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So it's been a great year so far for the commodities of which prices have been going up strengthened by the weakening USD.
Now USD is ready to make a come back with a bang. It's time to load up once again and enjoy USDA prime beef trading the USD recovery store.
At the beginning of the year, we've passed a point in the oil price that people think would deter demand.
While going through myriads of charts of companies that I regularly monitor, I found International Paper (NYSE:IP). The prices have been tested at least twice - depending on how you interpret it, it could have been 3 times - at the 27 level. Once we see bids going higher above the 50 MA at around the 28 level and if prices stay there, that's the time to get in.
While going through some charts, I've found some nice setups in SPLS and ORLY. The setup I'm talking about today has two basic criteria: One is the price being near a major average, and the other is the oversold signal. I would monitor the two for now. I would only try when I see some buyers coming in and buying at higher bids.
DOW hit 12,000 and made a short turn around to around yesterday's high. There's no indication of the market making a turn around and we don't know whether the market will continue to go up.
We can only *try*.
Here are some good setups for the longs.
We're looking at T2108, a percetage graph representing the percentage of stocks above their 40 day simple moving average. Don't take my word for it but I learned from somewhere that 40 day simple moving average is the de facto average for mutual funds.
There's a clear support line at the 21.50ish level. So that's going to be my stop. If I'm wrong, I get out with a loss at 21.50.
There are three scenarios that I expect to happen.
Ok. Here's the deal. MDT: Medtronics. I'm anticipating a volatility squeeze on MDT's price action. Some technicals are aligning very well.