by Market Speculator

From the opening bell to the close stocks were being accumulated in a big way. Volume once again soared showing institutional support is behind stocks. We even saw quality growth stocks bust out and show tremendous strength. It was very important for the stock market to follow through with very nice gains after Friday’s close. The action from stocks today is showing there is more room to run to the upside. Leaders have emerged to show quality is where the action will be at and the time is now to get on board with them. Leadership has taken hold and the overall price and volume action of the market is signalling this market wants to roll higher.

An important occurance happened today and that was the price and volume action following through from Friday’s gains. It would have been …

Those who have been day trading the index futures know today gave many traders whiplash as stocks bounced around for much of the day’s trading session. Intial jobless claims helped the market at the open, but troubling news from the housing put the brakes on and sent stocks lower. For much of the day stocks simply bounced around in lackluster trade. Stocks found it difficult to sustain a movement in either direction showing the epic battle between the Bulls and Bears. It wasn’t until 2pm EST when the Bulls began to win the struggle and pushed the major indexes higher. Crude Oil prices closed above $65 a barrel helping oil related names push higher into the close. Closing in their upper ranges along with higher volume notched a day of accumulation for the market.

On the downside our IBD indexes lagged the …

Big Wave Trading is hosting another Free Live Chat tonight with Market Speculator and Author_Ego.  There are plenty of CANSLIM stocks out there and we look forward to chatting with you about them.

See you tonight!

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Market Speculator

Stocks enjoyed a day of gains while volume rose above Monday’s level.  However, it came at a price as the stocks within the IBD 100 fell hard pushing the index down more than 1%.  This isn’t a horrific sign as leadership has been weak off the lows, but it does spell trouble for any hint this will be a sustainable rally.  I do believe we can still run higher, but there is significant overhead to punch through.  It’ll prove to be too much for the market when we reach those levels.

I stepped in for my colleague Joshua Hayes and wrote the daily market commentary at Big Wave Trading dot Net.   Please go and check it out.  I explain some historical similarities with the past.  It is quite interesting how we are setting up.

One thing I did

Stocks had a very interesting day of wild volatility today as stock rose on mixed volume. However, IBD reports that volume was higher on both exchanges and thus the SP 500 is in an official FTD rally.

I however have a problem with this as I do not have to be completely scientific about calling a move a FTD. Just like in October 2005 when everyone was refusing to believe in the rally that I was going long and making money in, I will be refusing to believe that this is a bottom simply because a FTD has been announced by IBD.

The problem with this FTD is that the volume is not an extreme example of heavy accumulation. Without this huge accumulation in the indexes, it is impossible to say that funds are heavily accumulating shares. Instead it looks like more continued short-covering rally that is trying to squeeze the

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Big Wave Trading wishes everyone a safe and Happy Holiday Season!  Merry Christmas!

For those who haven’t been paying attention to Big Wave Trading, we have been advocating anyone who is new to the market or anyone who hasn’t held onto a Monster Stock to be in 100% cash.  Many, however, try to pick bottoms and continue to be wiped out.  It is going to continue as many are not factoring in the global slowdown and what it’ll mean to overseas economies.  Regardless, we have 1 chart when we should have MANY.  This market is trash and will remain that way for awhile!

For the haters and the jealous, keep your trash out of here; especially Joey Fontone who told us we were idiots for being short and in cash.  Joey said he was long the market, no Joey is swimming under water.  Don’t be Joey.

MS

We are living in the middle of a breakdown of the markets due to corrupt lending practices with greedy executives and uninformed people getting involved in business they never should have. This is never good for stocks and I don’t care what anyone says. Shooting down that bill was the right idea. Let wall street battle it out. They screwed up and the tax payers should not be bailed out. At the same time capping CEO pay at $500,000 for running a bank is psychotic and shows NOTHING of a FREE market system.

However, I must admit the system is/was broken. When I left NYC in 2000 I knew there was more than what the .com bubble had. But I had no clue that it would ever get like this in real estate. I used to date a real estate broker in Maui and I used to tell her that this

On a Sunday morning I am just quickly reviewing some charts prior to my son getting up and it is amazing to me the lack of anything appetizing.  It also is reminding me that if you are new to this market you should be 100% on the sidelines.  Too often, “newbies” jump into the market at the wrong time and this time is certainly wrong.  Here at Big Wave Trading our Gold Members have access to 100s of articles and postings from professional traders who are willing to teach and grow you as a trader.  The ones that will be successful are the ones that are reading our Big Wave Trading forums, watching Joshua’s new videos and simple allowing the information to settle in.  If you want to be successful, Stop Trading and pick up a Gold Membership and begin to open the wealth of opportunity this website will

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League ID:  418319 password:  stocks

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Best of luck, you’ll need it.

Market Speculator