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June 09, 2008

Market Update: Parting is Such Sweet Sorrow
by Dominick

Register for the Waiting List

Friday's market moved to our crucial 1360 level, leaving many wondering whether they were more likely to see continuation of last week's trends or reversals with similarly powerful moves. TTC members, however, were less curious, sitting on some nice profits, and simply ready to take the trade away from this area however it presents itself.

As promised, TTC has now officially closed its doors to new retail membership, though it's not too late for institutional members to join or for retail traders to register for the waiting list. And, consequently, this update may be less frequent for the time being, so until then, I leave you with a few charts exemplifying how we watched this week setup and were able to take advantage of Friday's volatility.

Though explicit guidance for next week is reserved for members, these charts do provide insight into our expectations and how we might trade. If this is the sort of information you'd like to receive, and you're not already a member, continue reading for information on how you can register for our waiting list.

The chart above is the road map in crude oil with which TTC members entered last week. As you can see, it's fairly unambiguous about support, resistance and wave pattern. It's not based on fundamentals, news, or economics. Here's how that chart looked by Friday morning:

Using our key level at $123, TTC members were able to get long for a spike worth over $6500 per futures contract. Sure, some may not have captured the entire move, but most were probably using more than one contract.

A similar play occurred in the euro currency. Again the chart above reflects the TTC road map early in the week. Notice the final support area, which extends to the 0.786 retrace at 15373. Seeing a reversal in that area, our real time chat room had members long for a spike worth almost $5000 per single futures contract.

And last, but not least, the chart below shows recognition of our numbers by the S&P 500. You may notice Friday's closing level is one of our major numbers, which was reached only after vibration and failure at other crucial TTC numbers, and as of Monday's opening was providing support. If the recent volatility has you thinking this is a random market from day to day, TTC members, and this chart, know better!

As of May 31, 2008 TradingTheCharts.com has closed it's doors to new retail members. Even though we live in a world where bigger is better, our thought is smaller is better and we feel we have gotten as large as we wish to get. This site was started in January 2006 and has flourished into a great community of stock market enthusiast and by limiting our membership we will be able to keep it that way.

Since members do leave from time to time, we have decided to start a wait list. If you would like your name added to our wait list, please register with the site then start a support ticket in our HelpDesk for the Membership Department and state that you'd like to be added to the subscription wait list. Please remember to include your username within the message. Once your name comes to the top of the list, you'll receive an email inviting you to subscribe.

Institutions are still welcome to subscribe, but you have to contact us using our HelpDesk. Please start a ticket for the Membership Department and provide us with your company information so that you can qualify to join as an institutional member.

Dominick,
a.k.a. Spwaver
TradingTheCharts.com

This update is provided as general information and is not an investment recommendation. TTC accepts no liability whatsoever for any losses resulting from action taken based on the contents of its charts, commentaries, or price data. Securities and commodities markets involve inherent risk and not all positions are suitable for each individual. Check with your licensed financial advisor or broker prior to taking any action.

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