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Hope you all had a great long weekend. We are seeing some better behavior and maybe the bulls want to catch everyone leaning the wrong way and start a nice summer rally. We’ve seen this before.
Short term support is at SPX 1891 and the 1869 level, with resistance at the 1901 and 1929 levels. Short term momentum ended the week quite overbought. As you know, things can stay overbought.
I’ve been slowly laying in some long ideas and there are some very nice setups developing. We hasd 3 stocks trigger last week, CBS, YGE and MXWL
Here are 3 new additions:
NBG may have dried out teh selling at the end of April. The technicals are improving and MACD crossed positive late last week. My first target would be about 4 on this one. Buy 3.15-3.35 range
ISIS is down a little over 50% from its late Feb, highs. It has one of the better pipelines and is also a takeover candidate. It had a good day Thursday and a better day Friday as technicals, including volume improve. It also closed back over ts 20 day moving average .Buy the 26.50-28.10 range… 34 would be a first target.
DOW has been consolidating since Feb. and is making another attempt at new highs. Buy the 51 level
See you in the morning.