Monday Market Wrap 6/3/13

{+++} I was a little sidetracked today on some things, but plan on being fully focused tomorrow. As a result I was not that active in the chat room, but wish I had been, because there was a really nice rally.

We had three stocks trigger today, CLDX, EFII and MNKD.  EFII did it late in the day and although MNKD opened strong it was still  buyable just 3c over the trigger at around 10:30 AM.

If we can get a continuation higher tomorrow watch those three names, as well as other names on the P&L that also look good. All the names that were put on the list last night look excellent, assuming the market can keep itself glued together.

Names on the P&L that are still buy-able include: YCS, DXJ, KERX, ACAD, EWY, CLDX. DPZ, DVA, HOV, TYC and HIMX. So bottom line, if you’re looking for some long setups you can start there.

In looking at some technicals,  it’s possible that some of the Japanese plays may have put in a short term bottom. DXJ and YCS may chop around a little more but they are now WAY short term oversold. and I bought some more of each today. We’ll see.  Along with those two ETF’s,  Japanese stocks like Toyota (TM) may have stopped correcting for now, as it bounced off 50 day support today.

Bottom Line Takeaway-  We saw disappointing factory data today. so that put Fed printing back on the table, so bad is good again. The market at first went down on this news but when they figured it out, the market rallied. It’s scar when you think hoe dependent this market is on government printing, but who cares, its good for stocks. If we get a bad employment number on Friday the market will probably rip higher. Have a good night.


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