The Longer They Are…
I
wish I could add a little something different to the mix here, but I
will have to reiterate what Gary Kaltbaum and Dave Landry said in their columns,
patience, the market is in a trading range. With
the exception of the opening hour and a half, trading has been uneventful.
The good news is the longer we stay in this trading range, the bigger the
breakout and whence better trading opportunities.
As we head into
today’s session, the futures are up slightly. The
S&Ps continue to flirt with 1221, and have support around 1216.
The Nasdaq is trading above 1700, with support seen at 1690 and 1674.
In keeping with my
Monday theme of pointing out some stocks that look interesting from a
longer-term perspective (days to weeks), take a look at the following:
Bullish:
(
PDX |
Quote |
Chart |
News |
PowerRating)
— new 52-week high with good accumulation and OBV
(
JCI |
Quote |
Chart |
News |
PowerRating) —
mentioned last Monday, it pulled back late in the week to holdBearish:
(
GS |
Quote |
Chart |
News |
PowerRating)
— the investment banking giant looks vulnerable below 80, with negative
OBV giving confirmation.
(
LAB |
Quote |
Chart |
News |
PowerRating)
— another Wall Street heavy, this from the specialist side of the biz. This
one looks rough below 27 with negative OBV and distribution.
Thought
For The Week:
“People are
always searching for the ‘new’ thing, they are never willing to do what it
really takes to become successful.†—
John Wooden, UCLA Basketball Coach.
As always, send
comments or questions to, davef@tradingmarkets.com.