Adapt Or Die
As the market
continue to drift higher, or "melt up" as
Dave Landry likes to say, the quick short-term "scalps" are becoming a bit
more challenging. Quite simply there is just not the quick thrusts in the S&Ps
on a one-minute chart, it is more of a labored climb. As a result, you will need
to examine pushing your timeframe out to a 5- or 15-minute chart. Adapt in order
to survive.
As a result, I will be making an
effort to alert you to potential setups in
TradersWire. However,
in the interim, keep an eye on the following stocks and their respective price
levels for potential entry points:
Cigna
(
CI |
Quote |
Chart |
News |
PowerRating): >$98.05 would represent a potential breakout both on
15-min. and daily
AutoZone
(
AZO |
Quote |
Chart |
News |
PowerRating): <$63.50 would represent a
potential break-down on daily chart
Bristol
Meyers Squibb
(
BMY |
Quote |
Chart |
News |
PowerRating): Forming a "Slim Jim"
on 15-minute chart
I apologize for the brief columns this
week, but quite frankly the action (HVT) has
been such that you simply need to focus on the tape. The result is a process
that is far less "research-based." As I had mentioned in an earlier column,
preparation time for our traders has contracted dramatically over the last
couple of weeks as volatility and liquidity has come back into the market.
Key Technical
Numbers: (futures)
S&P’s |
Nasdaq |
| 1179 | 1580 |
| 1175.3 (200-day MA) |
1567 (key resistance) |
| 1162-64 | 1566 |
| 1149 | 1532-34 |
| 1142-45 | 1503-07 |
| 1133-34 | 1493 |
| 1124 | 1481-86 |
| 1114-17 | 1464 |
| 1101-04 | 1425 |
As always, feel free to send me your
comments and questions. See you in
TradersWire.