The Wrap 3/4/10

{+++}I’m getting back to normal as this has been a busy week for me and I know the posts have been sporadic.

The chart of the S&P looks pretty good to me and it looks like it may be on its way to retest the highs made back in January. If we can get a close above the 1125- 1130 zone, I think we can get there in fairly short order.

I’ve added 2 longs and a short. NOTE: Please handle these entries with extra skill and caution as tomorrow is the non farm payroll number and we could see strong volatility so be aware. I’ve also tightened some stops so stay updated.

We took partial profits on DNDN and GS, we sold all UYM. The latter is a re-entry on weakness, I will keep you posted. The dollar was rallying so I wanted to grab the profit as they looked like they were starting to roll over.

I mentioned QCOM on today and decided to add it to our list tonight. I’ve added SEED again as a long as well as OIH. Keep your eye on NVS (short) as it may have put in a double top.

GGWPQ (General Growth Properties) will start trading on the NYSE tomorrow. The new symbol is GGP.

I will talk to you tomorrow.


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