We’ve seen some weakness since the open – in fact there has been little incentive from the market to build on the day’s open. Right now, 1227 stands as the support level to watch for. If we break it, and close underneath the price level, I believe it greatly diminishes the euphoria behind this rally (and not just today’s), and would be reason for me to go into capital protection mode.
I did use this morning’s early selling to get a more favorable entry on Ensco (ESV) – an energy company that has been hot lately, as well as the industry as a whole. My stop-loss is at $48.75.
Here’s my chart analysis on ESV.
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