The market declined yesterday with most major ETF's declining and testing the 50 SMA. The weakest sector yesterday was gold as it demonstrated relative weakness compared to the market. We are in transition mode and could go either way. However I remain bullish till proven otherwise and even though most of my stocks sold off yesterday I remain careful anticipating the buyers to come back. In markets like these its best to either take the most obvious trades or do nothing.
Longs:
BK: A long that has been strong for a while now and is forming a bullish flag on the daily. 28.00 is the level to watch on this stock along with the XLF which is its sector.
USB: Strong stock that held at support yesterday .
Breakouts:
LLTC< 31.00
AVP< 28.40 , AVP> 29.00
ALL < 29.60
WLP < 55.90
Shorts:
KSS: 1-2-3 top on this A sell short that has been forming consistent lower highs and lower lows.
ABT: A sell short thats clearly making new lows every day and has room to go before a major support level.
GE: A sell short after the 1-2-3 top on the daily and the moving averages demonstrating weakness.
PRU: A sell short after yesterdays price action. IPT at 52.10 then at 51.00
CSCO: A sell short that is still weak and took out major support yesterday on above average volume and held.
GLW: A sell short with room to go. IPT at 16.90
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