Remember last time i said I was closing my account and withdrawing my funds from them a gazillion weeks ago.Well,it gets interesting,I've faxed them a withdrawel form three times and everytime I check the account to see if the funds have been transfered,it seems to not happen,their reply is;sorry sir we haven't recieved your fax since you can't transfer the funds online.It's amazing the speed they are happy to recieve it at,but the headache and stress of chasing these idiots as if you chasing up a cowboy builder who has dissappeared and not finished the work that he was meant to do.Even though I oppened the account with ODL,they seem unwillingly to take responsiblity and claim the matter is out of their hands.Maybe PART3 of this Blog will be that in a gazillion weeks later,they've made off with my money and claiming bankruptcy.Why did I say that?....I just can't see the way they treat their customers as a good sign of surviving as a business entity,soon people will be running by the dozen and when you have no customers,I see nothing but utter collapse of their sad little business model.Maybe they should visit my local Kebab shop,they'd make a better example of customer service and satisfactory.Something extremely fishy here folks,they don't seem willing to let go of my funds and it's giving me the creeps.I'm very alarmed and so should you!!!!
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WHEN IN DOUBT REMAIN DOVISH. Yesterday's FOMC decision may have been uneventful but the statement did sound more dovish on two fronts: 1) downgrading "financial conditions" and 2)highlighting "depressed" housing starts. The record tumble in US April new home sales to 47 year lows was nearly double the 19 pct forecasted decline posted in our last IMT. The fact that US CEO confidence hit 4-yr highs and US home sales at 47 year lows will resurrect the debate of lagging vs. leading economic dynamics. We still see EUR retesting 1.1650, while the new Australian PM is not expected to impact the Aussie's trajectory in the same way as toppish copper prices and the upcoming election later this year. US indices remains below their 200-day MAs w/ SP500 well below 1111. WORLDCUP: US led Group C by scoring in injury time against a hesitant Algeria, followed by an improved England. ITALY IS ELIMINATED out of the tournament after a humiliating 3-2 defeat to minnows Slovakia. The ONLY time Italy failed to qualify for the 2nd round of the Wcup was in 1966...when England won it....I'm tipping England to beat Germany but still favouring Holland to take it all.
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By Gareth Soloway on June 24th, 2010 12:12pm Eastern Time
The markets have been hammered today on the back of more worries about a major double dip recession globally and in the United Sates. The SPDR S&P 500 ETF (NYSE:SPY) have been slammed down to the InTheMoneyStocks master level of $107.50. As this master level was hit, key stocks filled key gaps and became a short term swing buying opportunity.
The first stock that looks to be ready to get a short term bounce is Chevron Corporation (NYSE:CVX). Just last Monday, four days ago, Chevron gapped higher to the 50 moving average on the daily chart. Early in the day it hit a high of $77.25. By the end of the day, it had fallen negative and today it hit a low of $70.80. Yes, four days later, Chevron is almost 10% cheaper. Not only is this a nice discount but if you look closely, there was a closing gap fill level on the daily at $70.79. This happened on June 10, 2010. Today, the low of the day officially filled the gap. In my humble opinion, this is a no brainer swing trade long from this level.
Exxon Mobil Corporation (NYSE:XOM) is another one much like Chevron and should be treated the same way. After the pull back the last four days from the 50 moving average and a high of $64.50. Exxon hit a low today of $60.05. This will should also have a great bounce in the short term. To get more swing trades, guidance on the markets and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
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By Nicholas Santiago on June 24th, 2010 3:25pm Eastern Time
The semiconductor sector is one of the leading groups in the NASDAQ composite. This sector topped out with everything else in the market on April 26th, 2010. The Semiconductor Holders Trust (NYSE:SMH) is a basket of the leading semiconductor stocks and is a good barometer for the sector. The SMH daily chart will have some support around the $26.75 area. Today the SMH is trading lower by 0.51 to $27.37. Therefore, the SMH could pullback further before finding good support.
Intel Corp (NASDAQ:INTC) is one of the leading semiconductor stocks in the market. This stock topped out on April 15th, 2010 ahead of the rest of the market. That is why it is a leading stock. INTC will have daily chart support around the $20.00 level. Should that level fail to hold for the tech giant the next daily chart support level will be around the $19.00 level.
Texas instruments Inc (NYSE:TXN) is another leading semiconductor stock that has sold off sharply since late April. This stock has daily chart support around $24.00 and more at $22.75. Therefore, should the market remain weak this stock could see further downside.
During down markets it is always important to look at the leading stocks in a sector for signs of a possible market bounce. Right now the important semiconductor sector remains under pressure. However, attractive levels for a bounce are coming into play soon. Therefore, remain patient and watch for these levels to be tested. Once they are tested look to see how these leaders react and the rest of the group or sector will usually follow.
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By Nicholas Santiago on June 23rd, 2010 10:43am Eastern Time
Since the strong gap higher open on Monday June 21, 2010 the market has started to sell off again. The move lower has been lead by technology. The high pivot on the NASDAQ composite on Monday was 2341.11. Today the NASDAQ is trading lower by 20.75 to 2240.18. That is a 100.93 point decline from the high peak on Monday June 21st in just three trading days.
Many leading technology stocks are trading lower this morning. Adobe Systems Inc (NASDAQ:ADBE) is trading lower by 1.38 to $31.41 after reporting earnings last night. This stock will have some daily chart support around the $30.00 area should it decline further in the coming days.
Sandisk Corp (NASDAQ:SNDK) is another leading stock that is trading lower. The stock is down 1.14 to $45.93 today. Sandisk Corp hit a wall at the $50.00 resistance level and has retreated since reaching that level. This stock will have good daily chart support around the 44.60 level.
Netflix Inc (NASDAQ:NFLX) has been one of the technology leaders throughout 2010. This stock has pulled back sharply from the $128.00 level which was an all time high. Netflix Inc is trading lower today by 1.00 to $115.39. The stock will have some minor support here at this level and more around the $110.00 area.
Technology has been the leading index throughout 2009 and the first quarter of 2010. However, since the April market top the tech heavy NASDAQ has plummeted. It is important to realize that even when the leading stocks pullback they will have sharp bounces at important support levels.
Profit from the market moves, day trades, swing trades, position your portfolio to profit from the swings. Get in-depth analysis, along with exact entries/exits, swing trades, and scalp trades, join our Research Center or Intra Day Stock Chat NOW and enter the ranks of the Pros!
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By InTheMoneyStocks on June 23rd, 2010 3:54pm Eastern Time
Since the FOMC released their policy statement at 2:15 pm EST the major stock market indexes have traded all over the map in whipsaw fashion. The Federal Reserve Bank did not say or act unexpectedly. The Federal Reserve Bank left the Fed funds rate (overnight lending rate to the large major banks) unchanged at zero to a quarter point. This is where the Fed funds rate has been since December 2008. They also stated that rates would remain at this level for the foreseeable future which has usually been bullish for equities and gold. In any case expect the whipsaw to continue into the close as the institutional money tries to decipher the news.
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