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The lower trading in the Dow yesterday confirmed the hanging man signal. Wednesday's lower trading confirms the fact that the T-line is not holding. Expect a few more days to the downside with the anticipation of the support level being the 50 day moving average. Close out long positions that are trading below the T-line. … [Read More...]
The market indexes continued to show the same characteristics as previously seen during this uptrend. Early-morning selling, testing the T-line, followed by buying. The prognosis remains the same, as long as the indexes do not close below the T-line, the uptrend remains in progress. … [Read More...]
The markets continue to show sector specific trading. The Dow is trading positive Friday the NASDAQ is trading negative. That has been the nature of the market for the past four weeks. The evaluation of each individual stock chart becomes the important factor. Stay predominantly long but close out long positions that are showing profit-taking. There are numerous new positions/sectors showing strength. … [Read More...]
The market trend is now remaining consistent enough that more emphasis should be placed upon individual stocks/sectors. The whole uptrend has been accented as a stock/sector specific market. Fortunately, this makes the utilization of candlestick scans very profitable. The scans can pinpoint which stocks have the best chart patterns without a great concern for the market direction in general. … [Read More...]
As stocks have taken a beating of late it could be time to look for bargains and buy cheap stocks. When deciding to buy cheap stocks for long term investing the investor is looking for different characteristics than a day trader who might buy cheap stocks in expectation of a quick profit. In long term buy and hold investing one looks for stocks that are underpriced in relation to their eventual value. Such stocks will commonly have a low price to earnings ratio, a strong margin of safety, and forward looking intrinsic stock value. An ideal stock for a long term investor is often lying forgotten by the market. It is not especially volatile. On the other hand when traders decide to buy cheap stocks they are commonly looking for stock volatility. They may look for stocks that have had drastic changes in their fundamentals and are in a period of market inefficiency as market sentiment settles on a stock price. Using Candlestick charts traders can buy cheap stocks before they rebound or sell short before the market makes them cheap stocks. Picking stocks in a down market is only part of how to make money if one chooses to buy cheap stocks. The other part is timing. Candlestick analysis provides traders with an objective means of stock market and individual stock analysis. Long ago traders recognized that market price patterns repeat themselves. Rice traders in ancient Japan developed an easy to read system of signals for trading rice. Today Japanese Candlesticks are used for trading commodities, stocks, options, futures, and foreign currencies. Candlestick patterns essentially predict the future by remembering the past. When a trader or investor wants to buy cheap stocks he does so in order to profit when the stock rises in price. Although the long term investor may have a longer time horizon in mind he, as well as the trader, wants to buy stocks at the lowest possible price. He does this with an eye on the fundamentals of the stock but with his full attention on … [Read More...]