New Earnings Reports and Other Reports 09-20-10

E-Mini S&P

The e-mini S&P went to its first price objective of the move up at 1094 and so far has not been able to continue towards its second price objective at 1125 which is just about where the last down moves started from (the horizontal black bar marking a double top).  To start a new move down, price would have to go through 1084 and the first price objective would be 1062.  The indicator is extended in the overbought area.

Arthur

Crude Oil (October futures) and DIG (ETF for Crude Oil)

As posted in earlier charts below, Crude Oil rallied to its first price objective in the retracement move up at 76.40.  Its second price objective remains at 79.20 (marked in black).    Within that cycle, it has also hit a new entry up at 74.04 with the first price objective at 77.30 (marked in blue).  The indicator has turned up.  To start a retracement down, price would have to go through 75.27 and the first price objective would be 73.86 (marked in red).

The ETF for Crude, DIG has a similar formation with a first price objective for the move up at 30.38 and the second price objective for the retracement up at 31.28 (chart not shown).

Arthur

DIG (ETF for Crude Oil)

DIG is the positive ETF for oil.  Currently price stopped at the first price objective for the move up at 29.33, just short of closing the gap established in August.  The second price objective is 31.12 (not shown).  The indicator has entered the extended area.  To start a move down, price would have to go through 28.03 and the first price objective would be 26.49.

Arthur

IWM (ETF for Russell 2000 Index)

IWM is the ETF for the Russell 2000 Index of small stocks.  Often times I’ve found that this index leads the S&P and the Industrials.  The chart shows that a double bottom occured with the lows in July and August.  On Friday it gapped up, closing the downside gap established in August. Currently price is attempting to get to the second price objective of the move up at 65.27.  However, the indicator has entered the extended area putting pressure on the move up.  To start a move down, price would have to go through 62.40 and the first price objective would be 60.31.  This ETF closely follows the Russell 2000 futures.

Arthur

Reports and Earning For the Week of 09-06-10

This Weeks Reports 08-29-10

Change of Management 08-23-10

At my age I find that it is too difficult to keep up the website.  I have turned the site over to a past student of mine, Arthur Marcus.  He has proven to be an excellent trader with a good track record.  I hope that he will be able to help you in the future.  I will post from time to time, probably on the week ends.

 

I wish you all the best as well as profitable trading in the future.

 

Ira

Earnings Reports and Annoouncements for the Week of 08-23-10

Courtesy of Shaeffer’s Monday Morning Outlook.

December Gold Futures (GCZ0) 08-29-10

Gold remains in a trading range where resistance is at 1233 the second price objective for the move up and 1160 the second price objective for the move down.  Gold closed the day Friday at 1227.80 down 5.60.  The pressure has turned down on the daily chart and the entry price for a move down is 1217 and the first price objective for this retracement would be 1184.  Price is still in the longer cycle move higher with the first price objective at 1270.   A move down to 1184 would not void this longer cycle up trade.  There are two influences that impact the price of gold.  One is the price of the US dollar and the other is inflation.  Many equate inflation with the rise in labor costs, but with so much of US consumption tied to imported goods a drop in the value of the US dollar would increase prices on all imported goods and services.  So inflationary pressure can be there without upward pressure from US labor costs.