Thursday, March 6th is the 3rd day of the TradeMaven Inside Edge OPEN HOUSE.
Join us in the Chatroom Tomorrow (Thursday) morning at http://www.trademaven.omnovia.com/tmaven .
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Sample Research by Charles Cochran:
Join us in the Chatroom Tomorrow (Thursday) morning at http://www.trademaven.omnovia.com/tmaven .
No password is needed -
Sample Research by Charles Cochran:
Another day of hard selling in spite of split news. The Factory Order numbers were ignored and ISM Services drove the trading. In some news articles the service/government sectors were cited as up to 90% of the economy. If so, then the soft landing argument was strengthened. And if a soft landing, then inflation will not be wrung out of the world’s economy. 7% growth rates in China and India are still viewed as the two economies that will prevent the world from falling into a recession. The top of the bracket at 119-00 basis June held. And now the bottom of the bracket is within reach. And there is Friday’s news that is influencing the trading. The NFP number is either higher than currently forecast or inflation is trumping a slowing economy.
F1 Comments: Market remains in a bracket and poised to retest support at 115-00, basis June. If 115-00 comes out, will change the call from a bracket to a downtrend.
F2 Comments: The Bond got whacked again and again on news that could have been taken the Bond up. The market’s focus is on inflation after last Friday’s rally when the focus shifted to the economy. Bernanke’s concern over the economy has taken back seat for the last two days. Some new s to influence tomorrow’s trading, but Friday’s news could hold the market in a range too, if the selling doesn’t get started early in tomorrow’s session. Jobless Claims is expected at 360K and Pending Home Sales at -1.0%. If tomorrow’s selling doesn’t get started early and produce follow through selling, I would expect that some shorts will cover. Our first recommended trade tomorrow is a sale. 1st sell zone is 116-19/23 and a back up sell at 116-27/31. If 116-06 or the OVN session low holds, cover. OK to buy too, if the market can’t take out 116-06 or OVN session lows hold. Exit if 116-24/289 is then rejected.
F4 Comments: Analysis was to sell 117-23 OB w/a back up sell at 117-27/31. OVN session high was 117-30.From the TradeMaven Software, Volume Weighted Pivot/Support and Resistance for Thurs, 6 Mar:
