Henry Ford's RoundTable MarketWatch

3:12 PM
UPDATE Things appear to be rolling over here and pulling back. Of course just after I write that things immediately turn around and rally again. We have broken and will probably hold above the descending wedge on the SP. About 40% of the time there is a pullback to the breakout level, so this would be the opportunity to add/buy new positions. I will of course throw up charts after the close. We will be watching at 3:40 to see what the Traders set up with their MOC orders.
:: Henry Ford ::

3:01 PM
UPDATE Getting good rallies on all indices but NDX now very overbought and still has sizeable gap on the downside that has not been filled. Seems a bit early to get a sustained rally here, but we will follow the charts. Last hour will be important here of course.
:: Henry Ford ::

1:34 PM
UPDATE Getting some movement here during the lunch hour on the SP as it pokes above the declining tops trendline. DOW still has some ways to go to get there and NDX still has a big gap to fill. NDX and derivitive QQQ also near the top of their 13Hour RSI range.
:: Henry Ford ::

1:17 PM
UPDATE THIS IS AN UPDATE TO A STOCK WE LOOKED AT A FEW WEEKS AGO THAT APPEARED TO BE IN THE PROCESS OF FORMING A ASCENDING WEDGE. HRB had bearish implications.
In a moment I will show you where it is today
:: Henry Ford ::

12:53 PM
UPDATE
USC has been in a slump for the last 3 years along with all the rest of the telcom industry. Is this "the bottom?"or "another bottom?". It is certainly overdue.. The longer range pattern has this one in a symmetrical triangle, which of course is ambiguos until we have a clean break to either side. Of more interest is the shorter term cup formation that appears mature. This is indicated by the thick yellow line where we had the breakout. Following that we had a 'throwback" to the breakout line which is traditionally a good point for accumulation. If successful, which this short pattern appears to be it should continue back up to the $40 range which would also make a convincing break of the intermediate triangle bounded by the heavy Red and Green lines. A break below the heavy yellow would be time to cover. Notice that the thin yellow line which is the 30 day moving average is now providing support, here it had been resistance. The thin blue line is the 200 day moving average which should be the next inflection point.

:: Henry Ford ::

12:34 PM
UPDATE OK ...got a couple of candidates...HRB and USM. Will throw up a daily chart here shortly with comments.
:: Henry Ford ::

12:09 PM
UPDATE Markets are taking a snooze here waiting for 9/11. I am getting snoozy too...someone send me a stock they are looking to buy and if I like its pattern I will do a review of it....
:: Henry Ford ::

11:02 AM
UPDATENDX and QQQ look to be making for a double bottom "W" pattern here.
:: Henry Ford ::

11:00 AM
UPDATE First hour ranges were 8415-8316 / DOW 889-882.50 / SP 913.68-901.16 NDX
:: Henry Ford ::

10:57 AM
UPDATE Markets just drifting around here which is really what I expect to see until Wednesday. Fear of the unknown still keeps investors range bound.
:: Henry Ford ::

10:56 AM
UPDATESo far we have closed the gap on SP, but NDX has a ways to go. DOW has not closed yep, but that one is of lesser importance.
:: Henry Ford ::

9:49 AM
UPDATE

:: Henry Ford ::

9:11 AM
GOOD MORNING Weakness on the open this morning. SP500 futures are off by about 6 points in the pre-market. Here is the SP500 chart as we posted it on last night's log. To review the weekend position click on the "Archive" link at the top of the column at the left and select Friday's date. To return to today's log click on "today's log" strangely enough.

:: Henry Ford ::

Disclaimer