These 5 Stocks May Move
Give that today is a
holiday for most businesses, the exception being the stocks market, I
do not have a whole lot planned for today, other than a self-imposed early
release day (that means 8:30 AM PST). The afternoon sessions have been very
boring and with Columbus day the odds of have having a rip-roaring afternoon are
almost as low as the possibility of the Chargers wining the Super Bowl this
year.
Nonetheless, if you simply cannot bring yourself
to leave your monitors, the stocks below may offer you some movement. These
stocks are not HVT, rather set-ups
based on slightly longer time frames:
| Stock |
Action |
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| FRX | Short |
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| ELX | Long | |||
| UTX | Long | |||
| VRTS | Long | |||
| WMT | Long |
That being said, I want to offer you some
recommended reading in lieu of trading this afternoon. First, please make a
point to read both Larry Connors piece from Sunday as well as Dave Landry’s
piece on Friday. I was on the phone with Larry on Sunday evening and we were
discussing just how quiet it was. Most people we knew in the biz were
concurring. My point is simple, it is not you, the market is quiet and quite
challenging presently.
If you are looking for a light read but
incredibly entertaining, pick up a copy of When Genius Failed, The Rise and
Fall of Long Term Capital Management. Yes, the book has been out for a
while, and yes, I was probably the last trader to read it, but if you have not,
please do get it, it is the perfect escape from quiet markets.
Just some comments on the FX market, the
Canadian Dollar (CAD) long mentioned last week
is playing out. The 1.33 level was breached on the heels of positive employment
data and has followed through quite nicely. Meanwhile the
AUD and NZD
are digesting their recent gains. The EUR/JPY
and EUR/CAD are setting up as nice shorts,
keep you eyes on these two pairs.
| Support/Resistance Numbers for S&P and Nasdaq Futures |
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