While there still aren’t any phenomenal setups out there, keep these on your radar for the next few days. Long: Buy over Monday’s High (Stop under the low): ATHN, AVA, HANS, MMS Short: Watch for breakdowns in: EMN, MMC, SIGI, SINA, SIVB, WAT Wait for a small bounce in FDX, LNN, SJT to go short. A great way to keep positions managed in this market climate is to have a basket of longs and shorts. This way, if we move…
2009 has been one of the worst starts in stock market history. We are still chopping around down near the old 2002/2003 lows and should continue the process during the months to come. We see a bearish engulfment candle on the SPY monthly with no sign of bulls stepping in.
As many of us have learned the hard way, the markets will act on their own accord and many times it seems without reason. As we continue to see sideways action across the major indices, the short term 2-5 day swing trades have been the most profitable over the first month of 2009. We made an attempted rally last week which only made it to the 50% Fibonacci retracement level (using the highs from January 09). Looking at the markets…
In the week ahead, watch for a retest of the S/P $800 level. We made an attempted rally last week which only made it to the 50% Fibonacci retracement level (using the highs from January 09). Major economic data for the week is as follows…· Mon: Personal Income and Outlays 8:30 ET· Mon: ISM Manufacturing Index 10:00 ET· Fri: Employment Situation 8:30 ET Along with these reports we have Pending Home Sales on Tuesday, Jobless Claims and Natural Gas Report…
Week 5 was a great week for our watchlist. We had a big streak of winners those of which were MYGN, GILD, PALM, CTX, and ERTS. As we move into week 6, look for updates in future posts as we would like to wait for Monday’s price action to signal a direction.