Watchlist 12.3.12 | Saferwaters

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Markets have had a nice run during the last two weeks.  I took a lot of profits off the table and am currently over 65% cash.  The US Dollar futures on the daily time frame are suggesting a small move higher to the 80.58 level before continuing lower.  A small pull back or consolidation pattern in the $SPX would be healthy bullish action.  With the holiday season approaching I believe this market is headed for safer waters.

LONGS:

CRM – Nice consolidation pattern on lighter volume.  Looking for a push higher. First target is 161.60. Second target is 164.75.

DISH – Cleared this descending trend line on Friday and closed above volume by price resistance as well.  Friday showed enough daily volume for a follow through day Monday.

TWC – Keep this one on your watch list. If we can clear $95.50 (gap resistance) we have nothing in the way to the gap fill at $98.17.

MA – Cleared above resistance on Friday.  I am a buyer if we can get a retest close to breakout level of $486.08.

LVS – Another good looking consolidation pattern on lighter volume.  Watching volume resistance at $47.25 for a push to higher levels.

SHORTS:

SCOR – Descending triangle and a long series of lower highs put in.  Stochastics & RSI turning lower.  First target is volume support at $13.03. Once $13.03 is tested I would lower stops to flat with a secondary target of $12.27.

YELP – Another series of lower highs and overbought stochastics.  YELP insiders also sold a fair amount of shares during the last week of November.

 

Nobody knows,
@AffluenzaVirus

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