Market movers in the week to come are…· Tues: Consumer Confidence 10:00 AM ET· Weds: GDP 8:30 AM ET· Weds: FOMC Meeting Announcement 2:15 PM ET· Thurs: Personal Income and Outlays 8:30 AM ET· Thurs: Jobless Claims 8:30 AM ET· Fri: Consumer Sentiment 9:55 AM ET· Fri: ISM Manufacturing Index 10:00 AM ET Also note…· Paul Volcker Speaks Thursday at 3:45 PM ET· Tim Geithner Speaks Friday at 8:00 AM ET· James Bullard Speaks Friday at 9:45 AM ET We…
Long ideas for the week are ARST and QSII as they continue to break out to all-time highs. We are also watching CPSI, DRI, and PNRA to consolidate and make another push higher if the broad market chooses to do so as well. Shorting into resistance we have FWRD, HRS, and VIVO. A big week filled with economic news and earnings ahead, tread lightly. Preserving capital should be your #1 goal.
Regardless of the earnings announcements last week, we continue to push higher. The weekly candle ranges are becoming smaller as bears are stepping in to hold prices at these levels. We touched the 875 level on the S&P which was our target in last week’s forecast. We should see resistance at these levels so a pullback in the form of a gap down Monday would be expected.The S&P has held a close relation with the 10-Day Moving Average and can…
Potential market movers in the week to come…· Mon: Leading Indicators 10:00 AM ET· Tues: Redbook 8:55 AM ET· Weds: EIA Petroleum Status Report 10:30 AM ET· Thurs: Jobless Claims 8:30 AM ET· Thurs: Existing Home Sales 10:00 AM ET· Fri: Durable Goods 8:30 AM ET· Fri: New Home Sales 10:00 AM ET Earnings announcements for the week can be found here. The next logical target on the S&P would be 910, but before that happens, a pullback should be…
As we are expecting a gap down on Monday we are looking at a few select longs to buy early in the week those names are ADBE, CTRP, ESRX, LFT, MYGN, and SMG. We will follow up later in the week once a market sentiment is established. Remember we are still in earnings season so expect whipsaw action.
Last week’s internals split the market in half. Notice how the Breadth and A/D Lines were stronger on the up days. This strength in the market was confirmed by a declining VIX that broke down and closed at the lows.Back in week 11 we reported that a buy signal was printed on the Bullish Percent Index Point and Figure charts. That rally has continued nicely up to this current congestion zone of 805-875 on the S&P.
The week is filled with economic news, Alcoa kicked off earnings season last Tuesday with a Q1 loss of $0.59 per share and revenues declining 36%. We have some big names reporting this week including Goldman Sachs (GS) Monday, Intel (INTC) Tuesday, and Google, (GOOG) Thursday. Economic news for the week is as follows… · Tues: Producer Price Index 8:30 AM ET· Tues: Retail Sales 8:30 AM ET· Weds: Consumer Price Index 8:30 AM ET· Weds: Empire State Manufacturing Survey…
Last weeks watchlist was solid once again, with a few of our longs FDO and FNF bringing in quite a profit. Be cautious heading into next week as Economic News will be the catalyst for movement. Here are the tickets we like thus far… LongCTR – On a breakout of $19.DLTR – On a breakout of $45.LANC – On a breakout of $43.MJN – Potential entry on this recent IPO, easy to manage the trade with a stop under Friday’s…