Wednesday, March 25, 2009
BMO - ES +1.75 and NQ +0.50 futures are up slightly in pre-market trading about an hour before the open, indicating a flat opening. If cash markets open near Tuesday's close and move higher look for a resumption of the short term trend. If they move lower and break short term support levels, break the low of the high day or inside day look for a continuation of Tuesday's pull back. We'll be watching the following stocks:
At the Open on Wednesday –
SPY – bearish harami
VNO – spinning top, consolidation at 30 DMA
ARO – confirmed bullish harami/hammer
MS – shooting star at horizontal resistance
ESS – consolidation at 50 DMA
GS – shooting star doji at 200 DMA resistance
SNDA – breakout close above 37 horizontal resistance
OSG – close below low of high day above low of bearish engulfing
CTSH – moves lower in bull flag
LEAP – white spinning top new high close
X – 30 DMA breakout…double bottom target $25.08
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2 comments:
Dave,
Great call on X!
Peggy
Dave,
Seems like the price action today is a cautious one. Knee-jerk short covering and the then a leg in back to the short market. Also seems like everyone is waiting for tomorrow's big GDP day.
As we come closer to the end of the quarter, what should I expect with this quacky market? If it were totally bearish, I'd expect the fundies to dump some bad performing stocks. And if this is now seen as a slightly bullish market, I would expect some end of the quarter buying in some of the good names.
In either case I expect some selling to start on Wed of next week. Need some sanity in this insane world...sanity check please. Am I getting close or totally off base?
aloha,
eric
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