Wednesday, June 9, 2010

FTSE 250 (MIDD) Defending 910 support

Once again, bulls make a stand at 910 support for the FTSE 250 (MIDD). Declining resistance, currently at 970, will likely see a test by the end of the week. While this triangle trades towards an apex the FTSE 250 remains in an uneasy limbo. One can only assume there are a slew of stops below 910 which could produce a rapid drop through 900 should support break - but any such drop might in itself offer the tradable bottom the market is trying to seek with a second level of support at 890 from February (and a third at 875).

Zignals Chart Image

The market is awaiting a catalyst to set a trend in motion; have bulls enough of a pullback to suggest there is value in the market, or are bears simply waiting for a confirmation break of 900 before getting aggressive on the short side?

The battle lines are drawn.

On the trading signals front, it was a mixed bag with a range of new short and long side trades dominated by US and UK strategies of the 58 trading strategies available.

Developing a Strategy

Long Exit at Stop for F (NYSE) at $10.90
Long Confirmation Entry for T (NYSE) at $24.46

ETF Kauto Star

New Long Target and Stop for DXD (NYSE) at $31.23 (EoD): Target $34.51, Stop $29.80

Irish Oak

Short Entry for DCC (ISEQ) at €19.04
New Short Target and Stop for FQ3 (ISEQ) at €0.32 (EoD): Target €0.31, Stop €0.37
Short Confirmation Entry for KRZ (ISEQ) at €23.35

My First Subscribed Strategy

Long Confirmation Entry for JPM (NYSE) at $36.93

Relative Canada

Long Exit at Stop for ARF.UN (Toronto) at $17.96
Long Exit at Stop for MLX (Toronto) at $10.81

Short Trender

Short Entry for SBUX (Nasdaq) at $25.63
New Short Target and Stop for DIS (NYSE) at $32.42 (EoD): Target $27.55, Stop $35.00
Short Unacted Entry for SBUX (Nasdaq) at $25.63 (EoD): Entry signal given, but exited position on same stock too recently (9) days ago.

UK Golden Brown

Long Confirmation Entry for CRW (London) at 416p

UK High Winners

Long Unacted Entry for CCAP (London) at 14p (EoD): Entry signal given, but exited position on same stock too recently (2) days ago.
Long Confirmation Entry for TBK (London) at 504p
Long Unacted Entry for CRW (London) at 416p (EoD): Entry signal given, but exited position on same stock too recently (12) days ago.

US High Winners

Long Confirmation Entry for T (NYSE) at $24.46

US Oak

Short Confirmation Entry for SBUX (Nasdaq) at $25.63

US Strength

Long Entry for JPM (NYSE) at $36.93
Long Unacted Entry for CAT (NYSE) at $56.12 (EoD): Entry signal given, but exited position on same stock too recently (6) days ago.
Long Entry for C (NYSE) at $3.70

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