“Traders Only” Chess Links

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Plenty of excellent sites out there include more macro commentary in their links, namely Downtown Josh Brown and Abnormal Returns. I thought I’d share a “Traders Only” collection. Here are the traders that I have been reading of late (click on links):

• @daytrend, Vic’s new tool for traders
• “The Goat,” @gtotoy, with his $SPY read going forward
• The @HCPG crew on adjusting strategy for this changing market
• Vj’s take on the small caps in the $IWM
• Maribeth gives her daily watchlist and market posture
• @Position_Trader with his chart of the day
• @daytrend, Vic’s new tool for traders
• @zortrades on the “Acceptance Stage”

There are plenty of other key sources that I check everyday, so be sure to look on the right hand side of your screen for my “Recommended Links.”

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{Below, you will find one of the first videos that I made this past November for members of 12631–A premium service affiliated with The PPT. Click here for details}

As the broad market appears to be weakening from within after a strong 4-5 month bull run, I thought now would be an appropriate time to really hone in on some basic tenets of the trend trader who respects the prevailing price action.

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[youtube:http://www.youtube.com/watch?v=Cpx7jX7oYEU 550 412]

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…it means Genco Shipping sleeps with the fishes.

To those who consider GNK to be a great value play, as well as best in breed with respect to the shippers, the price action must seem downright ghastly. As the weekly chart illustrates below, we just saw a breakdown out of the bearish descending triangle dating back to November of 2009. Unless this is a false breakdown, a test of key support dating back to early 2009 in the $10/$11 range cannot be ruled out. Despite the fact that I expected shippers to outperform at various points throughout the year, I will not disrespect price action this powerful.

Moreover, with respect to my previous post about China being at a critical juncture, further weakness in the shippers adds fuel to the bearish China thesis.

Bottom-callers Beware.

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{This post was originally published inside 12631, a premium service affiliated with The PPT. Click here for details}

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Last summer, I made several posts on iBC detailing the inverted head and shoulders bottom in the Shanghai Composite Index. I laid out where I thought the measured move target would take us, in the event of an upside confirmation. Indeed, the Shanghai went above and beyond the 3,050 target.

Since then, China has seen a steep correction amid concerns of a slowdown. As you can see in my updated daily chart below, the Shanghai has completed a perfect gap fill back down the “neckline” of the inverted head and shoulders from last summer. Keep a very close eye on this level. If the bears are able to puncture this prior neckline, then the whole bullish setup over the past 6-8 months will be in jeopardy. However, if we see some strong buyers come back in the next few days and weeks, then the much-anticipated China collapse will likely be put on hold for a least the next few quarters. I believe this setup, regardless of whether bulls or bears win, is relevant to the health of the S&P 500.

In other words, despite the downtrend over the past few months, the Shanghai is not quite as bearish as many would have you believe…yet.

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MARKET WRAP UP 01/20/11

Both the S&P 500 and the Nasdaq Composite Index experienced “distribution days,” with follow-through to the downside on increased volume after yesterday’s selling. At the same time, with the S&P 500 closing off its lows to finish down 0.13% to 1280, the dip-buyers are unwilling to acquiesce so easily to the bears’ newfound glory. Going forward, these two competing forces are likely to duke it out, and we shall see a winner emerge in the coming days. Having the capital available to pounce on which camp wins the battle will be key to not only banking coin, but to also avoid being caught leaning too heavily in the wrong direction.

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Plenty of excellent sites out there include more macro commentary in their links, namely Downtown Josh Brown and Abnormal Returns. I thought I’d share a “Traders Only” collection. Here are the traders that I have been reading of late (click on links):

• “The Goat,” @gtotoy, with his $SPY read going forward
• Vj’s always original analysis
• Joe Fahmy’s video market analysis
• @HCPG crew on support buys
• Maribeth gives her daily watchlist and market posture
• @Position_Trader is keying on the 20 day moving averages
• @daytrend, Vic’s intraday market stats
• @zortrades with his money stock of the day

There are plenty of other key sources that I check everyday, so be sure to look on the right hand side of your screen for my “Recommended Links.”

Comments »