Still looks bullish to me, especially that last candle.
The fact that we are right at resistance and refuse to sell off is a good sign for the bulls. I’m watching for a break above the downward sloping channel (green line). A sell-off is still possible, but I like my chances being long here.
The orange line (@ 800) is an area, if broken, I will begin to get defensive with my longs. However, we also have the 50 day moving average which is right underneath, for added support.
Again, I like my chances being long.
Top pick: LDK (provided it trades above it’s 50 day)
(disclaimer: long LDK call options)
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Update: Don’t forget about FEED
I heavily feel that we’re consolidating. Have to watch out for these wedges. There are wedge patterns scattered throughout tickers that are really beginning to feel the pinch of consolidation. I’m full cash ’til Mother Market knows what she’s doing. Not playing earnings until next week.
I like your bullish thoughts on LDK. I have never heard of this ticker before, so thank you for posting it up on your watch list this week!
Any thoughts on CREE? I have some May calls in that bad boy. Chart looks good to me, especially on a break to new 52 week highs.
looks toppy.
Have an opinion about FWLT?
Thanks RC. I definitely value your opinion – you do great work around here. I may start scaling out of those calls, indeud.
FWLT: love it above 20 day, below that, sell. Nice bounce today off it.
RC the fact we gapped down and could not close the gap should have u be bearish and all european markets ended the day @the lows after gapping should signal we got a reversal
That is like saying Charlie threw a tuna fish sandwich at Flipper, so up we go. Read the charts not the blogs or news.
Citigroup adds ADM to Top Picks Live tonight as a TOP SELL.
excerpts:
* Action – We are adding Archer-Daniels-Midland to Top Picks Live as our highest conviction Sell-rated name.
* Our recent visit with management from Archer-Daniels-Midland reinforced our belief that trends in the company’s major business lines are deteriorating, headlined by Oilseed Processing and Agricultural Services.
* Our $25 target price represents -13% in expected downside from current pricing levels as we believe weakening fundamentals at ADM are not currently reflected in ADM shares….
was reading Merrill’s market Technical Analysis report today:
couple of things:
Support Levels: 1st Support 2nd Support
S&P 500 770-730 690-666
NASDAQ Comp 1465-1390 1295-1250
Resistance Levels: 1st Resistance 2nd Resistance
S&P 500 840-880 915-965
NASDAQ Comp 1600-1665 1750-1775
They talk about how the consensus view is for the S&P 500 to correct part of this rally and test possibly 750-740 and how consensus is often wrong, so we are prob. due for some side-ways action that eventually launches the market to new recovery highs…
It wouldn’t suprise me to see a light volume rally this wk, similar to Christmas./NYears as big volume waits for earnings to resolve medium term direction