Looking Longer Term
While yesterday’s action was yet again slow, the market offered more setups
than on Monday. All in all, not a bad day overall. Once again, the slightly
longer-term positions played out better than the HVT
trades. As a result, I will be focusing more of my attention on setups on 5-,
15- and 60-minute charts going forward until the volatility picks back up. This
will likely be until after Labor Day.
With the “longer-term” setup in mind, keep an eye on these three
stocks as intraday long candidates:
Baker Hughes
(
BHI |
Quote |
Chart |
News |
PowerRating)
Costco
(
COST |
Quote |
Chart |
News |
PowerRating)
KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating): 120 minute KLAC
setup is very nice to the long side. Support comes in at the 38.40 area with
resistance coming from a double top at 41.10.
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| 962 | 1052 |
| 950-53 | 1035 |
| 944 | 1024.5 |
| 940 | 1017-19 (key) |
| 931-32 | 1008 |
| 922 | 1001-02 |
| 913 | 991 |
As always, feel free to send me your comments and
questions. See you in TradersWire.