Tuesday, December 28, 2010

Technical Picture - Markets Mixed (Snooze Fest)

We opened strong but faded right on the open. Strength in precious metals was not enough to carryover momentum from yesterday's recovery. Tech weakness weighed in the early going, but by the end of the session the DOW managed to join the S&P in notching new intraday recovery highs. The Compq and Russell didn't confirm.

Lackluster trading as depicted in the three stocks traded today. MON broke out of a high,tight flag and floundered.

PCLN was basing on $405.00, setting up for a fast move lower, but turned into a big disappointment.

TCK was a HCPG pick at $58.50, but I didn't like the opening range, so I put it aside. Eventually, it formed a solid base at $59.00 with NR7 as the trigger.

The Ag sector is well positioned to move higher, but needs to time to consolidate recent gains. I like AGU and POT going forward, but I want to see some sideways action for the next few days, as we are too extended here.

FFIV is coiling in a bearish inverted saucer pattern. 1st target is $130.00.

LVS is in a down sloping channel. The MAs are converging over price signaling more downside to come. I suspect we'll go back and completely fill the gap on the 15 min. timeframe below.

FCS could BO anytime.

Also watching high,tight flags AGCO and TSRA, but need to see market strength before jumping into longs.


Day Tradr said...


Same 2 trades - MON and TCK. Do not see your exit in TCK. Are you swinging it?

Jamie said...

Hey Day Tradr,

TCK exit was +0.50. No swings today. I'd like to see some corrective price action. I'm feeling somewhat bearish at these levels.