Thursday, June 11, 2009

Support & Resistance - SPY, AGU. CNQ

Agchem broke out today. We talked about this sector setup earlier in the week. Sterne Agee boosted the sector this morning, initiating AGU with a Buy and a tgt of $62.

The S&P finally broke out of it's trading range from a sloppy C&H. After edging above $96.00, the SPY couldn't hold.

CNQ from the HCPG trading list. The BO point (daily spot) was $59.00. After the successful retest of the base, it's time to get long.

Cautious trading at these extended levels. I shorted AGU and CNQ when it became obvious the bears would own the close for a change.

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