The market took out key levels yesterday but didn't take then out with conviciton. The SPY barely breached its level then retraced forming a bearish u-turn. The QQQQ's also also acted in a similar way, slightly breaching the level then coming back in. The market seems like its running low on fuel. I dont expect to get a trend day today. We might be forming a short term top right here. Momentum shorts might be in play today.
Longs:
SLB: A long that acted strong yesterday after it followed the strong XLE sector. IPT 66.25.
AU: A long on this gold stock after it broke out of key resistance yesterday.
HAL: Gaped above long term resistance and held above it. It even close positive for the day, and like any other stock in the XLE sector this stock was strong yesterday and should follow through if we get strength today.
BRCM: A long with room to go with resistance being at 38.50, 1.15 dollars away.
INTU: A long making new highs. Has room to go.
SBUX: Rebounded yesterday to close strong a perform a bullish u turn. A long that has room to go with the next IPT at 27.55 then 28.50
Breakouts:
COST: A breakdown below 62.80 is the likely scenario in COST after it form an exhaustion on the 6th .
MET: Failed in its breakouts to the downside. All moving averages are consolidating and this stock is bracing itself for a breakout to the upside.
BAC: Break down below 13.05 on this stock that is about to become an A sell short.
Shorts:
AKAM: Failed to close above its range of the past 4 days and came back in. IPT at 43.70.
LOW: Weak stocked that declined yesterday. Has room to go and IPT at 21.30 which is the 50 DMA.
AMGN: Weak stock that has room to go. IPT 54.40.
No comments:
Post a Comment