Day Trading – The Bullz And Bearz
Profitable Trading In Any Market – Stocks Options FOREX
DOW Jones Momentum Indicators Over-Bought
July 30th, 2009
Morning traders! Fair warning, it’s going to be crazy these next two days with all the economic and earnings news. Jobless Claims today showed a decline in continuing claims which sent the futures higher early on this morning. Friday we have preliminary second quarter GDP, Core PCE, and Chicago PMI. We are also loaded with earnings announcements over the next two days from Colgate, Cummins Engine, CIGNA, Eastman Kodak, Goodyear Tire, International Paper, Kellogg, MasterCard, and Sony. As you can see it’s going to be a little volatile around these parts.
I wanted to point out this chart of the DOW Jones this morning which shows both RSI and Stochastics for the daily. Clearly both indicators are over-bought and signaling an end to this huge momentum. So, once again if want to get long I suggest waiting for more favorable risk/reward levels. Let’s see where the day takes us!
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Today's Live Market Quotes & Charts
| NASDAQ | 2904.08 | ||||
| S&P 500 | 1347.05 | ||||
| ^TNX | 1.97 | ||||
| ^XAU | 199.29 | ||||
| ^XOI | 1318.98 | ||||
| XLB | 37.63 | ||||
| BGU | 75.96 | ||||
| RWM | 26.39 | ||||
| DIG | 49.76 | ||||
| DUG | 22.37 | ||||
| FAS | 89.50 | ||||
| FAZ | 26.29 | ||||
| UDN | 27.48 | ||||
| FXP | 22.92 | ||||
| XLF | 14.66 |
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