NEW: Live classes are posted - Click here to see the calendar!

Stock Market Daily Review Nov 8, 2012

November 8th, 2012

Many stocks today continued on their downward trends. Even the leaders were struggling to stay up. Remember that market corrections are great. It creates new chart patterns and sets up great opportunities. Just be patient on stocks and let the chart setup. Sometimes its best to set aside, stay in cash, and go play some tennis, golf, or snow mobiling. Here are some charts that caught my eye.

The Dow 30 pushed against the 200 day moving average and dropped down heavy another -121 points. It almost seemed as if the market needed an excuse to sell off after the presidential election.

S&P500 (SPX) broke the 200 day today as well.

McDonalds (MCD) Broke this support line at 85.95 on about 40% more than average volume.

Goldman Sachs (GS) Continued today after breaking this trend line yesterday on more than average volume.

Google (GOOG) Broke this support line at 669.70 today. Next support at around 643 or the 200 day moving average at 636.

SPDR Gold Trust (GLD) the last few days has been climbing the charts since the stocks have been tumbling and rebalancing. Expecting a bit higher prices slightly from here until the market stabilizes.

CF Industries (CF) Sold off below the $200 mark and currently bouncing off the 200 day, but volume is to do the downside. We will see if it breaks the 200 day tomorrow, but at this point it looks like its setup for lower prices.

Amazon (AMZN) broke this wedge, but volume is light - it could be consolidating. Nothing to serious at this point. Stock looks strong, but may still go through a brief consolidation period.

Apple Inc (AAPL) Another day of over 20 point drop. This stock is bearish at this point. Could take a few weeks or could take a few months to setup properly. Looking for it to hit the 520 or 425 level to bounce.

Rockwell Automation (ROK) - Still looks healthy in this down bearish market. Volume looks light on its pull back, so it could just consolidating. Still higher above its breakout point on Nov 1, 2011.

Qualcomm Inc (QCOM) poped above the 200 day on twice the daily average volume. However, one day does not make a trend. Keep an eye on it for now.

Phillips (PSX) Still holding up above the 48.30 level after breaking out. It is stable at this point. I would be taking my profits at least in part if I was able to get in this one earlier.

Author: Sasha Evdakov

Sasha is the creator of the Tradersfly and Rise2Learn. He focuses on high-level education speaking at events, writing books, and publishing video courses on business development, internet marketing, finance, and personal growth.

I'm Sasha, an educational entrepreneur and a stock trader. In addition to running my own online businesses, I also enjoy trading stocks and helping the individual investor understand the stock market. Let me share with you some techniques & concepts that I used over the last 10+ years to give you that edge in the market. Learn More

Join over 31,258 regular people who are bettering themselves in the stock market.

Click Here to Sign Up

This is a community that is motivated to learn & improve their skills.
Join us and get free training lessons, freebies, and exclusive promotions.

want some helpful advice?

pay per minute coaching

I am scheduling helpful coaching sessions for people who are interested in real-world advice & guidance where you only pay per session. No long term commitment required.

Learn more
This website and content is for information purposes only as Rise2Learn, TradersFly, and Sasha Evdakov are NOT registered as a securities broker-dealer nor an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Rise2Learn, TradersFly, and Sasha Evdakov cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Rise2Learn, TradersFly, and Sasha Evdakov in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Rise2Learn, TradersFly, and Sasha Evdakov accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.