The markets responded as you would expect. They sold off. Our President took to the airwaves once again to try and explain why things weren't getting any better and as we all expected he mentioned those dreaded "Headwinds". Oh, and by the way, there are things that we can do right now that would start our economy back to prosperity. So, you may be asking, why aren't we DOING those things. You see, it's that darn Congress just milling around and doing nothing. Bi-partisan support and all that, old boy. Never mind that businesses and corporations are sitting on 2 trillion dollars that could be used to hire new workers if they could only be sure that this economy was improving. But we had those awful Headwinds that stalled our progress. Don't worry, folks. The leaders of both parties and the President are working through the weekend and will meet again on Sunday to try and resolve some of these issues. I'm feeling better already, how about you all.
OK, now that I've gotten that off my chest I'll get on with the reason I post these blogs. I've got some setups that I'll be watching next week. I won't be putting on any positions until I see how the markets will be digesting what happened on Friday. Some buying came in during the day so it was obvious that the traders viewed this as a buying opportunity.
Here then are few setups for Monday.
$ABG Nice break above resistance. Thursday's gap up filled. MACD/RSI confirming. Auto Parts Retail Sector strong. Earnings Jul 27 BMO.
$ALJ Been watching for a while. Found support at the 200 period MA and is breaking above the 50. Some resistance at 12.25, then 15. Blue sky after that.
$BDN Long-term support at 11 held. Prices now above both 50 and 200 period MAs. Volume increasing; MACD/RSI confirming. Resistance: 12.75, 19, 25. Earnings Jul 27 AMC.
$CCIX Closed this Thursday for a 15% gain. Am watching for a rest or pullback for reentry. May try to fill Thursday's gap and consolidate. Long term chart is clear to the left. Electrical Component Sector strong.
$FINL Good volume test of overhead resistance. Low-volume pullback. Prices crawling right up the 50 period MA. Testing all-time highs here, could go back to fill Thursday's gap; would like to see some consolidation before B/O. This sector (retail) is hot, hot, hot.
$HBIO Break of overhead at 6.16 needs volume. Absolutely nothing to the left until the $10 level. MACD/RSI rising. Healthcare Sector strong.
$TNAV Good volume B/O and follow-through. Acted very well during Friday's sell off. MACD/RSI strong. $20.76 is all-time high.
That's all I have for the beginning of the week. Will post some charts on StockTwits if I see any of interest.
Hope you all were able to witness the launch of our last Shuttle. It was truly breathtaking and the timing was perfect. Gave us all a lift on an otherwise down day.
Have a safe weekend. See you all on the stream. Trade smart next week.
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