With the market range-bound over the past month, the bulls have been jerked around quite a bit by the bears- just when it looked like a breakout was imminent, we give up our gains to go back down to the lower end of the channel this market is trapped in. Without further describing it with words, I thought a nice video would would illustrate exactly what I am saying…
Alright – let’s get down to market business here – futures are looking strong this morning with the Dow up 50 points, the Nasdaq up 9.5 points and the S&P up 6 points. Overnight Asian markets were guns-a-blazin’ with the index returns ranging from 0.7% to 2.5%. European markets are trading strong also with gains in the range of 1% all the way up to 1.7%.
On the economic front we have the all important Retail Sales report at 8am EST that I expect will have a significant impact on the direction of the market today. Also we have Consumer Sentiment at 9:55 and Business Inventories at 10am.
Let’s finish this week strong and enjoy the weekend – Christmas is nearing and I am ready for some relaxation with the family.
Here are Today’s Trade Setups…
Bullish Candle Setups:NKE,GME, PBI, LSC, PBT, PLX
Bearish Candle Setups: CYBX, GGC (love the short opportunity with this one), DNP, NTAPM, APKT
Stocks Ready to Bounce: HNP, SI, SVU
Stocks Ready to Pullback: COGT, CMCSA, ASGN, AGU, UTF
Breakout Stocks: CRNT, FPL, HE, WCG, CENX, EPD, OXM, PVR
Breakdown Stocks: STEC, WFC, JCOM, AMCC, CKR, GLNG