Swing Trading Report 08/10/2009

By John Crane
08 October 2009 @ 05:33 pm EDT

December Dow Jones -Dow Jones futures traded higher after Alcoa Inc. started the earnings season with an unexpected profit and jobless claims decreased more than forecast. The rally did stop short of breaking through resistance at the upper parallel reaction line. Therefore, I'm not ready to say the upward trend will continue until I see how the Dow Jones futures deals with this resistance level. The market is still in a sideways transition, even though it is showing an upward bias, but I have not seen the confirming pattern needed to trigger a new position.

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