Jeff Pierce's  Instablog

Jeff Pierce
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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
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All About Trends
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  • Middle Of The Road 0 comments
    Jun 13, 2012 12:55 PM | about stocks: DIA, SPY, QQQ

    The following has been an excerpt from today's premium update by All About Trends. Members receive daily market commentary and stock picks, a weekend wrap-up, and a concise trading plan. I personally recommend their service for their insightful content, trading methodology, and value. Try it here at a significant discount.

    As stated yesterday, we sure have that look of being in the middle of the road here pinned between support and resistance. Market makes the call here. We either make a run for resistance and see what happens at that level or we start to head to support. We can tell you that a lot of stocks are base building and that's a positive so baring an unforeseen out of left field news recent support MAY hold. But stocks can base build for weeks or even months.

    At this point we need to get to support first and see what the action at support shows us. So really lets just keep focusing upon it being a market of stocks with something for everyone long and short all while keeping a large cash position shall we.

    Going into the weekend we have the Greek vote over the weekend and that MAY put a damper on market action the closer we get. We're sure a fair amount of people out there are not going to want to be long going into the weekend so we'll see. At the least it's a concern we have as we head into the weekend.

    Overall we'd rather play it safe here on both sides of the market.

    When looking at the 15-minute time frequency charts we say the makings of a potential head and shoulders top brewing. What we don't know is if it will complete or get destroyed by the indexes making another stab at resistance.

    (click to enlarge)

    (click to enlarge)

    Stocks: DIA, SPY, QQQ
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