The Wrap 7/18/12


Mr, Bear is back in the woods for now it seems, as the market has put together three out four decent days.

Energy is acting better (XLE), but technology really woke up today. FFIV and QCOM reported after the close and that has put their prices higher, it also has futures making a nice after market move.

My guess is that technology “may” want to get back to taking a leadership position again, but remember that we still have GOOG and AAPL to report, along with a bevy of other names.

I updated the P&L, so please check it out. I am also adding two long setups that look pretty good technically.

SWK– If you follow the white downtrend line that I drew, you will see that it broke above it today which is technically significant. Buy side volume has also been awesome the past two days. I believe they reported earnings this morning. You can play this two ways, just buy it tomorrow if it opens near where it closed or wait for it to trade above the 50 day moving average (red line) which is around 64.45. I will put the entry on the P&L at that price.


NTAP -MACD is turning up and so are stochastics .Earnings are Aug.15, so we have some time. This one is similar to SWK as you can buy it here or wait for a move above the 50 day moving average which is 31.20.  You can do either or, but I will put the trigger at 31.20 on the P&L.


Have a great night and I will see you on the chat room in the morning.





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