Henry Ford's MarketWatch LIVE!

4:04 PM
ENDING ON THE HIGHS OF THE DAY Still nothing definitive...Could be a double top or the launching pad for a new Bull Run...Now have 3 day consolidation sideways pattern...I'll put up charts in the morning...
:: Henry Ford ::

3:43 PM
UPDATEWell just as I post, the SP and DOW are rallying to the highs of the day and near the highs of yesterday......

:: Henry Ford ::

3:29 PM
INSIDE DAYSWell...into the last half hour , but still locked in yesterday's trading range which means that today will end up being what's called and "Inside Day" Impossible to predict from today's action alone what will happen, but we will be buying the breakout confirmation or selling the breakdown confirmation sometime tomorrow I would guess, with a short leash if it backfires. This one is an indicator of consolidation or reversal, but you have to see the third day's action before you can call it. It has a poor success rate, dispite its wide following, only successful 44% of the time on the upside and 49% on the downside with just a 13% average rise..typically 0-5%...NOT one of my favorite patterns....
.
:: Henry Ford ::

2:28 PM
PASSWORD SYSTEM AND NEW SERVERS We have changed over to our new servers and Password System which will automatically track your expirations and allows you to pick your own permanent user/pass. This Roundtable will no longer be free access after Friday. We will probably publish some kind of a weekly wrapup in the same format for all subscribers.

Tomorrow I will restart "Chart School" in these pages for those who have been following along. I feel it is much more beneficial if we can actually look at patterns as they are emerging rather than just go through the 50 or so patterns I want to teach...sometimes the markets cooperate and give you three or four in a day...other times you just have to wait for them to develop.

For those interested in following along, we have a couple of more RoundTable seats left. You can apply any remaining balance of your services to a seat by just calling us at 1-800-491-9951 and we will figure out the balance for you. If you are new to this you can subscribe at the reduced rate by going to http://www.investshare.com/RoundTable/premstartRT.html
As with all of our services you can quit at any time for a pro-rated refund.....
:: Henry Ford ::

2:12 PM
UPDATEWell I washed the car and waxed the dog and that still wasn't enough to get this market out of this range....building up for a break one way or the other, either last hour today or tomorrow morning methinks.
:: Henry Ford ::

12:08 PM
UPDATEInto the noon hour, so don't expect anything much here till the 2:PM -2:30 PM time frame...We are smack in the middle of yesterday's range...take a nap or wash the car...scalpers may move stuff around here, but don't expect anything major...If we do get a break, my alarms are set and I will be back on...Still working on new servers, so chart school is out till tomorrow....be back at 2PM or sooner.
:: Henry Ford ::

11:28 AM
UPDATE They are still fooling around with support levels right here...If and when we break this morning's lows indices should start dive towards those gaps...Sorry to be so negative, but you can really tell I want to see these gaps go away for the long term health of the markets...Should we reverse and take out yesterday's highs then all bets are off...
:: Henry Ford ::

10:47 AM
UPDATE Here is the DOW pattern with obvious support an resistance levels. Notice the gap that it left which will also be a target, although not nearly as important as the SP500...Notice that the pullback if successful will be right at the 68% Fibonacci line....Between there and the 50% line should be your buy target for the next REAL leg....

:: Henry Ford ::

10:10 AM
UPDATELooking at the chart below, you can see that the target we would like to see taken out is the Gap down in the 856 area...this is also a support trendline, so would be a natural point for a retracement. While those not hedged will find this painful, it is the best possible scenario for the REAL rally yet to come..
:: Henry Ford ::

10:03 AM
UPDATE8600 was our trigger for a break ....we will wait a few minutes to see if they were running stops or serious....895 was the SP Futures break point...13 Hour RSI is vulnerable here as is the MACD....

:: Henry Ford ::

9:52 AM
UPDATEAll important calendar event this morning that can make or break the potential rally is the Chicago PMI at 10AM EST...We also have Beige Book out later, but this one is usually of short notice and little consequence...[BRIEFING.COM] The magnitude of the losses has been contained thus far with the S&P recently turning positive but the dip has been in broad based in nature. The weakest performing groups include: semiconductor (KLAC (-0.7%) warning), disk drive, computer-hardware, drug, software, networking, oil service and retailers (HOTT (-27%) warning). Some strength has been noted in the utility, natural gas, airline, gold, food distribution and health groups.

Today's weaker than expected Q2 Advance GDP report has obviously played a role. Also disheartening was the final sales (GDP less inventories) number which dropped to -0.1%. Personal spending, the majority slice of the GDP pie, rose just 1.9% as nondurable goods sales fell after a strong Q1 gain. The 24% surge in imports reflects increased demand -- unfortunately for low priced foreign goods rather than domestics. There was, however, an encouraging rise in business investment in equipment and software. Volume is active with market internals negative. SOX -2%... DOT -0.9%... XOI +0.7%... NYSE Adv/Dec 1209/1280... Nasdaq Adv/Dec 887/1382.
:: Henry Ford ::

9:39 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 ::

9:18 AM
GOOD MORNING Another modest gap down morning ...too early to conjecture yet of course, so we will just watch for the first 20 minutes or so....
:: Henry Ford ::

Disclaimer