The market yesterday gapped above its key levels but found little interest at those prices as prices slowly drifted downwards. The QQQQ's managed to close above yesterday but on low volume. The low conviction to the upside after all the good news that came out is negative. Should the market come back into its previous price action area. Then I expect the chop and lack of direction to continue.
Longs:
DOW: A long after yesterdays price action.
PM: Broke out yesterday after above average volume.
AKAM: Finally turned into an A long yesterday. Has room to go with IPT being 50.50.
TJX: A long. IPT at 46.30.
Shorts:
AXP: A sell short with room to go.
BK: A sell short. IPT 24.45
CHK: A sell short. IPT 20.75.
NEM: Weak stock with room to go after it gapped up yesterday and failed to hold. Came right back into Fridays range.
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