Market Comments: With the negative 3-day pivot pattern (see video in training section – Conflicting and Confirming Patterns), I’ll have a negative market bias today unless the OR patterns are just plain bullish. I’ll be quite negative if we break yesterday’s lows in all market watch charts. As a result I will probably trade the QID and SDS today.
Long Focus:
To make this list today the stock had to hold up well or be strong on the daily and on major support.
RIMM: Held up very well yesterday and has consolidated for a several days. That said I’ll be very cautious about any longs in a weak market.
-Trade OR breakouts over FTP,66.55, and really prefer it to be over the intraday resistance of 66.75.
- Trade OR Reversals above S1, 65.57 and preferably over yesterday’s low, 65.73
WYNN: Held up very well yesterday, and even closed on its highs. I’d expect resistance at the 127 level.
- Trade OR breakouts over the FTP, 124.84.
- Trade OR Reversals over S1, 123.6, and look for some support at the prior day high of 124.07.
Other Long Charts of Interest: RIMM, WYNN, URBN, ICE, WLL, BIIB, PETM, ALXN, WYNN, CNQ, MCP, ROST, LRCX
Short Focus:
There are so many charts that look negative and the potential for a drop will have me looking to trade the short market ETF’s of QID and SDS. I’m selecting FCX as a focus because it can really move relative to what you generally have to risk. But I’ll be just as likely to trade any other one on the list.
FCX: The daily pattern is a flag that stopped right at daily resistance perfectly. Now with a close below the prior day’s low,51.95 that should be significant resistance and it is also another daily low and the FTP is 52.18. So as long as it is below that 52.20 area I want to look short.
- Trade OR breakdowns below 52.20
- Trade OR Reversals below 52.20
Other Short Charts of Interest:
FCX, LVS, CCJ, SHW, LVS, GS, COH, TIF, MON, FCX, BRCM, AMZN, UNP, A, BDX, X, EQIX, CMI,
