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| Market Direction with Ed Downs  |
 Dow 15 Minute Chart  Dow 60 Minute Chart | ||||||
Sloping WedgeConsolidation widens; Dow trades sideways to the Close.**NOTE** - The markets will be closed Monday, May 26th in observance of Memorial Day. Trading will resume on Tuesday, May 27th. - SW Team From prior commentary, "...the Dow has formed a trend line beneath the lows of the 5 Minute Chart. A downside break of the trend line at 8,580 will likely introduce weakness at the Open..." Click Here for full Article | |||||||
| NYSE Chart of the Day with Jeff Drake DNY could prove to be a big gainer. We've been "in" this trade for a few weeks, and the breakaway gap and run today shows even more potential. Consolidation theory states that a security should move the same distance after consolidation as it did before, so we are looking for a couple of points to add on this one. |  Donnelley R R & Sons Co | ||||||
NASDAQ Chart of the Day CCBL is a low priced stock, and it shows very storng support at 3. We normally like to see a confirmation move on reversals, but we have volume on the latest up bar and support is strong enough for us to warrant adding it to our Watch List. |  C Cor Net Corp | ||||||
Lesson of the Day
|  Inco Ltd | ||||||
Industry Commentary On the long side the Homebuilders moved higher again today tacking another bar onto their breakout yesterday and the Oil groups managed to keep their uptrend intact. We added the Network Data Storage and Telephone Regional groups as reversing long candidates today. Both of these groups are additional examples of stocks turning in the direction of the primary trends following pullbacks. The short side way quiet again today. Except for Monday, the money made this week was on the long side, especially if you concentrated on the groups that were in play. With a three-day weekend ahead, it is difficult to predict what mood the market will be by next Tuesday. I will be back in Houston on Tuesday and the SignalWatch team will post the action for me. Best wishes for a relaxing and safe Memorial Day Holiday. Steve Belknap | |||||||
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