Trading the US the Naz/Mr. Charts Way

[Mr. Charts]

June 1st

GOOG upped to $350 by CSFB.............

 

[Mayfly]

Kinda takes your breath away, doesn’t it? If we saw a long-legged Doji on 24th May, we’ve only had confirmation that this ones really got some legs since!

Regards

Mayfly

 

[Mr. Charts]

It does indeed, Mayfly.
I find GOOG is getting more and more readable these days and I took a bite out of today's move to pick up another $2.77.
I hope some people here read my heads-up about CSFB, applied a bit of sensible chart reading and made money too.
Richard

 

[Naz]

I know GOOG's hot but they're all into INCX today.Here's the story.

(INCX) : At the Friedman Billings Growth Conference, firm says local search is growing rapidly and the local search industry is expected to grow from $418 mln in 2005 to $3.38 bln in 2009. Says GOOG and YHOO searches they conducted yielded approximately 0.5 relevant listings per mile, where their prospective local.com search produced approximately 5 relevant listings per mile. Believes local.com is the most logical domain name and believes they will have the highest relevance per mile when launched in Q3 in the US, with launches following in the UK and Europe. Goal is to bring the advertisers and consumers together on local.com and create click-through revenue. Says local search is the highest projected growth rate in search and believes businesses will pay more to be in front of a local searcher. Firm says its current business can see 50% margin with margins of 70-80% projected on local.com. Firm is expanding into mobile search mkts and is expanding its advertiser market. Co is also looking to acquire strategic technologies and businesses. Firm has $20 mln in cash and no debt

Mr C we must think alike.
I took $2.78 out of GOOG also.

 

[neil]

Google

It does indeed, Mayfly.
I find GOOG is getting more and more readable these days and I took a bite out of today's move to pick up another $2.77.
I hope some people here read my heads-up about CSFB, applied a bit of sensible chart reading and made money too.
Richard

Here's Google.

 

[robq]

CSFB = Credit Suisse First Boston ? report on Goog prospects?
Rob

 

[neil]

And again - evening trade

Evening trade on Rimm. Was frightened out of first attempt. Notice length of volume bar on second entry - See #5 above.

Breakout bar on high volume. Up bar appears to negate trade or at least make you twitch but that bar was on lower volume and was worth the wait(just) to see the down turn continue:

 

[neil]

Report? - I only trade what I see - I don't use fundamentals

 

[Mr. Charts]

Hi neil,
It's not, imo, a matter of funnymentals, but rather of whether news alerts you to any particular stock which might then present a trading oppy.
The reason I mentioned CSFB BEFORE market open was to alert people to the fact that this presented a possible tradable move.
Which it did.
I didn't trade GOOG BECAUSE of the news, but merely because I know from experience that such an upgrade is likely to attract heavy trading which I can then read and make money from using one of my patterns.
Which is exactly what happened.
I do understand your rejection of what you call fundamentals for short term trading, but some things do produce short term profits.
This is because, in my view, news flow creates sentiment which creates trading which creates profits.
By having some knowledge of market moving influences IN ADVANCE of market open I can be ready and already focused on the right stocks at the right moment if the movement occurs.
I hope this explanation helps, Neil
Richard

 

[neil]

In full

Hi neil,
It's not, imo, a matter of funnymentals, but rather of whether news alerts you to any particular stock which might then present a trading oppy.
The reason I mentioned CSFB BEFORE market open was to alert people to the fact that this presented a possible tradable move.
Which it did.
I didn't trade GOOG BECAUSE of the news, but merely because I know from experience that such an upgrade is likely to attract heavy trading which I can then read and make money from using one of my patterns.
Which is exactly what happened.
I do understand your rejection of what you call fundamentals for short term trading, but some things do produce short term profits.
This is because, in my view, news flow creates sentiment which creates trading which creates profits.
By having some knowledge of market moving influences IN ADVANCE of market open I can be ready and already focused on the right stocks at the right moment if the movement occurs.
I hope this explanation helps, Neil
Richard

No- I gave a reply to Rob via pm stating I do not use funnymentals but do take an interest in pre market news. I should have repeated the pm post her e- sorry for any confusion -

 

[Mr. Charts]

I think we're in agreement there, neil. No confusion, I just thought it worth clarifying my own personal view
Fundamental news can move share prices, obviously, but to trade on news and/or fundamentals is unwise. Trading the REACTION is key in my opinion.
RIMM is a nice little mover, huh?
Richard

 

[neil]

Nice mover

I think we're in agreement there, neil. No confusion, I just thought it worth clarifying my own personal view
Fundamental news can move share prices, obviously, but to trade on news and/or fundamentals is unwise. Trading the REACTION is key in my opinion.
RIMM is a nice little mover, huh?
Richard

Rimm now has a little chart of its own sitting in the corner of the screen, with a couple of other stocks. Alas, CAT got the boot

 

[Mr. Charts]

Hooray!
I'm all for having a core trading list of good movers and, for me, they tend to be Nasdaq stocks.
However, on the Big Board IBM struts its stuff sometimes.
Richard

 

[powerbook]

Hi, (my first post in this room!).

I read that some U.S. oil numbers are coming out today 3:30pm GMT.

I can't find details of this report on briefing.com/nasdaq economic calendar etc.

Any idea:

1. who is publishing the report/numbers?

2. where I can find a calendar that lists it

Thanks.

 

[powerbook]

10:30am 06/02/05 US GASOLINE SUPPLIES UP 1.3M BARRELS IN LATEST WK: DOE
10:30am 06/02/05 U.S. CRUDE SUPPLIES UP 1.4M BARRELS IN LATEST WK: DOE

But whose numbers are they and why aren't they on the calendar?

Thanks

 

[Mr. Charts]

powerbook,
They are the Energy Information Administration ( US Dept. of Energy) figures and are published at 1030 Eastern on Wednesdays.
Like the refuse disposal operatives, if it's a Federal Holiday like Memorial Day, they don't come round till the next day ;-)
HTH
Richard

 

[neil]

Sears goes vertical - but why ?

Anyone know if pre-market news drove Sears share price up ?

 

[Mr. Charts]

Hello neil,
Rumours mid day that they were going to unexpectedly report after close.
Pre-market news wouldn't have an effect like that hours later.
This is, in my experience, unusual.
HTH
Richard

 

[powerbook]

Thanks for the info.

I am short the ES from yesterday's close.

Stop in place and wasn't hit overnight.

Hoping for poor non-farm payroll numbers, due in less than 90mins.

Nymex crude holding above $54 for the moment but many analysts saying it will rise significantly this summer and will also rise next week.

 

[powerbook]

ES tanking down 9pts. Oil high of the day.