Well, Bernanke didn’t QE us on Friday, but he made it perfectly clear that he will if he has too. He did however make it clear that rates will probably stay near zero for eternity. The jobs number for August will get released on Friday, and some may be hoping for a dismal number so The Bernank can do what he does best at his next meeting. We will also see what Draghi has to say on Thursday which will be huge.
So it will be a “Jobs and Draghi” week for the market, and it is just as likely that we could melt up as sell off. Buyers have been bashful, but so have the sellers, as volumes have completely disappeared.
There are still a few great set ups out there. Have a great week.
$N -I mentioned this one earlier in the week on Stocktwits. It has since broken out of the flag and managed a moved above the downtrend line and closed above the 20 day moving average.
$KORS – Nice flag brewing on the weekly chart, retail continues to do well.KORS
$LVS – After breaking out of a 4 month downtrend, the stock is working on its second bull flag.
$LULU – Basing, needs to get over 65.75 with some volume
$RHT – Nice flag developing here, similar to the $N flag which is trying to breakout.
$PCLN – This one got hit on earnings, but has managed a close back over the 20 day moving average and volume is improving. A move back over Friday’s high could signal a target to the 634 level.