Things are looking fairly quiet this morning – there was little to report on the overseas action as those markets seemed fairly muted for the most part. Currently US Futures are trading with a positive bias, with the Dow up 20 points, Nasdaq 4.5 and the S&P up 2.75 points. There is a few reports this morning to speak of; we have the ICSC Goldman Store Sales at 7:45am EST, followed by the Redbook at 8:55am – but nothing significant in terms of market movers.
This market is definitely a hard one to get a good feel for – I’m seeing both bullish and bearish arguments as being strongly convincing, in terms of where this market is likely to go. I believe, that since there has been no major breakdown in the major indices (outside of the Russell), that the 9-month bull run is still in tract, and remains the best way to trade.
Here are Today’s Trade Setups…
Bullish Candle Setups: MRO, JCP, HERO, PGH
Bearish Candle Setups: BLUD, DWA, BAS
Stocks Ready to Bounce: FDO, GME, COCO, DLTR, ARO
Stocks Ready to Pullback: CAL, SKW, ISIL, KPPC, CNP, FMX, SNH, TLVT
Breakout Stocks: FFIV, FORM, PNY, NGLS
Breakdown Stocks: KONG, FII
