Market Comments: Indexes got weaker after a much anticipated jobs report suggesting the bulls priced it in yesterday and the market will have to look for some other reason to move today. It could also mean a choppy day and two way market today.
Long Focus:
With so many stocks with strong charts it is hard to pick only a few. Both ARUN and WYNN have good volume patterns on the daily and are at inflection points so that’s why I focused on them. But the list is full of stocks that are just as good. I'm sorry for the length of the list (put it in HS)!
WYNN: The low end of the daily pivot range is 128.94 and the daily swing high broken yesterday is 129.60 so I’d expect support from 129.60 down to 128.94. Additionally, the FTP will be 129.44 a precise guess for support would be 129.50. The last 3 day run here has created a bit of an extended situation so I’ll be careful about any entry that is more than at about 1.50 over yesterday’s high (about half an ATR)
- Trade OR Breakouts over 129 based on comments above.
- Trade OR Reversals over 129 based on comments above.
ARUN: Nice volume yesterday, on 2/18, and intra-day yesterday as it moved up. It is , however, right below all-time highs so I don’t want to be a buyer if it gets too weak. That number without seeing today’s price action for me is 30. The low end of the daily pivot range is 29.93, and there should be support from daily highs starting at 30.92, and stronger at 30.50. And with the FTP at 30.32 and an intra-day low at 30.41. I’d rather not be a buyer below that.
- Trade OR breakouts over the FTP, 30.32 based on comments above
- Trade OR reversals over the FTP, 30.00 based on comments above
Other long charts of interest:
CLF, BIIB, AGP, GRMN, ICE, INTU, NKE, KLAC, SWC, PETM, MCP, RAX, ANF, URBN, ROST, RIMM, VFC, AGU, POT, CYH, CAM, APC, ARUN, FTI, JNPR, GILD
Short Focus:
LVS: Had an inside pivot range day and the pivots are negatively stacked and the daily and 60 MA's are negative. This is a very hard pattern to find today! It is at a key daily support level so I will not be a stubborn short, but a breakdown seems likely.
- Trade OR breakdowns below R1, 44.65, which lines up with yesterday's high of 44.60.
- Trade OR Reversals below R1 for same reasons mentioned above.
X: It only took out the prior day's high by 4 cents so it was a poor performer. However, I would not be short above yesterday's high. It is consolidating and the 60 MA's are turning up. If they fail, and X trades below the FTP, 56.37, then I'll start shorting with the pivots stacked positively, a real short bias does not kick in until R1, 59.13. So that is a key area too.
- Trade OR Breakdowns below FTP, 56.37.
Other Short Charts of interest:
LVS, X, EQIX, FFIV, X, CRM, GS, FCX, LXK
