Tuesday, December 28, 2010

Morning Madness

  • Futures are slightly up this morning
  • Few reports coming out today: Case-Shiller and Consumer Confidence -nothing major
  • EUR/USD bounced nicely off of the 200 day moving average
  • GBP/USD bounced off of 200 day and now headed to 150 day moving average
  • USD/JPY fell through support and the 50 day moving average
  • Market filled its gap yesterday and finished slightly up
  • Bulls pushing for the 1260 price level
  • Bears trying to get back to 1246
  • Volume was light yesterday do to seasonality and the snowstorm
  • Volume picture in the SPY below
Volume Decline in SPY
 Stock Watch

Nice cup and handle pattern formed on the CSC with all three moving averages below adding support.  Wait for a break of the trendline before entering.

LTC had a nice breakout at 27.58 and is now hitting resistance and putting in a nice cup formation.  Could see a handle being formed out of this, so if we don't get a break today keep watching in the days ahead.  Conservative stop-loss would be below the price level of 27.58

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