On monday we got another griding up move. The day was really choppy on very low volume. We are yet to test the 117.50 in the SPY and it seems like its taking forever to get there. It also feels like the markets are running out of fuel, hence the choppy action. Overall the market is stalling, with no clear conviction in either direction. A correction might be on the horizon as bulls seem to be weakening. In addition, many stocks are begining to form 1-2-3 tops on the daily and the EUR/USD is also acting weak before the open today.
Longs:
DOW: A long even after the market formed a bullish flag on the daily right above the key 29.85 level. IPT at 30.80.
JNPR: A long that formed 2 daily bullish U turns prior to yesterday. Strong stock with yesterdays high being the first IPT at 32.00 then 42.80 as the next IPT.
LEN: A long that held yesterday above its key 16.00 level.
TWC: A long that took out its daily bullish flag. IPT at 57.00.
Shorts:
AKAM: A sell short. IPT at 43.00
PRU: A sell short below 53.20. IPT at 52.20
Breakouts:
DAL: the stock is an A sell short with major resistance at 11.15.
HAL: A long that is testing its 35.10 level for the third time. It can break through. IPT at 38.50 on the weekly charts.
HON: A long that has formed 3 inside days in a row.
USB: All moving averages withing 2 inside days. If it picks a direction expect it to explode.
BAC: < 13.05 is the level I am watching . IPT is at 12.60.
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