Thursday, December 23, 2010

Morning Madness

  • Futures are slightly down to almost flat
  • Economic reports came out mixed
  • Jobless claims and continuing claims continue to lower
  • Personal spending and durable orders missed expectations
  • USD/JPY bounced off of strong support
  • EUR/USD slipped below the 150 and 200 day moving averages
  • GBP/USD moved between the 200 and 150 day moving average
  • Light volume today as it is the last trading day of the week
  • Market closed tomorrow for Christmas Eve
  • Dip buying still strong
  • I closed most of my positions, will be looking to short puts into the new year
Stock Watch
 AGM putting in a nice inverted head and shoulders.  Looks for a break of the neckline before entering the stock.  I would put the stop-loss right below the low 12/20/10 @ $15.00.

YUM Brand Foods is creating a nice triangle.  Look for a break of the trendline at about $50.46.  Aggressive stop right below the 50 day moving average.  More conservative stop below the lower trendline.

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