We head into another week of unbridled enthusiasm and all the indexes look bullish. That in itself, should make you at the very least, aware of the possibility of a mild pullback or just maybe some sideways action. Many of the momentum names started to break last week (especially the China names thanks to NQ), so we will see if they need another week to digest gains before they take the next leg higher. Seasonally, regardless of the noise, the last quarter is usually awesome for the market.
Set ups for the week. Check the P&L for entries and stops.
PVTB is a stellar regional bank that is bull flagging. Buy the 24.45 level.
LPS is working on a long coil and could be ready for a breakout. Buy the 34.40 level.
MS -The financials are acting better and MS is working a bullish cup and handle pattern.
ISIS broke out of a downtrend line last week (white line) and the MACD technicals are trying to turn up. I’m buying the 36.75 level
ATVI has been basing since its big breakout in July, Christmas is coming and every snot nose geek on planet earth will want their video games. Buy the 17.70 level.
See you in the morning in the trading room.