Watchlist 4.9.13 | The Future Is Now

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Fourteen days in a row & the SPX continues to alternate red & green, if the pattern continues tomorrow will close red, but it’s starting to get too obvious. Either way, it’s not healthy action.

If tomorrow breaks the pattern & the SPX closes green I would expect the treasuries to continue lower, digesting through price rather than time. They’ve had a strong run.

 

Apologies for not getting a list out over the weekend but here are some long setups I’m watching for the remainder of the week. Market is still very difficult to swing short but we’re getting closer to a correction everyday so I’m trying to be nimble. The bond market doesn’t lie and it’s pricing in a correction.

 

AIG – Weekly – Closed over volume resistance on above average daily volume (156% Monday). Would like to see a small retrace to the breakout level to start a long entry.

 

APC – Tested the 50ema on the daily and an ascending trend line. First target is $88.70. Note* If the market starts a correction before the recent highs are tested the chart will have built a head & shoulders pattern.

 

CAT – Corrected roughly 15% off the recent highs and so far volume support is in play. In my opinion, I see a low risk / reward play here with stops just below the support levels. I started building a small position in MAY $85 calls today. Have room & time to add.

 

KORS – Cleared this descending channel on the daily chart. I am holding a 1/2 sized position with stops at my entry level of $55.60. Would like to see volume increase and a follow through into Tuesday.

 

ROK – Rejected this upper descending trend line today on lighter volume. Watching for an increase in volume tomorrow for a possible break higher.

 

SNDK – A series of higher lows and a test of previous break out levels and an ascending trend line. Poised for higher prices assuming we have the cooperation of the market.

 

DECK – Not expecting this chart to trigger this week but I want to bring it your attention. We’re getting close to breaking out of this long term base. We’re getting a 200/50 bull cross and I would expect a retest of the 50ema before breaking higher. Will be watching.

 

We are now in EPS season, make sure you’re double checking your earnings dates on all your positions.

So, the end’s what you make it,
@AffluenzaVirus

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