Market Comments: Lots of strong and extended patterns. It’s hard to pick a few to focus on. I picked stock closer to inflection points.
Long Focus:
BTU: Breaking out of a tight two days, and 2 months of consolidation and had a nice volume run up into the close. It is looking like it will gap up against yesterday’s highs,66.90, on the open.
- Trade OR Breakouts over FTP,66.00, best would be over prior high of 66.90
- Trade OR Reversals above S1, 65.63
BIDU: Rested yesterday and has two tight days of consolidation. I would only buy breakouts over the FTP which will be 128.61. Yesterdays high, 129.75, will line up with R1,129.85, so this is a very important inflection points also.
- Trade OR Breakouts over FTP, 128.60, watch the 129.65 – 129.85 level very closely.
RIMM: Nice Volume breakout today should be followed today. Important daily support comes in at 67.50 which is below the pivot, 67.98, and above S1, 67.21. So watch 67.50 area closely.
-Trade OR Breakouts above 67.50
- Trade OR Reversals above yesterday’s low, 66.86.
Other interesting long charts: AAPL, X, GILD, FSLR, CLF, WMB, JOYG, MMM, FDX, NUE, WFMI, FDX, PNC, CAT, DE, WYNN ,BMC
Short Focus:
I’ll be watching FCX, AVP, MON, and STT on the short side cautiously.
