Busy day in the market. I took gains in my short position in Lockheed Martin (LMT), while taking half my gains off the table for Callaway Golf (ELY), and closed out my position in Patriot Coal (PCX) after a 6% gain on the day. I did add a couple of positions near the close with URS and TIE. You’ll see that with URS, the stock is on the cusp of a breakout and confirmed a cup and handle pattern today. With the S&P now breaking through resistance at 1150 and having moved up to 1160, this market is clearly one for the bulls.
Here is my chart analysis on URS.