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Wednesday, September 19, 2012

2012 September 19 - CLOSE

Wow.  I've been slammed at work the past few days, but I am finally getting around to doing some charting.  Here are some insights into what I've been seeing and what I'm hoping will happen over the next few days.


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In looking at the volume numbers above, JPM, GOOG, and XOM were all seeing heavier volume today.  JPM barely moved a tick up.  Google made a big move up.  And XOM took a nice move down. 

I'm going to be keeping my eye on XOM tomorrow morning, as a move to the $90 level would support a buy.  I mentioned Monday that I would look for a move back to $88, so anything in the $88-90 level has my attention - especially if 1/2 hour volume throughout the day supports a Buy.  Google has moved up nicely, but I'm not sure this move will be sustained as my chart shows some intermediate resistance.  I mentioned on Monday that some good volume could move this one higher, and it did.  JPM is sort of in no man's land...STILL.  The middle of the chart can be dangerous, so I'll be paying close attention to this stock on Monday/Tuesday (9/24 - 9/25) after options/futures expiry.

Gold (GLD) hasn't really been able to pump through past highs, which is a sign that the market isn't fully certain of QE(infinity)'s effectiveness.  The USD reached a level of support, which means GLD doesn't really have much room to move.  I mentioned on Monday that it could be primed for a fall, but check out thetedlines.com's public chart list for some more support resistance info on Gold.  The Gold Bullish Percent index is at 72%, so any drop under 70% would signal an immediate sell in Gold.

Finally, Priceline.com (PCLN) started to move up, but is hovering just over an intermediate $635 support level.  I'd consider buying if it moves back to this support area.

Finally, IWM is way overbought, in my opinion.  If I had been paying attention on Monday, I would've charted out a channel and clearly seen that it was in the overbought range - which would signal an immediate short opportunity.  Either way, not too worried, as we will always have more opportunities for trades.







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