Steelman's Technical Charts: April 2011

Thursday, April 7, 2011

FDX out my Puts BUll flag

Out of my FDX puts because didn't drop like I thought and looks like a Bullish flag (blue dotted lines) forming. I may have got out too early but again with all the Fed promo going on still little skiddist even at these levels.

Sunday, April 3, 2011

GLD, USO Just follow UUP

Well here is a compassion chart of the GLD USO and UUP. The UUP is the bottom chart USO is the middle and GLD top. The trend for the GLD and USO trend is up but look at the UPP (dollar etf) its trend is down. SO conclusion you want to know where oil and gold are heading? As long as the Fed keeps printing money and devaluing the dollar there is only one way for the trend to go and that is eventually up. But Remember no equity or commodity never moves straight up or straight down and its all about catching the right wave to make money.

Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.

Saturday, April 2, 2011

USO Intersting Trend Line

So here is a very interesting trend line which leads us to a very interesting Mon. If you look at the green trend line back in June to Sept it was support then it broke through. Here I go preaching again but support broken now becomes resistance and has it become resistance. Since it has become resistence we have hit it 5 times and went through it a little, but every one of those hits it would brake down with a good sell off. So here we are again breaking it on Fri. Well maybe the second part of this puzzle is we are at a potential double top. One last thing I watching is the MACD which is in divergence as we go higher it is actually moving with lower highs. Monday is such a big day for this stock, do we confirm the break higher or does it come in and break down and sell off like we have the last 5 hits prior to Fri. Again you may think I am a big chicken but I will wait for Monday to tell me which way Oil will be going. With all the up rest in the middle east the best way to play this may be options where you can limit your lost if the trade goes against you. Again I will wait for Monday's close to Give me a better look at this trade.

FDX Missed Opertunity

Well here is one I missed FDX just completed a beautiful Inverse Head and Shoulders. On Mar 24th it broke its neck line (pink dotted line) and confirmed the break the next day. My calculations had a target of 96 which was hit on Fri plus it hit a count system I use too. Now where we go from here. I love Fridays candle beautiful shooting star just as we completed the inverse head and shoulder. I think the next move is down because of this candle appearing after a good rally. Come Monday I will be watching this stock and may buy a May 90 put but will wait to see the price action.

SPY Closed the Week at My 2 Trend Lines

Well it was 0400 in the morning getting ready for work on Fri. I thought I have a quick look at the charts and I noticed that the SPY was coming into 2 trends lines which would be some major resistance. The first is the pink trend line from early Mar that was at that time support and got broke. To repeat myself support become resistance once broke and here we are again. The second resistance line is the Mar 1st high. The 2 trend lines crossed at the 133.16. The start of the day we opened above it and traded most of the day about it then about 0200 the market sold off to close just below the 2 lines. I think we head down the next couple days to test the green trend but I still am nervous with this market with all the Fed manipulation. If we continue with the low vol they may try to push this market to new highs but eventually it will break down and when it does it will break hard.

So where am I with this market as far as a trade. I am neutral until the market lets me know where we are going. Until we break above the Feb high and confirm to the upside or we can break the green trend line on the down side and confirm I will remain neutral and be very selective on my trades and not overloading on shorts or longs.

Friday, April 1, 2011

Caution SPY Hitting 2 resistence lines

Sorry without my charts today but need to let you know premarket today the SPY hit 133 which has come up against 2 trend lines of resistence. If you go to my last SPY chart it is the pink trend line. The second is the Mar. 1st high right at 133. With the jobs report out at 08:30 watch we dont hit this resistence then close lower. Rember stops to protect urself incase the market goes against your trade.

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