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I posted on Tuesday, August 17th that the Dow Jones will drop to 10,000 points from 10,450 points then bounce a bit, and again head lower to the next support level 9,600.  As you can see from trading the actions of August 26 and 27 that it is exactly how it is playing out.

Looking at the 6 month chart for the DJIA, it looks like the market is at the beginning of a downtrend, the 10 and 200 day moving average is well over the price adding to downward pressure, however it looks like their might be a small pop upwards as the price hits the 50-day moving average, but after that my guess is that the downward trend will continue bringing the Dow Jones down to 10,000 and if it breaks past that down to 9,600 again.  Also looking at the MACD it looks like a downward indicator as well ( please read my disclaimer).  I have been wrong before so do your own due deligence, this is just my read on the market.

This review is both about DVD 4 of Timothy Sykes PennyStocking stock trading program as well as a review of the whole course content DVD 1-4. I will fist talk about DVD 4 and then about the overall quality of information of the entire course.

Timothy Sykes PennyStocking DVD 4 Review

Looking at my stock and index chart indicators, it looks like the markets are headed south for the next leg.  I got out of my position over 2 weeks ago and now it is basically a waiting game, the indicators tell me that I should be in all cash and possibly the DJIA (Dow Jones Industrial Average) is going back under 10,000 within the next month.

I recently bought some contracts in iShares Silver ETF (SLV) for Jan 2011 @ $19. Why am I now looking into silver, my reasoning behind it is that the stock market at this point may have topped and for the rest of the summer most likely will go down ( as mentioned in last article). In light of this, GOLD and SILVER have an inverse relationship to the stock market, so my speculation is that within the next six months when the stock market goes down the price of silver will be rising. The iShares Silver ETF is currently trading at $18.43, and I am speculating that it will be above $19 by years end.

The recent run up in the stock market allowed me to close the positions I had in the two stocks that I have been following which were BBD.A-TO and MVIS. This is a relief because I wanted to make sure that I am not holding any stocks from this point forward, until some bargains presents itself.

Currently, I am only trading 2 stocks, Microvision (MVIS) and Bombardier (BBD-A.TO), however since I got into the trading positions for these 2 stocks the stock market is having trouble setting a direction.

On the charts it would seem that both stocks have hit a bottom, and all I am looking for is a movement of about $0.15 to $0.18 and I get out….however it seems that the stocks are struggling to even move that little in price action.

In DVD 3 of the Tim Sykes PennyStocking trading course, he again goes into details about who he is and how he came to be know as the “Barmitzvah Kid.” He re-iterates the fact that he took his $12,415 Barmitzvah money and turned it into 1.5 million dollars in like 5 years.

Timothy then goes into some detail about some rules he has learned the hard way, and that viewers of DVD 3 of PennyStocking can benefit from these rules which are a result of his mistakes.

I recent moved into a long position on MVIS (Microvision), which is a company that designs and manufactures microscopic projectors called “Pico Projectors” below are the features of their iPhone size device.

Features:

In the second PennyStocking DVD by Timothy Sykes he continues to go into how he reads or interprets stock charts. Tim walks you through play by play pattern views and shows you what events happened where. Sykes doesn’t like to play penny stocks with messy charts, and he basically tells the viewer to stay away from stocks with messy charts, until they clear up.

He walks you through in-depth looks at these chart patterns: