Today is shaping up to be another positive day for the bulls on news that Bank of America (BAC) will be repaying the $45 billion they borrowed in government bailout money – shouldn’t be a surprise in my opinion though, because who the heck wants Uncle Sam breathing down your next for the rest of your existence? However, the positive momentum that we are currently seeing can all change with the jobless claims that we are getting today at 8:30am EST. So while US Futures are currently showing the Dow up 31 points, the Nadaq 3 points, and the S&P up 3.5 points, none of that really means much until we can get that jobs number.
Overnight, Asian markets performed extremely well – with the Nikkei up almost 4%. European markets are trading with modest gains of a about 0.3% on average. Outside of the jobs number, we also have Productivity and Costs, at 8:30 as well and the ISM Non-Manufacturing Index at 10am.
Quick note on AAPL – I’m looking at tightening my stop in this position to right below the 50-day moving average. Yesterday, it held this critical support level, but a dip below it may cause me to bail earlier than I had planned.
Here are Today’s Trade Setups…
Bullish Candle Setups: KSS, TUES, COBZ, IBCP, IDC
Bearish Candle Setups: GOOG, WSII, BLDP, OSK, ITP, DVD
Stocks Ready to Bounce: SLGN, ADTN, TLCV, BTH, TUES, ING
Stocks Ready to Pullback: VPRT, STJ, HCP, AMLN, FUN, CYTX, SRT
Breakout Stocks: CY, MU, DOX, INFN
Breakdown Stocks: GME
