It was a weak and choppy down day Friday with GS/financials, real estate, and semis taking the worst of it. Gold, bonds and crude fared better but there is some ugliness starting to show up in the charts. Go through your watch list and see how many household/high profile names have broken down below the 20 or 50 day MA. I mention this because every time a level is tested the weaker it becomes, Friday was the 5th test of the 20 day MA on the SPY since the February low and the 2nd close below it. So let’s be cognizant of that and show some caution going forward. Take what the market gives you and trade good set ups.


This Greek bailout may provide some calm to the markets but there is personal income and outlays at 8:30 and ISM MFG index & construction spending at 10:00 that could rock the boat.

The following ideas may be actionable early this week. Look for good volume and smooth set ups in break out/break downs. Don’t catch falling knives on support/reversal buys and use reasonable stops.

uso 42ish long

acm 31 long

amgn 57 short

bax 47 short

ceco 29 short

ges 45.3 short

goog 520 short

gymb 49 short

jpm 42 short

nyt 9.9 short

scco 30 short

sgy 16 short

adp 42.44 reversal/support buy on 150 day MA

atpg 16.52 reversal/support buy on 200 day MA