The Wrap for 6/28/11



The bulls charged the hill today, but the S&P stopped at some resistance on the daily chart. If we can get though that 1299-1300 level they bulls may want to push thing up to the 50 day moving average up around 1316. We’ll see.

We had a good day on the board today and I took profits on six names, one in its entirety (AGN) in an effort to raise a little cash on the strength.

I have adjusted many stops tonight and all the trades that were done today are highlighted in bold for you newcomers. So as always, PLEASE check the P&L every night.

I’m not crazy about the volume and I am not so sure this wasn’t more of a sellers strike as it obviously wasn’t a high volume buying frenzy. Either way we’ll take it, as there are no asterisks next to victory. One interesting note, on Sunday night the S&P futures tagged that 1258 level that I have been talking about as key support. That may be a bottom or it could be retested. So as usual, use caution.

It’s to early to tell if this rally is real or memorex yet, but a slew of stocks and ETF’s I am watching look lie they want to head back to their 50 day moving averages, so we may see another up day tomorrow.

Keep your eye on ABV, we are long, but it looks ready for a breakout. Still a buy here I believe if you missed it or want to add.

Have a great night. There are no new names tonight.

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