The market is at the same position that it was before yesterday, nothing much has changed as we had a neutral inside day yesterday. The market is unclear at the moment and its best to step aside until it clears up or take out yesterdays inside day as a minimum. We are still in a bull market and any short trades will be countertrend trades.
Longs:
JCG: A long after the massive breakout yesterday.
SLW: A long that formed a swing low on the daily.
TGT: A long after its key resistance level of 55.50 was taken out with price closing at 55.62.
NOV: A long on this very strong stock. Key level at 59.80
COST: A long after yesterday strong up move. Price held really well.
URBN: A long with IPT at 38.10
SLB: A long after price bounced at the day befores low to hold at the 2 day lows. Looks like a bullish flag on the daily.
EBAY: A long that formed a bullish U-Turn yesterday even though the market saw some weakness come out of the tech sector.
TXN: A long that is forming a pennant.
Shorts:
MRK: A sell short after the weak day it had yesterday.
ABT: A sell short that had an inside day yesterday. Looks really clean on the hourly.
GLW: A sell short with room to go. IPT at 17.00
CSCO: A sell short that continues to demonstrate weakness.
Breakouts:
TJX: In a range, could break either way.
ALL < 29.60
CVX < 81.90
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