Tuesday, May 11, 2010

In rough seas sailors look for any port in a storm, in this storm your port is established moving averages and previous support or resistance levels. Go through your charts and see how many stocks, etf’s and index’s tested important MA’s and support/resistance levels in the last two days. Know where they are it can only help you.















There is your range SPY 117.43 (50 day MA) by 114.91, not as clean as I would like but given the recent volatility I will take what I can get. This range should get broken soon. Until this range resolves itself be patient.

The following ideas may be actionable tomorrow but, they are minor. In this environment it is best to let one or two alerts pass and see what the reaction is. Are stocks breaking out or failing, breaking down or bouncing back? Either way the following levels could be important.

atw 32 long

esrx 105 long

expd 42 long

mtb 90 long

dgx 54 short

genz 51 short

mon 57 short

qcom 37 short

ma 220 short

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