Market comments: Notice that I have chosen stocks from different groups and in the "more" list grouped them by group. The market has had a nice run. It's time to be careful.
Long Focus
X: Gapping on an upgrade which is always suspect, but if it trades over the daily consolidation highs of 61.40 it could have a big up day. Because of the upgrade I would stay away if it happens to go down below today’s FTP, 60.04. If it runs, look for resistance at 63.50 and 65.40 areas. Note R2 will be 62.13.
- Trade Breakouts over the FTP, 60.04, preferable over the daily consolidation highs of 61.40.
- Trade OR Reversals if above FTP, 60.04
PNC: The daily has nice consolidation so we’re really looking for a breakout, but a reversal could work too. If it runs look for resistance at 66.40 area. It is also note worthy that the last 20 minutes of yesterday saw a big volume run up, and the low of that volume area is the FTP area of 64.64. And the S1 area, 64.32, is also an area of intra-day support.
- Trade OR Breakouts over S1, 64.32
- Trade OR Reversals over S1, 64.32
SLB: The daily may be breaking out so if it does I want to follow it. And there is good support at both the FTP and S1 levels so it’s a good one to focus on.
- Trade OR breakouts over FTP, 91.60.
- Trade OR Reversals over S1, 90.86
Other interesting long charts: CCJ, LRCX, MMM, MCD, FSLR, KSU, TRN, UNP, CAT, DE, CMI, SU, APC, SHLD, WFMI
Short Focus
Like my comments yesterday, with such a strong trend in the market, I don’t see any good shorts. The market action will have to create some opportunities.
