{+++}We’re seeing big gaps up in materials and commodities this morning, I was hoping we would get a chance to buy some of last night picks relatively close to our triggers. The greenback is on the lows and these sectors are all the rage right now. I cant justify you chasing here, but if you did you are probably a bit profitable depending on your entry. This market looks higher here but I would love a mid day swoon to get a chance to pick off some names.
A 62% retracement on the S&P would bring us to 1015 over the coming days and weeks and it looks like(barring horrific news) that that is where it wants to go.
MEE is already pulling back a bit and if you can pick it off at 24- I would buy half position
IBM try for 107 ( may not be today though)
XME I like the 39 range on a pullback (also not today probably, but put on your list)
The stops on these three will remain the same.
The rally has decent breadth and depth and most sectors are participating, I forgot GRMN last night and your stop should be at $22.20
I will update as needed. Oh, use Disqus or Direct Message on Twitter if you have a question. . Thanks
Good Luck
Joe