After a strong performance by the bulls yesterday, the market is flat-lining a bit as US Futures have shown little movement in either direction. Overnight, Asian markets saw slight improvements with average gains of about 0.7%, while the European markets, like the US Futures, flat-lined. Keep on the lookout for Timmy Geithner today, when he speaks at 9:30am EST when the market opens. There is also the MBA Purchase Applications at 7am, followed by the ADP Employment Report at 8:15 and the Beige Book at 2pm.
Yesterday’s rally was pretty solid, with volume there to support it. The indices are starting to get close to its previous highs, which is always the make or break point each time it occurs. No doubt that the market has struggled of late to make those new highs, but nonetheless, has managed to do so – the question becomes whether this is the last horrah or does this market still has some legs to it.
Here are Today’s Trade Setups:
Bullish Candle Setups: MW, PVH, BIG, AIG, FL, NCR, EXBD, PLT, SHLM, WINN
Bearish Candle Setups: NUAN, AXP, ACL, IBKC, UMPQ, RINO, MMP, MAIL, LGCY, DEP
Stocks Ready to Bounce: JEF, FTEK, NBG
Stocks Ready to Pullback: NUAN
Breakout Stocks: MON, UAUA, LOW, DAN, MTZ, V, CAL, EQIX, CREE
Breakdown Stocks: ESI, PLX
