Posts Tagged ‘STLD’

Swing Trading Week in Review – August 6, 2010

Saturday, August 7th, 2010

The week of going nowhere!

After a decent GAP UP Monday morning the market followed through with…nothing really.

Low volatility and volume usually lead to "sideways" type price action and that is exactly what we saw this week.

DIA - ETF Swing Trading

The 2 blue arrows above indicate the "double top" area that we posted in last week's BLOG.

Monday morning's GAP UP brought us up above this level and ended up trading above it for almost the entire week.

Friday we saw the market GAP DOWN and then rally a bit only to ROLL OVER to the DOWN SIDE prior to an afternoon reversal which brought the market back over the "double top" area.

Here is a look at the 15 minute chart so you can we what we mean.

DIA - 15 minute chart

Monday through Thursday you can see the "sideways" price action we encountered.

Although the INTRADAY price action was great this type lack of follow thorugh can be very frustrating for Swing Traders.

Most (not all) of our positions did exactly as the market did this week…went almost nowhere.

Although the GAP UP on Monday and the Friday afternoon reversal indicate that there are buyers at this level in the market it is still a sign of overall indecision (so far) to move this market higher or lower.

There are still a lot of stocks that have great chart patterns that my be setting up for some nice trades in the week ahead.

CHKP, NTAP , ALK, BAX and CAL are a few that we will be watching.

The Steel Sector has also been very strong as of late so we will continue to watch SLX, X, CLF, AKS, and STLD.

With the decent rally (and lack of DOWNSIDE follow through) in the GOLD MINERS this week we will watch to see how these stocks shape up during next weeks trading.

A exception to the LOW VOLATILITY theme of this BLOG post this week was the Education Stocks.

APOL, DV, COCO and CECO all had nice chart patterns that setup some great SHORT trades on Tuesday.

Take a look at these charts and you will see great example of the PRICE and VOLUME relationship.

CECO - Short Swing Trade APOL - Short Swing Trade

Also as a reminder our next PVT (Price, Volume and Trend Lines) Trading Tactics class will be held next Saturday August 14th.

If learning how to use Price Action and analyze Volume to make trading decisions in stocks and/or ETF's is of interest to you then be sure not to miss it!

Our new Swing Trading BOOTCAMP, Swing Trading Strategy Class, and FREE webinar schedules will be coming out this week so we hope to see you at one (or all) of the upcoming events.

Until next week…Good trading to YOU!

Off to a good start for 2010

Saturday, January 9th, 2010

So the New Year started off with a bang!

The markets continued to show tremendous strength during the first trading week of 2010.

The Dow opened the the week at 10,430 and never looked back, closing up 1.8% at 10,618!

The S&P 500 was up 2.7% for the week and closed at 1144.

Some of the sectors were absolutely on fire!

Steel stocks were on a roll and stocks like X, AKS, STLD, and NUE all had a big  week.

SLX, the Market Vector Steel ETF, finished up almost 10% for the week.

Energy and Oil stocks also continued to rise with stocks like BHI, DO, RIG,and APC having great weeks.

OIH was up over 11% for the week while XLE finished up almost 6%.

The heavily watched financial and home builder sectors also show some very nice upside moves.

The home builders had some great swing trade set ups.

XHB closed up over 7% for the week after breaking out from a nice pattern on the daily chart.

PHM, LEN, DHI and MTH all finished the week up nicely.

Swing traders should have capitalized on the financials as GS, JPM , and WFC all had BIG weeks after breaking their respective DOWN TREND lines.

Casinos, Airlines and Solar stocks also had a great week

Some of the other sectors, however did not fare very well during this strong week in the market.

The retail sector had a weak showing with a few exceptions like RL and BBBY.

The Real Estate sector also had a weak showing with IYR only up a tad over break even for the week.

There were plenty of opportunities for Swing Traders to profit from last weeks action and we hope you were able to do just that!

We look forward to see what next week brings and Good Trading to you!

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