Keep An Eye On These Setups Today

The DJIA

Once again the DJIA made a valiant attempt at the upper channel line of 10703 without success, stopping just 6 points shy at 10697. The system remains flat in the DJIA at this time. My initial conjecture that the top is in for the Dow remains accurate. Let’s see what happens today!

Oil

Well, our initial small short position was stopped out on a spike high into the stop level of 62.35 with a loss. I have re-entered the shorts at 61.97 and am holding with profits at this time. The bullishness is just unbelievable, too much so in my opinion to continue much longer. Some good news for the shorts. The US petroleum report was issued yesterday indicating increased inventories and that crude supplies are 3% above the 5 year average.

The Dollar:

It appears that the dollar’s bullish run is over. I entered long the USD/EUR pair at 1.2233 and am holding with nice profits as of this writing. Interest rates are poised to drop in the UK , potentially further damaging the dollar. Holding long here.

US Equities

Here’s were I had some fun yesterday!

GOOG: I finally entered this volatile stock short today at 298.10. I am expecting a drop to the 295 area minimally. Stops are set at 300.53, in case my projection proves wrong. Take a look at the 15 minute candlestick chart. Man, this stocks reminds me of the internet heyday! short

GM: This embattled automaker continued to lose ground today. However, I am maintaining my bullish bias and waiting to enter this one long soon. long

BOOM: Experienced a wild ride in this one today! Am holding long from 44.77 with profits currently. long

DNA: Holding long with losses at this time. Expecting the upward trajectory to continue soon! long

Thanks for reading!

Best wishes in the market!

Dave G

David S. Goodboy (marketsurfer) has been trading professionally for over 14 years. Mr. Goodboy trades ETF's, stocks, index futures, energy futures and options. His primary focus is a unique multi-time frame index trading system based on a combination of time/price cyclical studies and statistical models. David was a trader/partner with Biltmore Capital, traded with an option arbitrage firm, and is currently in the launch stages of IntrendX, a global multi-strategy fund.