Henry Ford's MarketWatch LIVE!

4:03 PM
POSITIVE CLOSE

We saw the indices all claw their way back into positive territory. Sp500 hit the 38% retracement line from the high 4 days ago to this morning's lows, and retreated immediately back down close to the upper trendline on the chart below. This ia the place for the next thrust to begin. We will want to see a clean break off 1008.25 to the upside and DO NOT want to see a break of 985 on the downside. See you in the morning.
:: Henry Ford ::

3:15 PM
PULLING BACK FROM 38% LEVEL

SP500 and most other indices stopped exactly at 38% retracement level and are now pulling back.
This resistance point should offer an opportunity for traders who missed the initial breakout to get back on board.
:: Henry Ford ::

2:15 PM
BROKE THE TRENDLINE

After a quick fake to the downside this morning we have convincingly broken above the declining trendline we were watching.
Could hav a quick pullback to that line and then make higher-hi...the ideal scenario.
:: Henry Ford ::

10:33 AM
12HR RSI INTO THE TEENS

Notice that we are still holding in the declining channel, but 12HR RSI levels are into the teens...They usually can't stay that low for very long, so could see movement in next hour or two. DOW 12HR RSI dipped under 10 this morning.

:: Henry Ford ::

10:17 AM
KEY TIMES DURING THE MARKET DAY FOR TRADERS
As you will see, there are key times that we look for during the trading day as being pivotal. Most days, the action centers around those times. Other times of the day are more suitable for a trip to the gas station or lawn bowling; Here are the pivot times we look at for signs of life: (All times are EST)
9:30-9:50...Approx first 20 minutes of trading day. Time when beginning traders lose money on whipsaws and experienced ones capture quick profits. Avoid if you are the former.
9:50-10:10..Oftimes a period of reversal for early morning trades. Market begins to settle into reality as early morning traders take their profits and swing traders look for opportunities.
10:10 to 10:25...usually a continuation of whatever trend was set up in last period.
10:25-10:35 ...A decision point for traders. Many times a turning point reversal or accelerated continuation of previous setup.
11:15-2:00...go bowling...this is the "dangerous time of day" . Traders lunch out and scalpers try to push the indices around to make a quarter here or there.
2:00-2:30...market usually begins to pick up steam:
2:30-3:00...called the 3:00 bubble, even on weak days can show strength into the next pivot point
3:05..if last period was just a bubble, will begin to break here, Otherwise can be a good pivot point.
3:25-3:35...for trending days, this is the time when trends tend to play out
3:40-3:45...can see reversals or acceleration into the close. Reason is that all floor traders have their MOC orders in and everyone has a pretty good idea where the closing range will be.
:: Henry Ford ::

9:59 AM
WEEKEND SECTOR ANALYSIS

Gold Mining leads the sectors again this week and with the pullback of the last two weeks looks like it is in position to rally once again. Ultimate target we are watching is 336.50.
Health and HMO have been tied with Gold Mining for the last 5 weeks
Residential Building has continued strength here and all of the Pitbull long picks were either in property management or mortgage finance related for the third week in a row.
Tied for 4 and fifth positions were Transport/ Trucking and Aerospace Defence.
Rounding out the top 10 were Restaurants/Consumer Misc/Retail mail order/shoes/dairy...obviously the mundane are regarded as "safe' market right now.
:: Henry Ford ::

9:48 AM
NICE BOUNCE
As anticipated, the SP 500 futures gapped lower on the open, over 7 points down. Almost immediately, buyers came in and came within 20 cents of closing that gap.
As of 9:40 we have 69% of Industries positive on the opening, with internet services and software leading the pack and semis and retail home improvement right behind. Leadership takes about 20-25 minutes to settle out here. 77% of NAZ stocks are positive, 58% of DOW stocks, while 78% of OEX. INTC is leading DOW stock with 2 1/4 % gain in first 15 minutes.
:: Henry Ford ::

9:23 AM
GOOD MORNING...
Looks like a gap down opening...this could be a positive...be back at 9:40
:: Henry Ford ::

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