Monday, August 22, 2011

8/22/11 Morning Prep / Analysis

Fundamentals: Stocks set to bounce after volatile week. DOW futures up 145 points right now.

Technicals: Slow charts are just now beginning to show signs of rolling over to a long bias, currently signaling primary long triggers. Medium and fast charts have all signaled long.

What I am doing now is trying to ensure that I am not the last wave into the market. I also want to try to make sure that I am not taking large amounts of heat / buying at the top. The chart below shows the strong uptrend, but what I'm looking for is how the pullback is treated. If buyers step in and support price, I will be buying. I also will pay attention to flag formations on my fast chart and wait for a BOT signal.

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