Gold and commodities sort of rebounded yesterday after the sell off the day before signaling that the market isnt clear on a direction yet. I expect the market to consolidate and chop around before it sets a new direction. The SPY also failed to go below the day before and came back up to close at the highs, signaling that the buyers wont let go of this market easily. I expect a choppy day today as its a holiday in the US and banks will be closed.
Longs:
VLO: A long after breaking out of its key levels.IPT 19.96
WLP: Has been showing consistent relative strength in a relatively weak sector (XLV healthcare) Should XLV bounce then WLP is my play in the sector.
COP: A long on this energy stock that followed commodities up yesterday. It is also strong on every timeframe.
WFC: Bullish flag on the daily chart after a momentum push. XLF has been strong in the past few days and WFC has been demonstrating that strength, should the XLF sector act strong again, Ill look at WFC.
USB: Another strong financial stock that is almost identical to WFC.
JNPR: Strong stock in the tech sector. It had been consolidating for the past few days, should this stock go above yesterdays range then that would give it alot of room to the upside.
ALTR: Strong stock and almost identical to ALTR.
XOM: Strong stock in the XLE sector that has room to go above yesterdays range. IPT at 72.10
Breakouts:
INTU > 49.00
Shorts:
MRK: Weak stock in a weak sector. IPT at 34.50
AMGN: A sell short that probably saw some short covering yesterday after it came back to close in the highs on average volume. Should we get some sort of continuation then the low of yesterday is a nice profit target.
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