All information  pertaining to my website including the list of subscribers is now permanently  inaccessible.  As they say in the web world, the website is now stagnant.

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We know that regardless of how compelling the news is,  we always take a look at the stock chart to determine what if any action, to take.

So, lets take at look at the SPDR Gold Trust ETF, GLD.

GLD broke out of short term resistance levels of 110 app. in the beginning of April and moved up to test a new resistance line at 114. We saw  some profit taking and then a new entry trigger on the Williams %R brought us to an all time  new high of 122 on May 12. On that date, prices surpassed  the 119.57 high of December 2009.

Also, on that  day we  saw a Lincoln’s hat and the next morning prices opened slightly lower with prices continuing to gently  stair step down over the next few days .This morning GLD is down  $1.19 at the open. In addition, we are now seeing the beginning of a  MACD crossover to the downside with our first histogram bar to the negative side.

What were the signs pointing to a short term exit?

First of all, the strong profit generated since April would have had the trailing stop set fairly tight to preserve profit and be ready for inevitable profit taking.  For some the attitude: I am happy with my profit, I will take my money off the table and look for a new trade would be the standard operating procedure.

Second, we saw that the new high of 122 was not sustained, prices pulled back and no signs yet of re-testing that level.

Third, we dropped below the round number resistance of 120.

Fourth, prices are dropping well below the 7 day moving average which fits one of our exit strategies.

Lastly, in keeping with our goal of minimizing losses and letting the profits run, we would have established our profit target before entering the trade.  We would have exited once we had fulfilled that goal.

However,  futures indicated that the market would open down and later in the morning we saw a 100 point drop ending the trading day with a 213.04 decline.

The DJIA dropped  below resistance of 11,200 and now sitting just under 11,100. Both the NASDAQ and the S+P 500 dropped below  previous levels as well.

Since all three indexes have been overbought since mid-February, this sell-off may generate  new entry signals.

We saw heavy profit taking on many of the stocks on our watch list. Now we will wait for clear market direction.

Lululemon Athletica, LULU confirmed long 2  bars ago.

Cree Inc., CREE confirmed long yesterday.

However, the futures are down before the market open. We will wait for clear entry signals.

LULU,  Lululemon Athletica, confirmed long 2 bars ago.

Cree Inc, symbol CREE , confirmed long yesterday.

Futures  are down before the market open this morning.

On Friday, April 16th, it looked as though we might have the beginning of the awaited sell off with a drop of 125 points.  Watching to see if Williams %R would descend to -80 or greater.

Instead on Monday the market continued its’ stair stepping pattern. Friday we testd 11,200 on the DJIA.

We have two choices for position or swing trading. Wait for sell-off and a new entry point or if the market consolidates around  11,200 we would enter on a break out with higher volume.

We shall see what the charts tell us this week. In the meantime, review your watch list and create a short list of stocks that are lining up.

Wednesday April 21  9 PM EST.

Presented by Ingrid Mueller

Since February 2010, the Dow Jones Industrial Average has moved up  over 1000 points, the NASDAQ has gained over 250 points with a 100 point gain on the S&P 500 Index.

Recently both the DOW and NASDAQ indexes made a new 2010 high. Since March 9, 2009 the NASDAQ has moved up 89%, the DOW 67%, and the S&P 74%.

The market continues to stair step up breaking  through  11,000 resistance on the DJIA.

Stocks on our watch list have made a nice profit and we are looking for new long entry points.

Exchange Traded Funds called  ETFs  are portfolios of stocks, bonds, currencies or commodities that trade as a single stock on a stock exchange.

I have been trading ETFs for 15 years. They are increasingly popular and are an excellent vehicle for beginners to experienced traders.

In this webinar I will discuss:

• Advantages of trading ETFs
• Global Market ETFs
• How to trade ETFs.
• Profile charts of ETFs that follow the broad market
• Trading strategies
• How to enter an existing trend

Join us for an informative session designed to immediately improve your trading performance.

To register: https://www1.gotomeeting.com/register/634917657

For assistance or questions contact me at mystockcoach@gmailc.om
Ingrid Mueller

Although the sell-off appears to be related to the latest financial news, bear in mind that we expected some profit taking after recent days of buying and prolonged overbought indicators.

It is easy to be overcome by emotions and give in to the temptation  of jumping onto  the moving train not knowing when the train is losing steam and the ride is over.

This is a  time to protect profits on existing trades with trailing stops and wait for new clear entry signals based upon a sound trading plan.

This week we will watch and see whether there will be more profit taking and then resuming of our upward course. We will also watch for signs of change.  It is best to wait before  entering  any new trades until we have a clear direction and new entry triggers. As always, our strong watch list will generate new profitable trades.

Wednesday April 21  9 PM EST.

Presented by Ingrid Mueller

Since February 2010, the Dow Jones Industrial Average has moved up  over 1000 points, the NASDAQ has gained over 250 points with a 100 point gain on the S&P 500 Index.

Recently both the DOW and NASDAQ indexes made a new 2010 high. Since March 9, 2009 the NASDAQ has moved up 89%, the DOW 67%, and the S&P 74%.

The market continues to stair step up breaking  through  11,000 resistance on the DJIA.

Stocks on our watch list have made a nice profit and we are looking for new long entry points.

Exchange Traded Funds called  ETFs  are portfolios of stocks, bonds, currencies or commodities that trade as a single stock on a stock exchange.

I have been trading ETFs for 15 years. They are increasingly popular and are an excellent vehicle for beginners to experienced traders.

In this webinar I will discuss:

• Advantages of trading ETFs
• Global Market ETFs
• How to trade ETFs.
• Profile charts of ETFs that follow the broad market
• Trading strategies
• How to enter an existing trend

Join us for an informative session designed to immediately improve your trading performance.

To register: https://www1.gotomeeting.com/register/634917657

For assistance or questions contact me at mystockcoach@gmailc.om
Ingrid Mueller

The webinar will be presented by Jeffrey Gibby of MetaStock who is familiar with the www.mystockcoach.com trading style.

Why MetaStock?

I use the MetaStock end of day data feed. This charting software will provide better graphics than any internet based program including Big Charts. The charting software provides clear, sharp images and can be easily customized to your charting formulas.

The next MyStockCoach.com MetaStock training will be held on Tuesday, April 6 at 8 PM  Eastern.

The class will run 1 hour. It will cover the basics and the features of using MetaStock, as well as demonstrating how to create and customize charting formulas, including the Trend Trigger Trade template I use.

To register for the Webinar, please contact me by email at mystockcoach@gmail.com.

See you at the Webinar!