But What Does The Longer-Term Picture Say?
Greg Che is on vacation. In his
absence, this commentary is being written by Brice Wightman.
While traders may have partied today,
the intermediate term set still needs quite a bit of convincing. The
one-day bash courtesy of Microsoft really didn’t do a whole lot for
longer term-setups. The prevailing attitude should be wait-and-see.
Earnings have started, and with them, volatility.
To put things in perspective, let’s
begin with the S&P Index, which sets the mood for everything else.
Yeah, that last bar is up, but if I’m
not mistaken, that’s a pretty steep down-trending channel. Keep this
in mind as I show you a couple of setups:
Harley is looking to break out to new highs here.
Commerce Bancorp already did.
American Eagle is breaking above a
consolidation area.
The trade of the week, at least in
terms of what was said in this column, is the short in the Biotech
HOLDRs, which plummeted over eleven points since Monday.
See you tomorrow.
Brice