SPY: Formed an outside bearish bar with high volume. We could sell off today but one day of weakness in a bullmarket isnt a reason to go be long. We are back in the range we broke out of. We are in B territory here. Only A trades should be considered.
Longs:
QCOM: Held well in the face of yesterdays bearish market ill be looking for the stock to hold above 45.
BBY: A long stock with an IPT of 42.50.
TXN: > 27.40 Ill be waiting for a pause above or under this level to intiate a trade as a straight breakout isn't worth it in this condition.
Shorts:
ADM: Below < 32. This stock formed a 1-2-3 top on the daily but is stil above the major moving average.
JPM: Below 38 with an IPT of 37.50 then 36.70
No comments:
Post a Comment