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Ahead of President Obama’s budget address at around 1:35 p.m. EST., traders are reluctant to press bets in either direction. While some charts in the energy complex saw technical breakdowns yesterday, many of them are already short-term oversold, thus making it difficult to press shorts. At the same time, the bounce we saw this morning never really picked up momentum. Other areas of the market, however, were already correcting before yesterday’s broad market sell-off. The solars may finally be waking up again, after taking over a week to consolidate their recent move–I have my eye on FSLR STP and TSL in that space, mainly.
I am also pleased with how my MA portfolio holding is acting. I have written several posts on MasterCard over the past few months, and it looks like it is turning into a long-term swing trade for me. In particular, if it can clear the $270 level, I expect to see $300 relatively soon.
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Hi,
A while back you wrote that you use FCX as an indicator of the broad market and I find that it works quite well.
Based on it, it seems that this is nothing more than a quick bounce and we are heading lower.
Thanks
zzz
It is an ugly weekly candle on FCX. Looking to see if $52 holds.
I see it. Also, you can see the decreasing “up volume” in the preceeding 4 weeks,
We’ll see….my gut says no, but I have been wrong many times!
Thank you for your thoughtful posts.
zzz
Gave you a shout out… NEW POST: “You Cannot Make an Easy Market if it is Not There” http://stk.ly/glZBfn
I am honored! Thank you Chess for your informative posts!!
zzz
My pleasure.