Allan is sharing his exclusive weekend update for subscribers with us. His updates are packed with charts, and the table he uses to determine the trend in various time frames.
Courtesy of Allan Trends (written on Sun, May 6)
New Signals
SPX 240———->SHORT
Nasdaq 240——>SHORT
JPM————–>SHORT
Market Analysis
I don’t usually list intraday signals above as “New Signals,” but these two look significant to me. Here are both with an EW count on the Hourly Trend Models:
SPX & Nasdaq Hourly (click on charts to enlarge)
All short-term and intermediate term models are now Short with the notable exception of the DJIA, which is still 100 points above it’s reversal-Short price threshold:
DJIA Hourly & Daily Trend Models
April-May Tops
“A broad-based stock market decline is underway. The major stock indexes should break to new lows in the coming weeks, as share prices rollover from the prior uptrend that started last October” – Elliott Wave International, May 4, 2012 4:25pm
VXX
In after-market trading on Friday, VXX rose another $0.20 to $17.45. That may not seem very much or very significant, but, it places VXX 240 into a Long-Pending mode that can be triggered first hour Monday.
VXX 240 & Hourly
SYNC
The Expanded-Premium Service is where I place very aggressive short-term stock trades. Last week we started buying SYNC at about $10.00/share. My goal is at least 50% on this one and possibly much higher. It is not too late to buy SYNC (with a $10 stop) and I don’t think my Premium subscribers will mind if I share the opportunity here. SYNC was the subject of some glowing analysis this weekend by Jonathan Lebed suggesting a fair value close to $50. (Caveat: The overall market looks very weak, whether it will carry SYNC down with it is a concern. But having one speculative Long in an otherwise bearish strategy is not a bad hedge.)
SYNC
Finally, note on our Trends Table how much red is showing across the board, consistent with Robert Precther’s, “All-one-market,” thesis. There are some very nice gains showing in the individual stocks and commodity etf’s, almost all on the Short side. Trend Following at its best.
TRENDS
May 6, 2012 (click on table to enlarge)
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