Focus List
CCJ: Reported earnings this morning. Due to the consolidation pattern on the daily chart it is worth watching for a 5-min OR breakout if it gaps over the prior 2 days highs, 42.70. Key Resistance levels are daily highs at 43.33 and 44.15. R2 is 43.03 so that could also be an important level.
- Trade OR Breakouts over 42.70.
CMI: Has been consolidating on the daily in a very tight range. I’d only play breakouts over this daily range high of 112.39. Other key areas of resistance are daily highs of 113.91 and 114.81.
- Trade OR Breakouts over 112.39.
OXY: held up very well yesterday when many of the energy names got weak intra-day and broke out of a major daily consolidation on and intra-day and closing basis. S1 is 98.00 which is pretty close to the prior low of 97.75. Additionally, there is support in the 98.50 level so above that level this looks like a good stock to look for long plays
-Trade OR Breakouts over 98.50 support area, an preferably over the FTP of 99.50
- Trade OR Reversals above S1, 98.00
Other interesting long charts: MMM, NOC, MCD, FSLR, PNC, CCJ, KSU, TRN, UNP, CAT, DE,SU, SHLD, SLB, OXY, BMC
Short Focus
With a such strong action on Friday in a strong trend, I don’t see any good shorts. I’ll continue to watch FCX as it had an inside day on Friday, but the market action will have to create some opportunities or else I’ll wait.
