the drop thus far is
very close to being equal to the prior three drops. From
08-04 to 08-10 the SP futures fell 32.50 points before
reversing and beginning a new uptrend. From 10-26 to 11-03
the SP futures fell 30.75 points, and then resumed the
uptrend. The last drop from 11-22 to 11-28 was 32.50 points
on the SP futures, and then the market started a new
uptrend.
An equivalent drop would take the SP futures to the
1413.50-1411.75 zone. There also is the .618 retracement
from the 11-28 swing low to the 12-15 top down in that area
(1411.00), so price-wise that zone looks very important.
Along with the SP500 coming to a key cluster of support, the
VIX has moved almost 10% over its 10 day average close.
That's a short term extreme, and we could get buy signals if
it turns down. In addition to that, the RBI Buy gate is open.
So, in a nutshell.... it looks like the SP futures will
need to find buyers on a test of the 1413.50-1411.75 zone.
If the market sells off that far, it should come roaring
back. If it gets there, and can *not* get bid up, then we
could see a panic selloff set in.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
.................................................
TradeStalker's
R.B.I. Trader's Update
12/ 25 / 2006
(Published Since 1996)
...............................................
Dateline: 5:10 pm Eastern time, 12/25/2006
The market couldn't clear initial resistance, or establish
any uptrend, on Friday. That meant selling bounces was the
play, and the market was in bad shape for the 5th out of the
last 6 trading days. There was a bounce off of the last
support zones early in the day but, per usual of recent
action, the bounce was sold as soon as the move fizzled and
the market sold off to close at the lows for the day.
With the market getting very close to what should be a
critical juncture, I thought I'd sneak away and take time to
point a few things out for Tuesday's trading session.
IF the market hasn't been hurt too much by the recent
action, then we should be close to a short term low. The
trendline off the summer low on the SP500 daily chart is
just below. Along with that trendline, the drop thus far is
very close to being equal to the prior three drops. From
08-04 to 08-10 the SP futures fell 32.50 points before
reversing and beginning a new uptrend. From 10-26 to 11-03
the SP futures fell 30.75 points, and then resumed the
uptrend. The last drop from 11-22 to 11-28 was 32.50 points
on the SP futures, and then the market started a new
uptrend.
An equivalent drop would take the SP futures to the
1413.50-1411.75 zone. There also is the .618 retracement
from the 11-28 swing low to the 12-15 top down in that area
(1411.00), so price-wise that zone looks very important.
Along with the SP500 coming to a key cluster of support, the
VIX has moved almost 10% over its 10 day average close.
That's a short term extreme, and we could get buy signals if
it turns down. In addition to that, the RBI Buy gate is open.
So, in a nutshell.... it looks like the SP futures will
need to find buyers on a test of the 1413.50-1411.75 zone.
If the market sells off that far, it should come roaring
back. If it gets there, and can *not* get bid up, then we
could see a panic selloff set in.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Thursday, December 21, 2006
Market Comment 12/21/06
.................................................
TradeStalker's
R.B.I. Trader's Update
12/ 21 / 2006
(Published Since 1996)
...............................................
Dateline: 7:02 pm Eastern time, 12/21/2006
The market opened higher on Thursday and moved up to the
1437.75-1438.50 initial resistance area on the SP futures.
After touching 1438.00, the move reversed and they sold off
to the initial support areas. There was a small bounce, but
it was also sold in to and the market went back to make
lower lows. After another bounce the market rolled over and
sold off steadily until reaching the 1426.50-1426.00 support
area on the SP futures. With two hours left in the trading
day, the market crawled back into the last hour and then
softened into the close.
First off, the next update will be sent on Tuesday night.
We'd like to wish all of our subscribers a safe and
wonderful Holiday Weekend.
The action is likely going to be thin on Friday. The market
has acted poor for 4 of the past 5 days, and unless / until
there is an established uptrend intact, the short side
should still offer the better setups. The initial resistance
will need to be cleared, and then hold on a pullback, in
order to get the market out of trouble on Friday. If this
occurs early, then buying pullbacks should be in play as
a decent rally could be in gear.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
12/ 21 / 2006
(Published Since 1996)
...............................................
Dateline: 7:02 pm Eastern time, 12/21/2006
The market opened higher on Thursday and moved up to the
1437.75-1438.50 initial resistance area on the SP futures.
After touching 1438.00, the move reversed and they sold off
to the initial support areas. There was a small bounce, but
it was also sold in to and the market went back to make
lower lows. After another bounce the market rolled over and
sold off steadily until reaching the 1426.50-1426.00 support
area on the SP futures. With two hours left in the trading
day, the market crawled back into the last hour and then
softened into the close.
First off, the next update will be sent on Tuesday night.
We'd like to wish all of our subscribers a safe and
wonderful Holiday Weekend.
The action is likely going to be thin on Friday. The market
has acted poor for 4 of the past 5 days, and unless / until
there is an established uptrend intact, the short side
should still offer the better setups. The initial resistance
will need to be cleared, and then hold on a pullback, in
order to get the market out of trouble on Friday. If this
occurs early, then buying pullbacks should be in play as
a decent rally could be in gear.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Wednesday, December 20, 2006
Market Comment 12/20/06
.................................................
TradeStalker's
R.B.I. Trader's Update
12/20/2006
(Published Since 1996)
...............................................
Dateline: 5:44 pm Eastern time, 12/20/2006
The market opened slightly higher on Wednesday and rallied
on up to initial resistance at the 1440.00-1440.50 zone on
the SP futures. That was sold and the market reversed
course. The pullback was rather small, however, and the
market moved back to test the highs. Those areas were
rejected again and another drop followed. The market was
content trading within narrow ranges until the updated
1438.00 support was broken. The selling gathered some steam
as the market fell to new lows for the day, reaching 1434.25
on the SP futures and 1797.50 on the Nasdaq futures. With
decent support at those levels, buyers stepped to the plate
and the market snapped back. They tried to get a rally
going, but the move didn't have the oomph, and the failed
rally attempt led to a move back to the lows by the close.
There's a lot on the economic calendar on Thursday. We get
the GDP and Initial Claims before the open, then the Leading
Indicators at 10am and Philly Fed at noon. We'll see how the
market handles all of that. At the moment the market is
range-bound, with the rallies not sticking on 3 of the past
four days. The Dow made another record intraday print high,
yet the SP500 and Nasdaq 100 haven't confirmed by making a
new high for the year. The tech sector needs to get in gear
very soon or the market will get itself into trouble.
On Thursday morning, look to fade (trade in the opposite
side) an early overreaction to the pre-open numbers as soon
as the move fizzles / reverses. This should work better if
the market should gap down on the open, like on Tuesday.
Thereafter, the resistance and support areas should come
into play. If there is another move that gets sold around
the Wednesday highs, the next selloff could be a lot sharper
than we have been seeing.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
12/20/2006
(Published Since 1996)
...............................................
Dateline: 5:44 pm Eastern time, 12/20/2006
The market opened slightly higher on Wednesday and rallied
on up to initial resistance at the 1440.00-1440.50 zone on
the SP futures. That was sold and the market reversed
course. The pullback was rather small, however, and the
market moved back to test the highs. Those areas were
rejected again and another drop followed. The market was
content trading within narrow ranges until the updated
1438.00 support was broken. The selling gathered some steam
as the market fell to new lows for the day, reaching 1434.25
on the SP futures and 1797.50 on the Nasdaq futures. With
decent support at those levels, buyers stepped to the plate
and the market snapped back. They tried to get a rally
going, but the move didn't have the oomph, and the failed
rally attempt led to a move back to the lows by the close.
There's a lot on the economic calendar on Thursday. We get
the GDP and Initial Claims before the open, then the Leading
Indicators at 10am and Philly Fed at noon. We'll see how the
market handles all of that. At the moment the market is
range-bound, with the rallies not sticking on 3 of the past
four days. The Dow made another record intraday print high,
yet the SP500 and Nasdaq 100 haven't confirmed by making a
new high for the year. The tech sector needs to get in gear
very soon or the market will get itself into trouble.
On Thursday morning, look to fade (trade in the opposite
side) an early overreaction to the pre-open numbers as soon
as the move fizzles / reverses. This should work better if
the market should gap down on the open, like on Tuesday.
Thereafter, the resistance and support areas should come
into play. If there is another move that gets sold around
the Wednesday highs, the next selloff could be a lot sharper
than we have been seeing.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Tuesday, December 19, 2006
Market Comment 12/19/06
.................................................
TradeStalker's
R.B.I. Trader's Update
12/19/2006
(Published Since 1996)
...............................................
Dateline: 5:47 pm Eastern time, 12/19/2006
The market gapped down on Tuesday's open and after about 10
minutes of selling the market turned up. The 1426.50 low on
the SP futures and the 1786.50 low on the Nasdaq futures
were one point above the last support zones and the rally
lasted into late morning. After reaching 1434.50 on the SP
futures and 1806.50 on the Nasdaq futures, the market turned
soggy and sold off into early afternoon. The pullback was
bought and after some churning there was an attack of the
early highs. Once those were cleared, the market caught a
strong bid and moved higher into the final hour of trading.
The SP futures rallied to 1440.50 while the Nasdaq futures
made it to 1814.50 and then backed off into the close.
We had record high print and close on the Dow on Tuesday.
Neither the SP500 nor Nasdaq 100 could do the same, but they
rallied back pretty well after the early hit they took. The
problem is that the market closed poorly. Both the SP and
Nasdaq futures settled well under fair value and the futures
would need to open about 2.00 points higher on the SP
futures and 4.00 points higher on the Nasdaq futures to be
in neutral mode.
On Wednesday, look for the "sell early, buy the first decent
pullback" type of pattern early in the day. Thereafter,
expect more two-sided action and try to only get involved at
extremes on both sides.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
12/19/2006
(Published Since 1996)
...............................................
Dateline: 5:47 pm Eastern time, 12/19/2006
The market gapped down on Tuesday's open and after about 10
minutes of selling the market turned up. The 1426.50 low on
the SP futures and the 1786.50 low on the Nasdaq futures
were one point above the last support zones and the rally
lasted into late morning. After reaching 1434.50 on the SP
futures and 1806.50 on the Nasdaq futures, the market turned
soggy and sold off into early afternoon. The pullback was
bought and after some churning there was an attack of the
early highs. Once those were cleared, the market caught a
strong bid and moved higher into the final hour of trading.
The SP futures rallied to 1440.50 while the Nasdaq futures
made it to 1814.50 and then backed off into the close.
We had record high print and close on the Dow on Tuesday.
Neither the SP500 nor Nasdaq 100 could do the same, but they
rallied back pretty well after the early hit they took. The
problem is that the market closed poorly. Both the SP and
Nasdaq futures settled well under fair value and the futures
would need to open about 2.00 points higher on the SP
futures and 4.00 points higher on the Nasdaq futures to be
in neutral mode.
On Wednesday, look for the "sell early, buy the first decent
pullback" type of pattern early in the day. Thereafter,
expect more two-sided action and try to only get involved at
extremes on both sides.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Monday, December 18, 2006
Market Comment 12/18/06
.................................................
TradeStalker's
R.B.I. Trader's Update
12/18/2006
(Published Since 1996)
...............................................
Dateline: 6:35 pm Eastern time, 12/18/2006
The market opened higher on Monday and rallied on up to test
the 1443.75-1444.75 area on the SP futures. We were using
that as a shorting zone with tight stops, and after making a
1444.00 high on the SP futures about 30 minutes into the
day, the market obliged and sold off into early afternoon. A
bounce off of a 1435.75 low fizzled out around 2 pm, and
then the downside reasserted itself. The market sold off to
make new lows at 1432.25 on the SP futures and 1804.50 on
the Nasdaq futures with less than an hour left in the
trading day. That was at the short term key support at the
1432.50-1431.50 area on the SP futures, and the market
bounced to close on a little upswing.
We get the PPI before the open on Tuesday. The market again
made its highs in the first hour and its lows in the last
hour on Monday. In order to turn things back around, we
probably need to see the market washout early in the day,
then turn around and rally back. However, as things stand
right now, the bears should be in control unless the initial
resistance areas can be cleared, and then hold on a
pullback. Unless that occurs, the short side should offer
the better trading opportunities.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
12/18/2006
(Published Since 1996)
...............................................
Dateline: 6:35 pm Eastern time, 12/18/2006
The market opened higher on Monday and rallied on up to test
the 1443.75-1444.75 area on the SP futures. We were using
that as a shorting zone with tight stops, and after making a
1444.00 high on the SP futures about 30 minutes into the
day, the market obliged and sold off into early afternoon. A
bounce off of a 1435.75 low fizzled out around 2 pm, and
then the downside reasserted itself. The market sold off to
make new lows at 1432.25 on the SP futures and 1804.50 on
the Nasdaq futures with less than an hour left in the
trading day. That was at the short term key support at the
1432.50-1431.50 area on the SP futures, and the market
bounced to close on a little upswing.
We get the PPI before the open on Tuesday. The market again
made its highs in the first hour and its lows in the last
hour on Monday. In order to turn things back around, we
probably need to see the market washout early in the day,
then turn around and rally back. However, as things stand
right now, the bears should be in control unless the initial
resistance areas can be cleared, and then hold on a
pullback. Unless that occurs, the short side should offer
the better trading opportunities.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Sunday, December 17, 2006
Market Comment 12/17/06
.................................................
TradeStalker's
R.B.I. Trader's Update
12/17/2006
(Published Since 1996)
...............................................
Dateline: 6:33 pm Eastern time, 12/17/2006
It was a very good week for the stock market and with lots
of volatility for the daytrader. On Friday morning the SP
futures rallied to the 1443.75-1444.75 resistance zone and
by early afternoon they sold off to the 1437.50-1436.50
support zone. After a bounce from that area didn't get
traction, the market fell off and closed near the day's
lows.
The Dow and SP500 both made new intraday and closing highs.
The Nasdaq 100 refuses to join in. Its print high was 1824
and its closing high was 1819. We need to see that join the
parade, especially since it led most of the way up to these
levels.
That may have to wait for now. On Friday, the SP and Nasdaq
futures made their highs in the morning and then closed just
off the lows. This pattern at a new high shows distribution.
Along with prices, the VIX gave several sell signals on
Friday. It reversed from a multi-year low and closed near
its high for the day.
Both sides were in play last Friday and they likely will be
again on Monday. For now, treat the Friday high areas as a
shorting zone with tight stops. On the bottom side, if there
is a move back to the 1432.50-1431.50 area on the SP futures
and the market can hold that zone, then a decent buying
opportunity might present itself. Aside from that, try to
only get involved at extremes and leave the choppy periods
alone.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
12/17/2006
(Published Since 1996)
...............................................
Dateline: 6:33 pm Eastern time, 12/17/2006
It was a very good week for the stock market and with lots
of volatility for the daytrader. On Friday morning the SP
futures rallied to the 1443.75-1444.75 resistance zone and
by early afternoon they sold off to the 1437.50-1436.50
support zone. After a bounce from that area didn't get
traction, the market fell off and closed near the day's
lows.
The Dow and SP500 both made new intraday and closing highs.
The Nasdaq 100 refuses to join in. Its print high was 1824
and its closing high was 1819. We need to see that join the
parade, especially since it led most of the way up to these
levels.
That may have to wait for now. On Friday, the SP and Nasdaq
futures made their highs in the morning and then closed just
off the lows. This pattern at a new high shows distribution.
Along with prices, the VIX gave several sell signals on
Friday. It reversed from a multi-year low and closed near
its high for the day.
Both sides were in play last Friday and they likely will be
again on Monday. For now, treat the Friday high areas as a
shorting zone with tight stops. On the bottom side, if there
is a move back to the 1432.50-1431.50 area on the SP futures
and the market can hold that zone, then a decent buying
opportunity might present itself. Aside from that, try to
only get involved at extremes and leave the choppy periods
alone.
Get my nightly support and resistance zones that I'll be
buying and selling against the following trading day along
with my bullish or bearish outlook for the next day's market
action. Yes, we have a FREE TRIAL!
http://www.tradestalker.com/
Good Trading,
Mike Reed
Sunday, November 12, 2006
Market Comment 11/12/06
.................................................
TradeStalker's
R.B.I. Trader's Update
11/ 12 / 2006
(Published Since 1996)
...............................................
Dateline: 4:53 pm Eastern time, 11/12/2006
The market had some nice moves last week, and Friday was no
exception. The early bounce nailed the SP resistance zone,
and the market sold off into early afternoon. Then, after a
washout below the initial support area, the market made a
little double bottom pattern and rallied into the close.
The market has been range-bound, with most of the action on
the SP futures taking place between 1393 on the top and 1380
on the bottom. Until the range is convincingly broken, look
for shorting opportunities on the run-ups that fizzle near
the top of the ranges, and look for a buying opportunity on
a sell-off towards the bottom of the ranges.
Get the full story every night! FREE TRIAL!
http://www.TradeStalker.com
Good Trading,
Mike Reed
TradeStalker's
R.B.I. Trader's Update
11/ 12 / 2006
(Published Since 1996)
...............................................
Dateline: 4:53 pm Eastern time, 11/12/2006
The market had some nice moves last week, and Friday was no
exception. The early bounce nailed the SP resistance zone,
and the market sold off into early afternoon. Then, after a
washout below the initial support area, the market made a
little double bottom pattern and rallied into the close.
The market has been range-bound, with most of the action on
the SP futures taking place between 1393 on the top and 1380
on the bottom. Until the range is convincingly broken, look
for shorting opportunities on the run-ups that fizzle near
the top of the ranges, and look for a buying opportunity on
a sell-off towards the bottom of the ranges.
Get the full story every night! FREE TRIAL!
http://www.TradeStalker.com
Good Trading,
Mike Reed
Thursday, November 09, 2006
Market Comment 11/09/06
.................................................
TradeStalker's
R.B.I. Trader's Update
11/ 09 / 2006
(Published Since 1996)
...............................................
Dateline: 6:43 pm Eastern time, 11/09/2006
We had early strength to short on Thursday morning, as the
SP futures turned down from a 1393.75 high. The first
pullback was bought, but the bounce turned down from a test
of the highs and the trends rolled over. Per the first
Intraday Update, selling the pops offered plenty of
opportunity on the short side as the market sold off to
support at the 1383.25-1382.25 area on the SP futures. There
was a quick bounce off of that zone but it couldn't stick.
Another push lower sent the SP futures to 1381.75, while the
Nasdaq found support at its 1743.50-1742.50 zone with 45
minutes left in the trading day. That stopped the bleeding
and the market firmed into the close.
The market continues to get turned away pretty hard on a
move to the 1393-1395 area on the SP futures. The volume was
pretty heavy on Thursday, which isn't a plus on a down day.
However, lately the market has acted like a champ -- getting
right up off the canvas of these knock-down punches. The
bulls will likely try to rally early, but if the initial
resistance areas are sold, the downdraft won't be over.
Nightly Support and Resistance numbers from a 24 Year
Trading Veteran. Check us out! http://www.TradeStalker.com
TradeStalker's
R.B.I. Trader's Update
11/ 09 / 2006
(Published Since 1996)
...............................................
Dateline: 6:43 pm Eastern time, 11/09/2006
We had early strength to short on Thursday morning, as the
SP futures turned down from a 1393.75 high. The first
pullback was bought, but the bounce turned down from a test
of the highs and the trends rolled over. Per the first
Intraday Update, selling the pops offered plenty of
opportunity on the short side as the market sold off to
support at the 1383.25-1382.25 area on the SP futures. There
was a quick bounce off of that zone but it couldn't stick.
Another push lower sent the SP futures to 1381.75, while the
Nasdaq found support at its 1743.50-1742.50 zone with 45
minutes left in the trading day. That stopped the bleeding
and the market firmed into the close.
The market continues to get turned away pretty hard on a
move to the 1393-1395 area on the SP futures. The volume was
pretty heavy on Thursday, which isn't a plus on a down day.
However, lately the market has acted like a champ -- getting
right up off the canvas of these knock-down punches. The
bulls will likely try to rally early, but if the initial
resistance areas are sold, the downdraft won't be over.
Nightly Support and Resistance numbers from a 24 Year
Trading Veteran. Check us out! http://www.TradeStalker.com
Saturday, June 10, 2006
Using a Vix Indicator
Question:
Mike, can you confirm when using the Volatitly Index indictor (VIX) for Intraday trading do you use it with standard settings of 10 10?
If not, what setting do you use for the Vix indicator for Intraday setting and how to use/read it?
Thanks, Naz
Answer:
Naz-I only eyeball the Vix intraday. I have a set of end of day signals that I use however. Since volatility is "mean-reverting" look for extremes (e.g., 10% over/under 10 period sma) that then reverse for the best signals. Best, Mike
Mike, can you confirm when using the Volatitly Index indictor (VIX) for Intraday trading do you use it with standard settings of 10 10?
If not, what setting do you use for the Vix indicator for Intraday setting and how to use/read it?
Thanks, Naz
Answer:
Naz-I only eyeball the Vix intraday. I have a set of end of day signals that I use however. Since volatility is "mean-reverting" look for extremes (e.g., 10% over/under 10 period sma) that then reverse for the best signals. Best, Mike
Wednesday, May 03, 2006
Market Comment 5/03/06
Dateline: 5:54 pm Eastern time, 05/03/2006
The market opened lower on Wednesday and the selling didn't
let up until about 40 minutes into the trading day. The
market bounced back a bit, but the SP futures had trouble at
old 1314.50 support (turned resistance) and the selling
resumed. By late morning, the SP futures reached 1309.75 and
the Nasdaq futures went to 1693.00, and a feeble bounce
followed. Wedge patterns formed on the intraday charts and
once broken on the down side, the market dove to the
1308.50-1307.50 area on the SP futures and/or the 1689.75-
1688.25 area on the Nasdaq futures. With 90 minutes left in
stock trading, the SP and Nasdaq futures reached 1308.00 and
1687.75, respectively. We were on alert for a reversal from
support there and the market obliged by bouncing to 1313.50
on the SP futures and 1698.25 on the Nasdaq before softening
into the close.
The market is acting like it could get knocked over pretty
easily. The SP500 has refused to break out and now rallies
aren't sticking. We could remain range bound until Friday,
but odds are still better shorting the bounces as soon as
they fizzle.
Get my nightly support and resistance numbers. Subscribe
to TradeStalker's RBI Trader's Updates:
http://www.TradeStalker.com
Good Trading,
Mike Reed
The market opened lower on Wednesday and the selling didn't
let up until about 40 minutes into the trading day. The
market bounced back a bit, but the SP futures had trouble at
old 1314.50 support (turned resistance) and the selling
resumed. By late morning, the SP futures reached 1309.75 and
the Nasdaq futures went to 1693.00, and a feeble bounce
followed. Wedge patterns formed on the intraday charts and
once broken on the down side, the market dove to the
1308.50-1307.50 area on the SP futures and/or the 1689.75-
1688.25 area on the Nasdaq futures. With 90 minutes left in
stock trading, the SP and Nasdaq futures reached 1308.00 and
1687.75, respectively. We were on alert for a reversal from
support there and the market obliged by bouncing to 1313.50
on the SP futures and 1698.25 on the Nasdaq before softening
into the close.
The market is acting like it could get knocked over pretty
easily. The SP500 has refused to break out and now rallies
aren't sticking. We could remain range bound until Friday,
but odds are still better shorting the bounces as soon as
they fizzle.
Get my nightly support and resistance numbers. Subscribe
to TradeStalker's RBI Trader's Updates:
http://www.TradeStalker.com
Good Trading,
Mike Reed
Market Comment 5/02/06
The market opened higher on Tuesday, then sold off for about
40 minutes. The dip was bought and the market chopped higher
into early afternoon. The SP futures found difficulty around
its 1318.00-1318.50 resistance while the Nasdaq waffled
around its 1705.00 resistance level, and the market sold off
grudgingly until the last hour of trading. The SP futures
made it back to test the high while the Nasdaq sagged lower
into the close.
If there is follow through buying early on Wednesday, be on
alert for a reversal after the first 20-40 minutes of
trading. Thereafter, if the market obliges and we get a sell
off, look for that first drop to be met with buying as soon
as the momentum fizzles. We should have more back and forth
type of trading action until all of the averages get in
sync.
Good Trading,
Mike Reed
40 minutes. The dip was bought and the market chopped higher
into early afternoon. The SP futures found difficulty around
its 1318.00-1318.50 resistance while the Nasdaq waffled
around its 1705.00 resistance level, and the market sold off
grudgingly until the last hour of trading. The SP futures
made it back to test the high while the Nasdaq sagged lower
into the close.
If there is follow through buying early on Wednesday, be on
alert for a reversal after the first 20-40 minutes of
trading. Thereafter, if the market obliges and we get a sell
off, look for that first drop to be met with buying as soon
as the momentum fizzles. We should have more back and forth
type of trading action until all of the averages get in
sync.
Good Trading,
Mike Reed
Market Comment 5/01/06
Dateline: 7:36 pm Eastern Time, 5/1/2006
The market opened higher on Monday, and ran up to 1322.25 on
the SP futures and 1719.75 on the Nasdaq futures in the
first 15 minutes of trading. A quick dip and retest failed,
and the downside took hold. The SP futures held at 1316.50
while the Nasdaq futures stopped at 1709.50, and then the
market went into churn mode. Shortly after 3 pm, the SP
futures popped over 1320.00 and then reversed hard. The
afternoon ranges broke, and the market hit an air pocket, as
the market was hit with waves of selling into the closing
bell.
We have yet another failure at the 1322-1324 area on the SP
futures. The bounces should be countertrend affairs for now.
The futures settled with very small premiums, so an early
selloff that reverses could set up a trade on the long side
early on Tuesday. Aside from that occurring, shorting the
bounces then as soon as the upside stalls should offer very
good shorting opportunities - especially at a good
resistance zone.
Good Trading,
Mike Reed
The market opened higher on Monday, and ran up to 1322.25 on
the SP futures and 1719.75 on the Nasdaq futures in the
first 15 minutes of trading. A quick dip and retest failed,
and the downside took hold. The SP futures held at 1316.50
while the Nasdaq futures stopped at 1709.50, and then the
market went into churn mode. Shortly after 3 pm, the SP
futures popped over 1320.00 and then reversed hard. The
afternoon ranges broke, and the market hit an air pocket, as
the market was hit with waves of selling into the closing
bell.
We have yet another failure at the 1322-1324 area on the SP
futures. The bounces should be countertrend affairs for now.
The futures settled with very small premiums, so an early
selloff that reverses could set up a trade on the long side
early on Tuesday. Aside from that occurring, shorting the
bounces then as soon as the upside stalls should offer very
good shorting opportunities - especially at a good
resistance zone.
Good Trading,
Mike Reed
Thursday, April 27, 2006
Market Comment 4/27/06
Dateline: 8:23 pm Eastern time, 04/27/2006
The market gapped down on Thursday morning and after 15
minutes of trading, prices turned up. Once the Bernanke
testimony was released, the market ran straight up. The move
was unsustainable and stopped right at resistance, and then
a pretty sharp drop followed. However, that weakness was
bought and the market took off again to make new highs for
the day just after noon. The futures made highs at 1321.00
on the SP futures and 1739.00 on the Nasdaq futures and then
the market started a drift lower. That drop took the SP
futures to 1314.00 while the Nasdaq futures fell to 1727.25.
Then with about 90 minutes left in the trading day, another
bounce began. A run up to test the highs failed and the
market sold off to end the day.
The market made outside days on the charts. Once again the
top of the trading range on the SP futures turned the market
back. The highs were made around noon and the afternoon
retest failed. The bears had the upper hand into the close.
Good Trading,
Mike Reed
The market gapped down on Thursday morning and after 15
minutes of trading, prices turned up. Once the Bernanke
testimony was released, the market ran straight up. The move
was unsustainable and stopped right at resistance, and then
a pretty sharp drop followed. However, that weakness was
bought and the market took off again to make new highs for
the day just after noon. The futures made highs at 1321.00
on the SP futures and 1739.00 on the Nasdaq futures and then
the market started a drift lower. That drop took the SP
futures to 1314.00 while the Nasdaq futures fell to 1727.25.
Then with about 90 minutes left in the trading day, another
bounce began. A run up to test the highs failed and the
market sold off to end the day.
The market made outside days on the charts. Once again the
top of the trading range on the SP futures turned the market
back. The highs were made around noon and the afternoon
retest failed. The bears had the upper hand into the close.
Good Trading,
Mike Reed
Wednesday, April 26, 2006
Market Comment 4/26/06
Dateline: 6:23 pm Eastern time, 04/26/2006
The market followed through on Tuesday's last hour strength,
moving higher for the first hour of trading on Wednesday.
The move stalled at the 1315.50-1316.50 resistance zone on
the SP futures and 1722.75-1723.50 resistance on the Nasdaq
futures. With highs at 1316.50 and 1721.25, a pullback to
1310.75 and 1709.50 followed. That brought in some buying,
but the move didn't stick and the market went back to test
the lows. The market settled into a choppy trading range,
playing ping-pong between 1314.50 and 1310.75 until the
final hour of trading. The range broke, sending the market
to new lows for the day, and then the market firmed into the
close.
Do you have a daily Trading Plan? If you were a subscriber,
you would be getting this in your email nightly along with
what's going to happen the following day, my support and
resistance numbers I'll be buying and selling against.
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Good Trading,
Mike Reed
The market followed through on Tuesday's last hour strength,
moving higher for the first hour of trading on Wednesday.
The move stalled at the 1315.50-1316.50 resistance zone on
the SP futures and 1722.75-1723.50 resistance on the Nasdaq
futures. With highs at 1316.50 and 1721.25, a pullback to
1310.75 and 1709.50 followed. That brought in some buying,
but the move didn't stick and the market went back to test
the lows. The market settled into a choppy trading range,
playing ping-pong between 1314.50 and 1310.75 until the
final hour of trading. The range broke, sending the market
to new lows for the day, and then the market firmed into the
close.
Do you have a daily Trading Plan? If you were a subscriber,
you would be getting this in your email nightly along with
what's going to happen the following day, my support and
resistance numbers I'll be buying and selling against.
Check us out for FREE:
http://www.TradeStalker.com
Good Trading,
Mike Reed
Tuesday, April 25, 2006
Market Comment 4/25/06
Dateline: 7:03 pm Eastern Time, 04/25/2006
The market offered us a gift on Tuesday morning. We wanted
to short early strength in the 1315.50-1316.50 area on the
SP futures and the 1721.75-1722.75 area on the Nasdaq
futures. The early reversal from highs at 1316.50 on the SP
futures and 1723.50 on the Nasdaq futures set up a nice
entry on the short side, and the market obliged by selling
off pretty hard.
By noon the SP futures reached 1305.00 while the Nasdaq
futures fell to a 1706.50 low. There was a feeble bounce
into the early afternoon, and then the market made a stab at
lower lows. Those new lows were bought, and the market went
into a choppy trading environment. There was a pop to
1309.75 after the Intraday Update, but trends were pointing
down and the market backed off to test the lows again. With
an hour left in the trading day, that was it for the
downside as the market bounced back into the close.
Get the full story each night in your email box along with
my accurate support and resistance numbers.
http://www.Tradestalker.com
Good Trading,
Mike Reed
The market offered us a gift on Tuesday morning. We wanted
to short early strength in the 1315.50-1316.50 area on the
SP futures and the 1721.75-1722.75 area on the Nasdaq
futures. The early reversal from highs at 1316.50 on the SP
futures and 1723.50 on the Nasdaq futures set up a nice
entry on the short side, and the market obliged by selling
off pretty hard.
By noon the SP futures reached 1305.00 while the Nasdaq
futures fell to a 1706.50 low. There was a feeble bounce
into the early afternoon, and then the market made a stab at
lower lows. Those new lows were bought, and the market went
into a choppy trading environment. There was a pop to
1309.75 after the Intraday Update, but trends were pointing
down and the market backed off to test the lows again. With
an hour left in the trading day, that was it for the
downside as the market bounced back into the close.
Get the full story each night in your email box along with
my accurate support and resistance numbers.
http://www.Tradestalker.com
Good Trading,
Mike Reed
Monday, April 24, 2006
Market Comment 4/24/06
Dateline: 8:28 pm Eastern Time, 04/24/2006
The market opened slightly lower on Monday, and continued
selling off in the first 30 minutes of trading. The first
bounce was feeble, and selling came in around the opening
levels. The market fell back to test the early lows by late
morning, and then bounced back once again. A bounce to token
new highs for the day occurred by early afternoon, but the
move didn't stick and another little shakeout followed. The
market moved back to make its highs in the final hour before
sagging into the close.
There is quite a bit on the economic calendar this week. We
get the Consumer Confidence number 30 minutes into the
trading day on Tuesday. The Monday action was less than
impressive, so look for early strength to be sold in to on
Tuesday. Thereafter, keep an eye on the resistance and
support areas for potential turning points. Shorting the
bounces as soon as the move fizzles should continue to offer
the better risk/reward opportunities.
Want accurate support and resistance numbers in your
email box each evening? Subscribe to our nightly
RBI Trader's Updates!
http://www.TradeStalker.com
Good Trading,
Mike Reed
The market opened slightly lower on Monday, and continued
selling off in the first 30 minutes of trading. The first
bounce was feeble, and selling came in around the opening
levels. The market fell back to test the early lows by late
morning, and then bounced back once again. A bounce to token
new highs for the day occurred by early afternoon, but the
move didn't stick and another little shakeout followed. The
market moved back to make its highs in the final hour before
sagging into the close.
There is quite a bit on the economic calendar this week. We
get the Consumer Confidence number 30 minutes into the
trading day on Tuesday. The Monday action was less than
impressive, so look for early strength to be sold in to on
Tuesday. Thereafter, keep an eye on the resistance and
support areas for potential turning points. Shorting the
bounces as soon as the move fizzles should continue to offer
the better risk/reward opportunities.
Want accurate support and resistance numbers in your
email box each evening? Subscribe to our nightly
RBI Trader's Updates!
http://www.TradeStalker.com
Good Trading,
Mike Reed
Sunday, April 23, 2006
Market Comment 4/23/06
Dateline: 6:01 pm Eastern time, 04/23/2006
On Friday morning the SP futures reached 1324.00 and quickly
backed away. The market tried to hold into the afternoon,
but after rolling over, a steady selloff took the Nasdaq
futures to 1712.00 and the SP futures to 1312.00. That was
just 1 tick above RBI key support at the 1311.75-1311.00
area. From there, the market snapped back in the final
hour.
With the Dow and SP500 up at multi-year highs here, the
internal gauges are nowhere near confirming these prices.
While the SP and Dow ended flat on Friday, the Nasdaq was
hammered. That price action could occur in the blue chips
next.
The VIX gave multiple Sell signals on Friday. Along with
that, the market is still overbought. (The 4-Day Volume
Ratio is 0.65 for one example.) The momentum is at a stand-
still at Friday's close.
At the moment we have strong resistance on the SP futures
around 1324.75 and strong support around 1311.50. If there
is another test of the 1324.00-1324.75 area, it should fail.
On the bottom side, if we go under 1311.00 and cannot
quickly reverse, then the longs will probably go for the
exit door.
Sign up for the whole story in your email box nightly.
I include my support and resistance zones which are
followed by traders through out the world!
Go to http://www.TradeStalker.com
Good Trading,
Mike Reed
On Friday morning the SP futures reached 1324.00 and quickly
backed away. The market tried to hold into the afternoon,
but after rolling over, a steady selloff took the Nasdaq
futures to 1712.00 and the SP futures to 1312.00. That was
just 1 tick above RBI key support at the 1311.75-1311.00
area. From there, the market snapped back in the final
hour.
With the Dow and SP500 up at multi-year highs here, the
internal gauges are nowhere near confirming these prices.
While the SP and Dow ended flat on Friday, the Nasdaq was
hammered. That price action could occur in the blue chips
next.
The VIX gave multiple Sell signals on Friday. Along with
that, the market is still overbought. (The 4-Day Volume
Ratio is 0.65 for one example.) The momentum is at a stand-
still at Friday's close.
At the moment we have strong resistance on the SP futures
around 1324.75 and strong support around 1311.50. If there
is another test of the 1324.00-1324.75 area, it should fail.
On the bottom side, if we go under 1311.00 and cannot
quickly reverse, then the longs will probably go for the
exit door.
Sign up for the whole story in your email box nightly.
I include my support and resistance zones which are
followed by traders through out the world!
Go to http://www.TradeStalker.com
Good Trading,
Mike Reed
Tuesday, April 18, 2006
Market Comment 4/18/06
Dateline: 7:31 pm Eastern Time, 4/18/2006
We will be away on Wednesday and part of Thursday.
Everyone's subscription will be extended. The next update
will be published on Thursday night.
The market gapped up on the open on Tuesday, and the move
initially had trouble at the 1299.00-1300.50 area on the SP
futures. The small pullback didn't stick, as buyers were in
line at 1297.50 on the SP futures and 1713.25 on the Nasdaq
futures, and the upside was back in gear. In trend up
fashion, the market went for the big resistance at the
1307.75-1308.50 area on the SP futures. The SP futures
reached 1307.50 while the Nasdaq futures reached 1732.00,
and then there was a pullback before the FOMC minutes. After
that release the market spiked higher and then reversed.
However, the market refused to give much ground and headed
back up. The rally lasted into the final hour with the SP
futures getting to 1316.00 and the Nasdaq futures reaching
1742.75 before a dip into the close.
It looks like the SP may want to try to test the top of this
big range, if the market didn't exhaust itself on Tuesday.
That would get the SP futures back to the 1322 area, which
is a level both the bulls and bears would like another look
at.
That might be asking for a lot. The volume picked up pace on
Tuesday, with up volume swamping down volume by more than a
9 to 1 ratio. Also, the rally lasted from the opening bell
to the closing bell, leaving all of the averages in
uptrends.Whatever the case, a bit more on the upside will
likely set the stage for another sharp drop. The RBI Sell
gate is open, and the Vix dropped almost 10% on Tuesday.
On Wednesday look for the "sell early, buy the first decent
pullback" pattern in the early going. If there is early
strength, look for a reversal no later than 20-40 minutes
into the trading day. Thereafter, as long as initial support
holds, the market should be okay and stay in uptrends.
For more information on the RBI Updates and
how to subscribe to get my support and
resistance numbers go to:
http://www.TradeStalker.com
Good Trading,
Mike Reed
We will be away on Wednesday and part of Thursday.
Everyone's subscription will be extended. The next update
will be published on Thursday night.
The market gapped up on the open on Tuesday, and the move
initially had trouble at the 1299.00-1300.50 area on the SP
futures. The small pullback didn't stick, as buyers were in
line at 1297.50 on the SP futures and 1713.25 on the Nasdaq
futures, and the upside was back in gear. In trend up
fashion, the market went for the big resistance at the
1307.75-1308.50 area on the SP futures. The SP futures
reached 1307.50 while the Nasdaq futures reached 1732.00,
and then there was a pullback before the FOMC minutes. After
that release the market spiked higher and then reversed.
However, the market refused to give much ground and headed
back up. The rally lasted into the final hour with the SP
futures getting to 1316.00 and the Nasdaq futures reaching
1742.75 before a dip into the close.
It looks like the SP may want to try to test the top of this
big range, if the market didn't exhaust itself on Tuesday.
That would get the SP futures back to the 1322 area, which
is a level both the bulls and bears would like another look
at.
That might be asking for a lot. The volume picked up pace on
Tuesday, with up volume swamping down volume by more than a
9 to 1 ratio. Also, the rally lasted from the opening bell
to the closing bell, leaving all of the averages in
uptrends.Whatever the case, a bit more on the upside will
likely set the stage for another sharp drop. The RBI Sell
gate is open, and the Vix dropped almost 10% on Tuesday.
On Wednesday look for the "sell early, buy the first decent
pullback" pattern in the early going. If there is early
strength, look for a reversal no later than 20-40 minutes
into the trading day. Thereafter, as long as initial support
holds, the market should be okay and stay in uptrends.
For more information on the RBI Updates and
how to subscribe to get my support and
resistance numbers go to:
http://www.TradeStalker.com
Good Trading,
Mike Reed
Monday, April 17, 2006
Market Comment 4/16/06
Dateline: 6:40 pm Eastern time, 04/16/2006
On Thursday morning, the market gapped down on the open and
fell to support on the SP futures. A quick reversal was
enough to get a rally going, and it could have been
meaningful if the rally was able to stick. But the move
fizzled before noon at the 1299.00 level, and the market
softened the remainder of the day.
The oversold status has been worked off, for the most part.
The market refused to rally under conditions that are
normally good for the bulls. We did get a couple of intraday
bounces, but the rallies aren't sticking. With the market
acting poorly, selling the bounces should continue to offer
the better intraday opportunities.
For the whole story, plus nightly accurate support and
resistance levels, subscribe to my nightly updates at:
http://www.TradeStalker.com
Good Trading,
Mike Reed
On Thursday morning, the market gapped down on the open and
fell to support on the SP futures. A quick reversal was
enough to get a rally going, and it could have been
meaningful if the rally was able to stick. But the move
fizzled before noon at the 1299.00 level, and the market
softened the remainder of the day.
The oversold status has been worked off, for the most part.
The market refused to rally under conditions that are
normally good for the bulls. We did get a couple of intraday
bounces, but the rallies aren't sticking. With the market
acting poorly, selling the bounces should continue to offer
the better intraday opportunities.
For the whole story, plus nightly accurate support and
resistance levels, subscribe to my nightly updates at:
http://www.TradeStalker.com
Good Trading,
Mike Reed
Tuesday, April 04, 2006
Dateline: 7:52 pm Eastern Time, 4/04/2006
After a flat open on Tuesday, the SP and Nasdaq futures
dropped to 1302.25 and 1721.00 respectively, and then
quickly reversed. The rebound lasted about 30 minutes, with
the move fizzling out after reaching 1309.00 on the SP
futures and 1732.75 on the Nasdaq futures. They rolled over
and fell to 1304.50 and 1724.00, then bounced back again.
There was resistance at the 1312.50-1313.50 area on the SP
futures and 1735.25-1737.75 zone on the Nasdaq futures.
Around 1pm the SP futures double topped after reaching
1313.75, while the Nasdaq turned down from a 1736.75 high.
The pullback was shallow, and the market went back to test
the highs. The Nasdaq futures matched its high while the SP
futures poked into the 1316.00- 1316.75 resistance area and
then the market sagged into the close.
The market continues to swing back and forth inside of a
trading range. The Nasdaq leveled off and went basically
sideways all of Tuesday afternoon, while the SP bounce was
labored. With the market close to the top of the range, look
to short early strength on Wednesday. Then, if the initial
support can hold on a pullback, be on look out for a
reversal. ~ Mike Reed RBI Trader's Updates
After a flat open on Tuesday, the SP and Nasdaq futures
dropped to 1302.25 and 1721.00 respectively, and then
quickly reversed. The rebound lasted about 30 minutes, with
the move fizzling out after reaching 1309.00 on the SP
futures and 1732.75 on the Nasdaq futures. They rolled over
and fell to 1304.50 and 1724.00, then bounced back again.
There was resistance at the 1312.50-1313.50 area on the SP
futures and 1735.25-1737.75 zone on the Nasdaq futures.
Around 1pm the SP futures double topped after reaching
1313.75, while the Nasdaq turned down from a 1736.75 high.
The pullback was shallow, and the market went back to test
the highs. The Nasdaq futures matched its high while the SP
futures poked into the 1316.00- 1316.75 resistance area and
then the market sagged into the close.
The market continues to swing back and forth inside of a
trading range. The Nasdaq leveled off and went basically
sideways all of Tuesday afternoon, while the SP bounce was
labored. With the market close to the top of the range, look
to short early strength on Wednesday. Then, if the initial
support can hold on a pullback, be on look out for a
reversal. ~ Mike Reed RBI Trader's Updates
Audio/Transcript - HALF OFF!
Hi Folks,
Though this is our first year anniversary at TradeStalker.com, Mike is no newbie when it comes to trading. Mike has been authoring the RBI Trader's Updates for 10 years, and he has been studying and trading the market for 24 years!
In celebration of a great first year at TradeStalker.com, we are offering the 3 Hour Audio/Transcript at HALF PRICE for this week only!
http://www.tradestalker.com/seminar-package.htm
That's right, for only $25 bucks you can get your hands on Mike's answers to the most asked trader's questions.
In a nutshell, we asked a large group of traders, "If you could ask Mike 3 questions on trading, what would they be?"
Mike answered all those trading questions (plus more!) in a 3 hour teleseminar. There was a great variety of questions from both new and seasoned traders. We recorded it, then typed up a transcript and included gobs of charts! You can listen to the audio as you follow along with the charts as Mike answers questions!
Over 80 trading questions answered for you...for only $25!
This is an anniversary special, and the HALF OFF price is only good until April 10th...So, better hurry before it's too late.
Go Get your package today! http://www.tradestalker.com/seminar-package.htm
Best Wishes,
Julie
Julie@TradeStalker.com
Though this is our first year anniversary at TradeStalker.com, Mike is no newbie when it comes to trading. Mike has been authoring the RBI Trader's Updates for 10 years, and he has been studying and trading the market for 24 years!
In celebration of a great first year at TradeStalker.com, we are offering the 3 Hour Audio/Transcript at HALF PRICE for this week only!
http://www.tradestalker.com/seminar-package.htm
That's right, for only $25 bucks you can get your hands on Mike's answers to the most asked trader's questions.
In a nutshell, we asked a large group of traders, "If you could ask Mike 3 questions on trading, what would they be?"
Mike answered all those trading questions (plus more!) in a 3 hour teleseminar. There was a great variety of questions from both new and seasoned traders. We recorded it, then typed up a transcript and included gobs of charts! You can listen to the audio as you follow along with the charts as Mike answers questions!
Over 80 trading questions answered for you...for only $25!
This is an anniversary special, and the HALF OFF price is only good until April 10th...So, better hurry before it's too late.
Go Get your package today! http://www.tradestalker.com/seminar-package.htm
Best Wishes,
Julie
Julie@TradeStalker.com
Stalking and Entering Trades
Hi Everyone,
My ebook is almost done! It focuses on my strategies for
entering trades.
If you've ever wondered when and/or where to enter a
trade...this book is for you!
http://www.tradestalker.com/ebook.htm
I take you through all of my personal trade set ups that I
have been using for the past 24 years to make a living
trading the markets. These are powerful trade set ups that
are time tested and rock solid.
My e-book should be ready soon, be one of the first traders
to get your copy!
Please take the link below to get on the list to be notified
first when the e-book is ready!
http://www.tradestalker.com/ebook.htm
Good Trading,
Mike Reed
My ebook is almost done! It focuses on my strategies for
entering trades.
If you've ever wondered when and/or where to enter a
trade...this book is for you!
http://www.tradestalker.com/ebook.htm
I take you through all of my personal trade set ups that I
have been using for the past 24 years to make a living
trading the markets. These are powerful trade set ups that
are time tested and rock solid.
My e-book should be ready soon, be one of the first traders
to get your copy!
Please take the link below to get on the list to be notified
first when the e-book is ready!
http://www.tradestalker.com/ebook.htm
Good Trading,
Mike Reed
Stock Filtering and Watchlists
Question: Do you use any stock filtering to create watcthlists? If so what setups do you use?
Answer: For the most part, I day trade the stock index futures. However when trading stocks I like to scan for stocks that have relative strength greater than 70 and less than 95 over the past 3, 6, and 9 month time frames. In addition, look for stocks that are above their 50 day moving average. I oftentimes will narrow the search to stocks that are trading between $10 and $30 per share. From this list I would then look at the chart patterns to see if anything outstanding shows up. And also, based on the chart, I will find the correct spot to place a stop/loss order. Hope this helps! ~ Mike Reed - TradeStalker.com
Mike Reed
http://www.TradeStalker.com
Genuine AllExperts Expert
Check out my bio/ratings page!
http://www.allexperts.com/displayExpert.asp?Expert=70528
Answer: For the most part, I day trade the stock index futures. However when trading stocks I like to scan for stocks that have relative strength greater than 70 and less than 95 over the past 3, 6, and 9 month time frames. In addition, look for stocks that are above their 50 day moving average. I oftentimes will narrow the search to stocks that are trading between $10 and $30 per share. From this list I would then look at the chart patterns to see if anything outstanding shows up. And also, based on the chart, I will find the correct spot to place a stop/loss order. Hope this helps! ~ Mike Reed - TradeStalker.com
Mike Reed
http://www.TradeStalker.com
Genuine AllExperts Expert
Check out my bio/ratings page!
http://www.allexperts.com/displayExpert.asp?Expert=70528
RBI Trading Camp Success Story!
RBI Trading Camp this March was great...as usual! Here's one "campers" success story:
Hi Mike,
Your camp was the last piece of the puzzle for me...I didn't realize it...but once I started to incorporate all that you showed us, I realized just how much you actually did show us...
From this past week's trading, I realize it's going to take a few more weeks(maybe a month or more...or more) for all the "rules" and nuance to become second nature. But that's OK, because I'm really amazed at how much improvement I've made...just in this last week...you know, take a trade - review, critique...take a trade, reveiw, critique...etc...kind of going along like that right now...not concerned about money...just doing one lots, sometimes 3, but keeping a short leash right now...want to concentrate on developing technique...then expand out as I become more confident
But ttechnique - Ah!...for me that was the key thing I was looking to take away from the camp - entries, exits, stop loss, targets, managing the trade...and what you showed us was exactly what I needed...made a world of difference
Mike, I really appreciate you taking the time to honestly help us less experienced traders...real mentors are few and far between and I feel fortunate to have been "guided" to you
As questions come up, believe me I won't hesitate to e-mail you...I imagine you'll be hearing a lot from me...at least for awhile
Thanks again - Brad G. ~ Washington
Hi Mike,
Your camp was the last piece of the puzzle for me...I didn't realize it...but once I started to incorporate all that you showed us, I realized just how much you actually did show us...
From this past week's trading, I realize it's going to take a few more weeks(maybe a month or more...or more) for all the "rules" and nuance to become second nature. But that's OK, because I'm really amazed at how much improvement I've made...just in this last week...you know, take a trade - review, critique...take a trade, reveiw, critique...etc...kind of going along like that right now...not concerned about money...just doing one lots, sometimes 3, but keeping a short leash right now...want to concentrate on developing technique...then expand out as I become more confident
But ttechnique - Ah!...for me that was the key thing I was looking to take away from the camp - entries, exits, stop loss, targets, managing the trade...and what you showed us was exactly what I needed...made a world of difference
Mike, I really appreciate you taking the time to honestly help us less experienced traders...real mentors are few and far between and I feel fortunate to have been "guided" to you
As questions come up, believe me I won't hesitate to e-mail you...I imagine you'll be hearing a lot from me...at least for awhile
Thanks again - Brad G. ~ Washington
Thursday, March 02, 2006
RBI Trading Camp
** RBI TRADING CAMP NOTICE! **
The next RBI Trading Camp will held March 5th - March 11th via Hotcomm.
We have already begun filling up the seats for our 3rd RBI
TRADING CAMP scheduled for MARCH 5th - MARCH 11th.
We only have 2 seats left!
http://www.tradestalker.com/RBI-Trading-Camp.htm
You know training tutorial's are great bullets for your
everyday trading arsenal...but a week in RBI Trading Camp is
like adding a cannon!
Spending a week of intensive training alongside Mike in the
RBI Trading Camp will make a *tremendous impact* on your
trading.
All Trading Courses are *not* created equal. This is the
nitty gritty, the nuts and bolts...the meat behind what Mike
has done and is doing to be a successful trader...not for
the past 5 years or even 15 years, but going on 24 YEARS!
We all know that trading is risky. Traders come and they go.
Some have dreams of having a job they can do at home or
extra income to send their kids to college, but they don't
have the correct tools it takes to realize those dreams. In
the time it takes for a single breath, traders have lost
thousands of dollars in poorly executed trades.
After reading so many emails from traders who have lost so
much money, I wonder how any trader could afford *not* to
attend RBI Trading Camp.
RBI Trading Camp is an INVESTMENT for any serious trader.
Learn how to enter and exit trades in "real time", what to
watch for, how to know when to get in and get out. Learn to
control emotional trading.
Don't miss out on this incredible opportunity! Go here now
to get registered:
http://www.tradestalker.com/RBI-Trading-Camp.htm
Only 2 seats left!
http://www.tradestalker.com/RBI-Trading-Camp.htm
Best Wishes,
Julie
Julie@TradeStalker.com
The next RBI Trading Camp will held March 5th - March 11th via Hotcomm.
We have already begun filling up the seats for our 3rd RBI
TRADING CAMP scheduled for MARCH 5th - MARCH 11th.
We only have 2 seats left!
http://www.tradestalker.com/RBI-Trading-Camp.htm
You know training tutorial's are great bullets for your
everyday trading arsenal...but a week in RBI Trading Camp is
like adding a cannon!
Spending a week of intensive training alongside Mike in the
RBI Trading Camp will make a *tremendous impact* on your
trading.
All Trading Courses are *not* created equal. This is the
nitty gritty, the nuts and bolts...the meat behind what Mike
has done and is doing to be a successful trader...not for
the past 5 years or even 15 years, but going on 24 YEARS!
We all know that trading is risky. Traders come and they go.
Some have dreams of having a job they can do at home or
extra income to send their kids to college, but they don't
have the correct tools it takes to realize those dreams. In
the time it takes for a single breath, traders have lost
thousands of dollars in poorly executed trades.
After reading so many emails from traders who have lost so
much money, I wonder how any trader could afford *not* to
attend RBI Trading Camp.
RBI Trading Camp is an INVESTMENT for any serious trader.
Learn how to enter and exit trades in "real time", what to
watch for, how to know when to get in and get out. Learn to
control emotional trading.
Don't miss out on this incredible opportunity! Go here now
to get registered:
http://www.tradestalker.com/RBI-Trading-Camp.htm
Only 2 seats left!
http://www.tradestalker.com/RBI-Trading-Camp.htm
Best Wishes,
Julie
Julie@TradeStalker.com
Wednesday, February 08, 2006
If I have a job, and can't watch the market all day, would your service still be useful to me ?
QUESTION: If I have a job, and can't watch the market all day, would your service still be useful to me ?
ANSWER: Yes, without sitting in front of a quote screen, you will still be able to follow many of my trades, but there will be many trades you will miss. If you are looking to become a full time trader though, you are going to have to make that transition at some point. By subscribing and following Tradestalker, I will teach you how to limit your risk and how to become consistently profitable.
ANSWER: Yes, without sitting in front of a quote screen, you will still be able to follow many of my trades, but there will be many trades you will miss. If you are looking to become a full time trader though, you are going to have to make that transition at some point. By subscribing and following Tradestalker, I will teach you how to limit your risk and how to become consistently profitable.
Can you prove your "delayed" trial is not a scam?
QUESTION: Can you prove your "delayed" trial is not a hoax?
ANSWER: If you read our subscription, you will notice that a lot of days I hit the nail right on the head, other days I'm really close, and there are the few days that I'm wrong. If our delayed trials were "fixed", wouldn't we always hit the nail on the head ? Also, word gets out fast on the internet, especially about scammers...I've been doing this since 1996, I offer a money back guarantee to my paid subscribers.
ANSWER: If you read our subscription, you will notice that a lot of days I hit the nail right on the head, other days I'm really close, and there are the few days that I'm wrong. If our delayed trials were "fixed", wouldn't we always hit the nail on the head ? Also, word gets out fast on the internet, especially about scammers...I've been doing this since 1996, I offer a money back guarantee to my paid subscribers.
Do you offer your Trial In "Real Time" ?
QUESTION: Do you offer your Trial In "Real Time" ?
ANSWER: No. To prevent the few out there looking to take advantage of our service by constantly signing up with different email addresses, we choose to offer the "delayed" trial instead.
ANSWER: No. To prevent the few out there looking to take advantage of our service by constantly signing up with different email addresses, we choose to offer the "delayed" trial instead.
Monday, January 30, 2006
If your system of trading is as good as you say it is, then why are you selling it and not trading it?
QUESTION: If your system of trading is as good as you say it is, then why are you selling it and not trading it?
ANSWER: My work is 98% discretionary. I'm not a "system" trader, I don't follow a mechanical system. I watch and analyze the market every day. The market is always changing, and I have learned through experience that a computerized system cannot acclimate to changes as quickly as my brain does. I liken myself to the old ticker tape readers, hence my handle, "Tapereeder". Oh, and by the way, I *do* trade, nearly every single day.
ANSWER: My work is 98% discretionary. I'm not a "system" trader, I don't follow a mechanical system. I watch and analyze the market every day. The market is always changing, and I have learned through experience that a computerized system cannot acclimate to changes as quickly as my brain does. I liken myself to the old ticker tape readers, hence my handle, "Tapereeder". Oh, and by the way, I *do* trade, nearly every single day.
Can I apply this knowledge to trading equities?
QUESTION: Do you have any published material that teaches what you do or any e-courses. Can I apply this knowledge to trading equities?
ANSWER: I'm close to finishing an e-book on day trading stock index futures, using Support and Resistance areas along with several of my favorite patterns / set-ups. If you want to be notified when it's finished, let me know or go to http://www.tradestalker.com/ebook.htm and put in name and email address. I will be having another 5 day "Trading Camp" in February I believe. Again, this is mostly geared towards trading support and resistance areas intraday - primarily the e-mini SP.
As for trading stocks this way, the same stuff applies. As long as the trading vehicle is liquid, the support and resistance areas are the back bone and starting point in my trading. Best,Mike
ANSWER: I'm close to finishing an e-book on day trading stock index futures, using Support and Resistance areas along with several of my favorite patterns / set-ups. If you want to be notified when it's finished, let me know or go to http://www.tradestalker.com/ebook.htm and put in name and email address. I will be having another 5 day "Trading Camp" in February I believe. Again, this is mostly geared towards trading support and resistance areas intraday - primarily the e-mini SP.
As for trading stocks this way, the same stuff applies. As long as the trading vehicle is liquid, the support and resistance areas are the back bone and starting point in my trading. Best,Mike
Monday, January 23, 2006
Does Your Service Entitle the Subscriber to the Indicators as Well?
QUESTION: Mike, I'm a subscriber to your delayed subscription service; I've also read you basic guide to s/r trading and found this to be a very interesting approach to trading. I'm contacting you about your trading method. I'm aware of the trading camp and the recorded seminar; however I'm looking to find out if your strategy is available other than thru the trading camp. Also does the subscription service entitle the subscriber to the indicators as well? Thanks for your time.
ANSWER: My strategy basically is looking to short at resistance areas, and look to get long at support areas. And on occasions where I have reason for a strong bias, we stay pretty much exclusively on that side of the trade. My intraday charts have no indicators on them, other than several moving averages and a chart of the Tick. The other indicators I use are end of day, mostly home-made in spreadsheet spanning back to the 80's. I give this and explain the use in the Camp, but they are proprietary and for attendees only. An e-book along with more audio / video is upcoming, hopefully before month's end, depending upon my health. If you feel ready to give the TradeStalker's RBI service a shot, remember I give a guarantee. A day like today might have taken care of a month as the market bottomed early at my first support at topped up around the second resistance, dead hits on both sides of the NQ. - Mike
ANSWER: My strategy basically is looking to short at resistance areas, and look to get long at support areas. And on occasions where I have reason for a strong bias, we stay pretty much exclusively on that side of the trade. My intraday charts have no indicators on them, other than several moving averages and a chart of the Tick. The other indicators I use are end of day, mostly home-made in spreadsheet spanning back to the 80's. I give this and explain the use in the Camp, but they are proprietary and for attendees only. An e-book along with more audio / video is upcoming, hopefully before month's end, depending upon my health. If you feel ready to give the TradeStalker's RBI service a shot, remember I give a guarantee. A day like today might have taken care of a month as the market bottomed early at my first support at topped up around the second resistance, dead hits on both sides of the NQ. - Mike
Will your nightly trader's updates help me since I am not a day trader
QUESTION: I found your site http://www.TradeStalker.com through yahoo group. I went to your site and read on your support and resistance, good reading. I am fimiliar with that concept and also Pivots, and have traded them on ES, with my way and have not been successfull. Mainly because I did not know what to do when the market does not reach the support and resistance, either direction, and if it fails to reach the support and resistance, then what do you do, do you wait, for the market to come to the support and resistance area calculated, or do you buy/sell which ever the case, at the reversal and not wait for it to come to support and resistance. Will your nightly trader's updates help me since I am not a day trader, have a job 8-5. How can I take advantage of it, what kind of trade setups are possible?
ANSWER: I have surgery tomorrow, resting today so this will be quick. The service is mainly geared towards day trading. But, trading support and resistance can be done swing trading. I answer your other questions in the teleseminar package found at this link: http://www.tradestalker.com/seminar-package.htm it is 80 some questions answered with chart examples. Mike
ANSWER: I have surgery tomorrow, resting today so this will be quick. The service is mainly geared towards day trading. But, trading support and resistance can be done swing trading. I answer your other questions in the teleseminar package found at this link: http://www.tradestalker.com/seminar-package.htm it is 80 some questions answered with chart examples. Mike
Sunday, January 22, 2006
Regarding Chart Feeds
QUESTION: Mike, I'm moving my account to Interactive Brokers, I recall that you spoke highly of them @ the Support & Resistance Course teleseminar. You mentioned then (I know it was a long time ago) that they may have special pricing for RBI subscribers, so that's my first question. Second question is regarding charts--do you use the IB interface or do you use another chart feed?
ANSWER: I still use IB, problems have been very few. The special pricing was for Ninja trader order entry platform, BUT beginning this they had to change the way the price ladder acts and to use the old one. A firm claimed copyright, so to avoid court they struck a deal where there's an attached cost of 20 cents RT to use the old version. Seems small, but adds up for active trader trading any kind of size. For charts, I have Esignal data feeding Esignal charting 1 pc, and I use Ensign charting, free feed because they connect to IB. The latter is about as cost effective as it gets I think, Ensign is 39.95/ month.
ANSWER: I still use IB, problems have been very few. The special pricing was for Ninja trader order entry platform, BUT beginning this they had to change the way the price ladder acts and to use the old one. A firm claimed copyright, so to avoid court they struck a deal where there's an attached cost of 20 cents RT to use the old version. Seems small, but adds up for active trader trading any kind of size. For charts, I have Esignal data feeding Esignal charting 1 pc, and I use Ensign charting, free feed because they connect to IB. The latter is about as cost effective as it gets I think, Ensign is 39.95/ month.
Why do you require a third-party charting service?
QUESTION: Hello Mike, Thanks for responding so quickly. I've just another couple of questions--do you use the web based IB platform or have you downloaded the app on your desktop? Also, why do you require a third-party charting service rather than using the IB charts embedded in their application? Your answers will likely determine for me whether to plow ahead with IB or continue with Cybertrader, although I am strongly leaning toward IB. BTW, I primarily trade NDQ and SPX minis, coupled with options on the QQQQ and SPY.
ANSWER: I have not downloaded IB platform. It should be decent, but these tend to be a matter of personal comfort. As for their charting, I never gave it a fair shot but wasn't crazy about it. My old ''mentor'' uses Ensign, so I gave it a shot and like it. As an old TradeStation user I guess I became kind of picky. FYI, we trade the same instruments, this might the first in quite awhile. Mike
ANSWER: I have not downloaded IB platform. It should be decent, but these tend to be a matter of personal comfort. As for their charting, I never gave it a fair shot but wasn't crazy about it. My old ''mentor'' uses Ensign, so I gave it a shot and like it. As an old TradeStation user I guess I became kind of picky. FYI, we trade the same instruments, this might the first in quite awhile. Mike
Do You Follow the E-Mini Russell?
QUESTION: Mike.......Do you follow the emini Russell? I primarily trade the emini S&P but I really like how this market reacts to prior support and resistance levels.
ANSWER: I do a little with the Russell, but not the main trading vehicle. We had a vote for me to do the Russell or Dow numbers, and mini Dow won.
ANSWER: I do a little with the Russell, but not the main trading vehicle. We had a vote for me to do the Russell or Dow numbers, and mini Dow won.
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