A quiet, choppy session ahead of OPEX tomorrow. Better than expected economic data gave us a lift in the morning but little follow through developed after that. Strongest sectors were healthcare related and financials.Morning star reversal pattern on the S&P foreshadows upside, but it's tricky because price is below 20 EMA.
POT - A tale of two charts - the first chart is POT from the NYSE, and the lower chart is POT from the TSX. The Canadian chart is clearly broken from yesterday's trendline breach. The U.S. chart has a few points to go before it tags the trendline in the area of the $90.00 baseline. Both charts, however, have bearish gap resistance from yesterday. That gap is wide with high volume.I'm inclined to trust the U.S. chart over the Canadian by virtue of volume. Higher volume generally makes for a more orderly chart. That said, and notwithstanding any further bad news, we could see a tradable bounce as price approaches the base and trendline support.
The trade idea for tomorrow is RIMM. Price swooned on the earnings release and retraced fully on the conference call, forming a cup & handle. Watch to see if analysts weigh in with target/ratings changes in pre-market.
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