The S&P closed just beneath the 50 day moving average Friday, and my search for long ideas has not went all that well this weekend. We also have earnings to deal with that could sway the direction of the market. I think something like 180 of the 500 stock in the S&P are reporting this week, so be ready for anything. Here is a look at the daily chart of the $SPX:
Thursday low is the line in the sand for me, 1370. Below that, things could get ugly quick. Here are a few trading ideas I have heading into the week.
$KORS, this one looks ready to fall off a cliff as does the rest of specialty retail. Watch for a breakdown below 41:
$BKE, another retail name that looks vulnerable:
Here’s another one that could see a imminent breakdown, $INVN:
My long ideas are slim heading into the week, but that could change quickly. Here are a few I’m looking to buy strength.
5 Responses to Pivotal Week
PMI has turned into PMS
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