Sunday, March 14, 2010

Technical Picture - Markets Mixed

New 52 week highs in early trade following retail sales data, but Michigan sentiment was below consensus and prices retraced, spending the rest of the session in a sideways chop. As we can see from the above chart, prices are testing resistance and a period on consolidation would be healthy at this point.

The $USD succumbed to weakness Friday, finally closing on the trendline.

POT gapped into resistance on guidance. We have a volume spike which should lead to a swing long as soon as prices consolidate the move.

CLF gapped after JPM raised their target price to $83.00. I set a buy stop order just above the pre-market high. Resistance at $65.00 so I'm going to wait for a pullback or consolidation before swinging long.

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