We are now firmly below the 800 level and the 50 day moving average. Support has now become resistance, and there is a lot of free air underneath us. I did not find much on the long side, as far as setups this weekend, and am still cautious on the market going forward.
for the remaining contestants of the third annual March Madness tournament to win $1000 of The Fly’s money. Here are the updated brackets.
With 32 teams still remaining, there are still two iBC bloggers holding strong, Robert and Mr. Woodshedder. Good luck this week gentlemen, you are one step closer to the sweet sixteen.
As for trading setups, I’m not seeing that much heading into the week. I’m currently in 100% cash and will let the dust settle before initiating any new swings.
Here’s a look at some of the top ranked stocks in The PPT:
As we head into the 4th quarter it looks like Mr. Woodshedder will be victorious over Mr. Gint. Sorry Jake, but it looks like $SLW ran out of steam.
GTOtoy, a regular in the pelican room #12631, also has a nice lead heading into the final few minutes.
It looks like Chuck B. will be defeated by botepan, a favorite in the tournament, (short BKS). And, Mr. Po Pimp is trying to make a comeback, but I don’t think $ATPG has what it takes to end the 4th.
Be sure to follow along here to see who will win $1000 of Fly’s money.
Comments »Here is a chart of the Dow Jones with PPT breadth readings below 10%. Since the March 9th bottom, a score under 10 percent has been a pretty good place to commit capital. With today’s sub reading, is now a good time to buy?
The bulls are fighting for control of the 50 day MA and the all important 800 level. As of right now, it looks like it will hold, but the day is young. Keep it on your radar:
This is a simple screen I run inside The PPT to find companies with literally no cash.
Here are the results:
This screen will serve as a good starting point when looking for swing short ideas. PPT & 12631 members can click here to save screen. And, if you’re looking for technical setups, check out these beautiful short ideas: Click here to view watchlist.
Also, Check out the action in the Futures. Should be a fun day.
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