Two Possible Shorts And A Long For Today
Semiconductors are weak today, and the
HOLDRs
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SMH |
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PowerRating) have been consolidating
near their lows for two hours. A break below these lows spells lower prices,
especially as we’ve already taken out the .618 Fib zone on the daily chart (not
pictured).
GlaxoSmithKline
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PowerRating) gapped up today after
the company announced it was maintaining its guidance. After a pullback, the
stock has been trading in a Slim Jim near its highs. Let’s see if they come back
for this one later.
The home builders, mentioned earlier in insights,
have been weak today. Lennar
(
LEN |
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PowerRating) has been trading in a Slim Jim near its
lows for several hours. The likely move here is down, but always be nimble with
Slim Jims.
Have a good afternoon,