Daily PM Prep - May, 06


** Preparation for Closing Session **

MARKET CONDITIONS



SPY - Market is holding above the range in what appears to be a flag above the range. Market is in trend mode, so this flag is reliable. The first trend line up (smaller one) is a lower time frame trend and as long as it is respected, we have a momentum going up. If this trend line is broken, we are still up trending (because of the longer trend line), but we have lost the strong momentum up, suggesting a slower up move. Either way it is a bullish scenario. The only reason to change to a more bearish situation is if the market goes back inside the previous range below 160.00.
Bias: Bullish
Accuracy: 

PM Stock Selection Sheet download - also will not be updated today due to comeback from vacation.
Updated at

Want more information about the Stock Selection Sheet?
Legends - Click me
Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk. 2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The afternoon sheet will be updated between 13:00 and 14:00
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Daily AM Prep - May, 06


** Preparation for Morning Session**

MARKET CONDITIONS

World Markets News: Asian markets finished mixed as of the most recent closing prices.European markets are lower today as French and German shares fall. Holiday in UK and beware of President of the European Central Bank Mario Draghi before market opens.

Economic Calendar



SPY - After the consolidation close to the top of the range, market has broken up. This is good for buyers and market is in trend mode, so favoring long positions is a good idea. As long we are respecting the trend line up, market is likely to continue moving in this direction. If trend line is broken and we are back inside the range, this would be the 2nd fail to break up the range, so keep that in mind.
Bias: Bullish
Accuracy:100%

AM Stock Selection Sheet download - will not be posted today. After coming back from vacation will easy back in the routine.
Updated at

Want more information about the Stock Selection Sheet?
Legends - Click me
Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk.2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00
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