The Wrap 10/17/12-Trade Ideas


As you ca see, the S&P has held its 50 day moving average like a champ so far.  The 1425 level held firm as support and the S&P futures were tested twice the other day at exactly 1420.00. So I  think its fair to say that those levels will act as our support for the short term.

Coal stocks continued there move higher and the volume was good. Some key technical levels were surpassed my ANR today (9.05) and ACI clsoed above its September 15 fail zone which has been formidable resistance. Walters (WLT) looks great and that one is close to breaking the neckline of the inverse head and shoulders pattern on its daily chart. Stay tuned.

The banks continued higher and the material sector finally got going. In general, there was excellent depth and breadth to the market today with the exception of AAPL and technology. Hopefully technology will rebound soon. We did OK with TNA today after yesterdays nice move and that group has lagged, but maybe not for much longer.

ARNA triggered today and had a nice gain and that one may just be warming up as the chart looks veru good and the volume was excellent, almost 18 million shares.

Lets see how we open tomorrow and I have my eye on some nice setups.

Some longs for tomorrow that I am looking at include: PCYC, NOV, LNG, SLB, JO, SOHU and VMC

Have a great night, hopefully I will see you in the chat room tomorrow.





Previous Post
The Wrap 10-15-12
Next Post
Tech Sucks, Play What’s Working

Recent Articles