It’s rare that I come to you like this, but I’ve had a revelation after a
recent email I received. You and I both know there are plenty of good
trading courses out there, but in these economic times, they’re a bit
pricey. So why are we paying thousands for our education when we
don’t have to?

Well, here’s the answer to my revelation that should satisfy all.

It’s called INO TV and I have an “on the house” preview just for my
members…

http://www.ino.com/info/36/CD3784/&dp=0&l=0&campaignid=9

INO TV gives you access to educational seminars streaming live just
for traders. This on the house preview includes John Murphy,
Jack Schwager, and Ron Ianieri!

I recommend you tune in to watch these 4 seminars today. Remember,
they’re on me!

http://www.ino.com/info/36/CD3784/&dp=0&l=0&campaignid=9

Enjoy, while I keep looking around for more good values for you, the
trader.

All my best,

Cory Mitchell, CMT
-Know your risks when trading. Please read the Legal Disclaimer page.

So it is coming up to Christmas, the market have been a little slow…so give yourself a treat, a free treat, and watch a free seminar on Market Wizards.  Visit the link and you have access to the video.

Watch the Market Wizard Insight seminar for free here:
http://www.ino.com/info/36/CD3784/&dp=0&l=0&campaignid=9

And of course, check back in a few hours and my nightly EUR/USD will be posted as well.

Have a great (rest of the) day!

Cory Mitchell, CMT
Chief Market Strategist
-Know your risks when trading. Please read the Legal Disclaimer page.

If you have been reading all my comments, I have posted some notes which shed light on some curious stats coming out in the economic data.  Here is one more piece.  The interesting thing about economics, and money in general, is that belief in something can in fact create it.  Although, it can also have very detrimental effects when the truth comes out…if the problem is not fixed before the truth is revealed.  In the mean time, lies and conjured numbers are heaped on top of each other in the hopes that that truth will not come to light and everyone lives in blissful naivety.  Hmmm, well unfortunately all too many people right now can’t be blissfully naive.  Why?  Because they are living proof that there are still MAJOR problems in our financial and monetary systems which have not been fixed, and have actually been made worse.

The following is just one such example of this curious economic data.  I am not saying to believe it.  Take from it what you will, inform yourself and think beyond what is splashed across media headlines.  This interesting notes is from Colin Twiggs of Incredible Charts (.com)

The dollar rally was initially spurred by a Bureau of Labor Statistics report of surprisingly low job losses for November. Jeff Nielson, however, points out that their monthly figure of 10,000 job losses does not tally with weekly layoff stats. The market is in equilibrium (with zero job losses) when weekly layoffs are around the 300,000 mark, but November layoffs have been averaging close to 500,000 per week — which would indicate job losses of around 1 million for the month. Let us hope that this is not another BLS conjuring trick.

I live in Canada which is supposed to be in better shape overall than the USA.  And yet I have had countless friends who have had to move because they were laid off and are still not working.  Also, I have many other friends who had to leave professional jobs to take more casual work such as waitering or waitressing.  This of course is completely subjective, but it does make me question the numbers coming out in these news releases.  And when we dig deeper, they just plain don’t make sense.

I encourage you learn what you can and to form your own opinions.  And as for right now, just enjoy your weekend and prepare for the holidays.

My friends over at INO are currently offering 4 free online video seminars from master traders via the link below.   INO TV is the only place where members have access to over 150 experts and 500 hours of seminars. INO TV gives its 30,000 members access to massive amounts of educational material that has been handpicked to provide you with the most for the least.

Find out what makes INO TV the right place for you.

Cory Mitchell, CMT
-Know your risks when trading. Please read the Legal Disclaimer page.

The following is a predominantly technical analysis view of what to expect to in the stock market in the upcoming wee (Dec 7-11).  We will use the S&P 500 as our reflection of the market.  This can be used by day traders, swing traders or investor to gain insight into what is unfolding, what to expect and what to look for.

Intra-day traders saw large and swift moves occur this week.  If an hourly chart of the S&P 500 is pulled up for Nov 10- Dec 4, we see a range which is peppered with aggressive buying and selling into the extremes and then pulling back off the levels and heading to the other side.

Something very interesting to note is that on 3 consecutive days (Dec 2, 3, 4, always early in the day) the market went above the previous swing high, triggering stops and buy orders, and then pulled back into the range.  The lack of conviction above 1115 indicates this market is not likely to move aggressively higher…and if and when it does it will be in the new year.

This does not mean we won’t see tradable moves above 1115, but with circumstances right now -  volume light, global risks, disconnects between intermarket relationships- this area is a danger zone until volume picks up and we successfully break above this area, move higher and then on a pullback successfully hold that level.  In other words, patience will be required.

Massive moves are expected in all the following major markets: currencies, commodities and the stock market (bonds too, but I don’t focus on them too much).  We may have started to see this on Friday.  How easily we jump from bubble to bubble.  What catalyst sets off the fireworks is yet to be determined.

But lets’ move to focusing on the actual technical levels of importance:

In the upside, 1115-1120 is a resistance area determined my multiple false breakouts.  I would use at least a two point buffer above this level.  As mentioned above, with light volume I much prefer not to trade the breakout but wait for the breakout to falter and then short the market as it falls back through the resistance area (that is not advice…that is simply what I am watching for).  If a legitimate breakout does occur, even on light volume it can scamper quite a ways.  Targets are 1123, 1128 and 1131.

On the downside 1096 is important.  A move through there takes out the Friday low and would successfully close the window (gap) opened on Dec 1.    Such a move indicates a movement to test to lows of the range.  1087 is the most likely target followed by 1085.

A drop below 1080 (using a buffer below the lows) would punch us out of the range we were in.  The target for that breakout is 1055 which is just above a hourly trending support line (going back to Sept).  There is important interim support which will provide us with other signals during the week.  There is little support, in the event of a break downwards, until 1072.  This is the top from a gap that occurred back in early November.  The low of the gap is 1070.  If that gap is closed by new price movement it is a bearish sign and prices are expected to continue to chart lower into the 1068-1064 area.  Support also comes in at 1060, therefore it will take fierce action to reach 1055 if in fact this market does break lower.  This is because the average weekly range for the S&P is just over 37 points, and the market closed on Friday right around 1106.

Trade with the trend, but don’t become attached to it.

My friends over at INO are currently offering 4 free online video seminars from master traders via the link below.  After that you can decide if you wanna see more… INO TV is the only place where members have access to over 150 experts and 500 hours of seminars, for one price. INO TV gives its 30,000 members access to massive amounts of educational material that has been handpicked to provide you with the most for the least.

Find out what makes INO TV the right place for you.

Cory Mitchell, CMT
Chief Market Strategist
-Know your risks when trading. Please read the Legal Disclaimer page.

The following is the stock market outlook, using the S&P 500, for the week of Nov 30, 2009  – Dec 4.  This analysis can be used to help in day trading or swing trading decisions, as well as for investors to gain technical insight into the current market.

Events like which occurred on Wednesday, with Dubai World saying it would not be able to pay it’s debt, are the type of events which will be the catalyst for this market going lower.

Technically this market rally is on shaky ground at these levels.  We have divergence on multiple time frames, not to mention inter-market divergence (markets moving contrary to the general relationship).  Divergence can last for a long time and is a not a trading signal in itself, but when news such as that of Dubai World is released, hardly ever does it come alone.  There are still many systemic problems, and no matter how much money is thrown at a problem, traders and investors still get scared.

Right now the trend is still up, and should be traded as such, but be cautious.  Support is Friday’s low at 1084.  A drop below that would punch us out of the range we were in.  The target for that breakout is 1055 which is just above a hourly trending support line.  There is important interim support which will provide us with other signals during the week.  There is little support, in the event of a break downwards, until 1072.  This is the top from a gap that occurred back in early November.  The low of the gap is 1070.  If that gap is closed by new price movement it is a bearish sign and prices are expected to continue to chart lower into the 1068-1064 area.  Support also comes in at 1060, therefore it will take fierce action to reach 1055 if in fact this market does break lower.

The average weekly range for the S&P is just under 37 points, and the market closed on Friday right around 1091.

If the upcoming week brings rainbows and butterflies, here are the levels to watch on the upside:  To move higher the first resistance point is a short term level at 1100.  We also have resistance at 1105 followed by1108 and 1110.  Beyond this are recent highs in the market, right around 1114.  A break above that indicates another upswing.  Volume should be rising if this occurs, but so far this market rise has not occurred on large volume, so look for volume to at least remain steady.  A decline in volume on a breakout is likely to result in a failed signal.

Targets beyond 1114 are 1118,  1123, 1128 and 1131.

Trade with the trend, but don’t become attached to it.

My friends over at INO are currently offering 4 free online video seminars from master traders via the link below.  After that you can decide if you wanna see more… INO TV is the only place where members have access to over 150 experts and 500 hours of seminars, for one price. INO TV gives its 30,000 members access to massive amounts of educational material that has been handpicked to provide you with the most for the least.

Find out what makes INO TV the right place for you.

Cory Mitchell, CMT
Chief Market Strategist
-Know your risks when trading. Please read the Legal Disclaimer page.

I was talking a with a trader the other day who is struggling and he mentioned a tendency that he has.  I think all of us have done this at some time or another, but if we don’t grow out of it, it WILL end our career.

The problem could be described as Risk Spikes.  They win slowly and conservatively, trading by their rules and risking a small amount of capital, but then all of sudden they get sick of the slow capital growth.  Instead of realizing that by waiting another day, a month or a couple months their positions will continue to grow in size (proportionate to their account), they charge into a trade taking excessive risk and gambling on making a big profit to speed up the process.

Let’s face it, this may work and give us a nice bump in the account.  We may even be able to do it several times in a row and we promise ourselves this will be the last time.  But the psychology which starts that need to speed up the process does not just go away.  It needs to stop completely and never be done.

If Joe-Trader is day trading 200 shares, and collecting small profits, those profits will grow and over time we will be able to trade more and more shares (and more more and more money).  But if he trades 200 shares, and then all of a sudden grabs 1000 shares on a particular trade (assuming same price area, volume, volatility and all that) it has the potential to wipe out a lot of little profits if the trade goes sour.

There is strong desire in certain people to say “I can afford to take the risk.”  In life we do take risks, and often they pay off, but if you want to trade as a career for the long haul, if are we saying this to our self it is obvious we are about to deviate from our trading plan.  Our trading plan which was created when we weren’t under stress or pressures….created when our mind was clear and logical.

Every trade has risk attached to it.  We know this.  We have a standard level of risk we take on each trade that will not do much harm to overall capital.  If we start to say “I can afford the risk” we are likely planning to do something that is well beyond what we normally risk.  We are groping for reasons to make the trade and this is not a good sign.

In times like these take your standard position.  Then, tell yourself that if it moves in your favor you will add to your position (in alignment with your risk tolerance) when it passes through another critical level.

Don’t give respect to a move that hasn’t happened yet.  Let it impress you with what it actually does, and when your original position is onside you can add to it in a conservative way.  Risk spikes will only bring frustration, regret, stress and an empty account over the long run.

~Cory Mitchell, CMT

Follow the Trend But Don’t Get Attached to It.

My friends over at INO are currently offering 4 free online video seminars from master traders via the link below.  After that you can decide if you wanna see more… INO TV is the only place where members have access to over 150 experts and 500 hours of seminars, for one price. INO TV gives its 30,000 members access to massive amounts of educational material that has been handpicked to provide you with the most for the least.

Find out what makes INO TV the right place for you.

Even in these tough economic times companies are still trying to exploit people’s desire to expand their trading minds!

Companies are charging hundreds and even thousands for access to 2-3 hours’ worth of mediocre education from their own experts. If anyone has actually paid for the education, they quickly realize that in order to continue and get the “expanded education” they need to continue to spend! It’s all a vicious cycle to separate you from your hard earned pay checks without actually providing you with worthwhile material.

There is only one place where you have access to over 150 experts and 500 hours of seminars, for one price and that’s INO TV.  INO TV gives its 30,000 members access to massive amounts of educational material that has been handpicked to provide you with the most for the least. If you’ve been duped in the past, here is your way to get back at those companies… learn something and stretch your pay check!

Visit the education page of INO TV to learn more.

Full access to INO TV will not cost you thousands, and won’t cost you hundreds.  A full year subscription is only 99.95. Yes, access to the world’s top experts, streaming on demand, and new authors being added monthly, will not cost you a month’s salary.

It’s important that you continue to design your trading methods that fit your lifestyle, and with INO TV you can do that with access to hundreds of experts who have done it before and want to show you their strategies.

Learn more about INO TV and see if you’re ready to refresh your knowledge base.

Best Wishes in Your Trading,

Cory Mitchell, CMT
Chief Market Strategist
-Know your risks when trading. Please read the Legal Disclaimer page.

How much do you think you could learn if you had a chance to sit down with over 15 of the most successful day, value, and long term investors of all time? Do you think you’d finally get that one piece of advice that takes your trading from OK to extraordinary? Today you have the chance to pick the brain of one man who has sat down with experts and got your top questions answered.

The key ingredient with ‘super-traders’ isn’t as complicated as you think, as most of them share the same traits and behavioral patterns, but it’s how they put them to work in the markets that sets them apart.

Visit the link to watch the seminar that brings the experts to you:
http://www.ino.com/info/36/CD3784/&dp=0&l=0&campaignid=9

Don’t delay and once you visit the seminar you’ll notice 3 other seminars…that’s a special bonus just for you, from me!

Best wishes in your trading,

Cory Mitchell, CMT
Chief Market Strategist
-Know your risks when trading. Please read the Legal Disclaimer page.