Wednesday Market Wrap–Two New Set Ups

{+++} For the day the SPX/DOW were +0.20%, and the NDX/NAZ were +0.30%. Bonds gained 15 ticks, Crude added 55 cents, Gold lost $16, and the USD was higher. Medium term support rises to the 1680 and 1628 pivots, with resistance at the 1699 and 1779 pivots. Tomorrow: weekly Jobless claims at 8:30, then the Philly FED and Leading indicators at 10:00. Also FED chairman Bernanke continues his testimony but with the Senate at 10:30.

The market gapped up at the open today, retested the SPX 1685 high then pulled back for the rest of the day. Short term support is at the 1680 pivot and SPX 1658-1667, with resistaance at the 1699 and 1779 pivots

Today we saw a trigger in CLVS which has been on the list for over week. I also added AEGR back on the list today. We made great money in this one a month or two back, so hopefully we’ll get lucky again. The chart looks great, but it is a biotech so always use a stop.

I’m adding two new names tonight: SOHU and KEY

SOHU could break out around the 68.30 area. Chart looks good. Check the P&L for exact entry and stop


KEY –I originally wanted top buy this one around 11.15, but it has pulled back again into a small wedge or flag.


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