Friday, December 31, 2010

Morning Madness

  • Futures are slightly down this morning
  • No economic reports due out today
  • EUR/USD is still running up, look at the 1.344 level as resistance
  • GBP/USD had another run up back to the 150 day moving average, need a break at this level
  • USD/JPY continues its decline, will find support at 80.18
  • Last day of the year, volume should be weak
  • Again, be careful on entering any trades this week as volume shouldn't be there
  • Happy New Year Everyone! Be Safe!
Stock Watch

TOO has a nice gap to fill here.  It is already made the resistance strong by testing it several times.  Wait for a break of 27.90 before going long.  Price target of 28.85 (gap fill) will be a solid 3.4% move.

UEPS is another gap play.  You could also play it on a break of the downward trendline it has created.  Playing the trendline should be a good play since it will come with a break of the 150 day moving average.  You could see resistance at the gap line.  You could also play the break of the gap of 13.08 if you prefer to be more conservative.  Again I would look to take profits at the gap fill.  If you play a break of the trendline you are looking at a 5.3% move.  If you play a break of the gap you are looking at a 2.1% move.  Both are solid plays.

No comments:

Post a Comment