It’s amazing to me that I had to bring up a 2yr chart of the S&P 500 to see where our next resistance point would be– we have come so far, so fast! Nonetheless, when I plotted my retracement levels, I noticed that we are sitting right at the 38.2 level (a significant level):
I would like to see a strong close, if not, this level looks like it could be a breaking point.
Comments »I own it and love it, but you guys already know that. Take a look at previous post in June, click here.
BTFO in progress:
Job Losses moderate in July, and the futures are moving higher. ZMoose has a bunch of great long ideas, go check them out.
Crocs, Inc. [[CROX]] upgraded this morning to $7.50, check out the rest of upgrades/downgrades.
A few longs I’m interested in:
Stone Energy Corporation [[SGY]]
Integrated Silicon Solution, Inc. [[ISSI]] I like this semi over $3.40
Doral Financial Corp. [[DRL]] this financial could get moving with it’s close above its 50 day MA:
Pacific Sunwear of California, Inc. [[PSUN]] watch for a strong move off the moving averages:
Long setups are plentiful verses short setups, but what if this run suddenly ends with 1,000 on the S&P being a intermediate top? Are you prepared with some “BTFD” short candidates?
I have a few, and will be scanning all night for more. Now I’m not saying it’s down hill from here, I am simply preparing for the worst. Check out these beauties:
Abbott Laboratories [[ABT]] Watch for a breakdown below 43.45
Allegheny Energy, Inc. [[AYE]] Watch for continued weakness:
Darden Restaurants, Inc. [[DRI]] Possible Gap fill:
General Maritime Corporation [[GMR]] Short this one with contuned weakness in the shippers (see EXM & OCNF)
Nokia Corporation (ADR) [[NOK]] It’s Nokia, do i even have to say anything?
Watch Steel, if the group is weak, short Reliance Steel & Aluminum Reliance Steel & Aluminum [[RS]]
And, don’t forget these short ideas, they’re still good.
Note: If the market rallies off the job number, just forget you read this post and buy your favorite stock.
Note II: If you have any good bearish charts, the Cajun would like to see them.
Comments »You already know how I feel about IntercontinentalExchange, Inc. [[ICE]]
20 day chart:
Take a look at Shanda Interactive Entertainment Ltd ADR [[SNDA]] , I like it below $50:
As of right now Wells Fargo & Company Wells Fargo & Company [[WFC]] displays a failed breakout, it looks a little extended, short on overall weakness (Disclaimer: I am short):
