Wednesday, June 28, 2006

Watch List - ADBE, CMCSK, MCHP,

ADBE - Bullish hammer reversal bar at key support level.

CMCSK - a bullish engulfing pattern on key pivot point support despite the napping cable guy.

I hate it when the 200 MA gets in the way of a good long entry in the form of overhead resistance. However, MCHP has a lot of bullish signals in play including, John Carter's three consecutive higher closes reversal pattern, as well as, higher volume on bullish bars, and a close above the 20 day EMA.

4 comments:

AJ said...

Jamie,
Would you recommend opening new positions ahead of the fed statement tomorrow ?
Thanks,
AJ.

Jamie said...

Hi AJ,

I usually close all my open positions at least one hour before the Fed statement. I have no problem opening new intraday short-term positions in the morning, but Bernanke does not have a good track record with the markets so its risky holding into the 2:15 time frame. The digestion, by the markets, of his statement is always very tricky as well.

Good luck!

monkeydust said...

Heh, I was wondering what your take was on the same thing. I closed out my positions yesterday.

I expect the markets to open up and then drift back down by afternoon. I "think" the markets will rally after the the fed releases their info but I don't have feelings strong enough to hold during it. Of course the market will swing back and forth wildly for 15 minutes or so after their decision is released but I think the bias will be upwards after things have settled.

Jamie said...

As of noon today, you're 100% correct. Hope Bernanke's ego doesn't get in the way and that the second part of your expectation is right as well!