Tuesday, January 4, 2011

Morning Madness

  • Futures are currently slightly positive and have sold off a bit from the highs
  • Factory Orders due out at 9am CST
  • FOMC minutes due out at 1pm CST
  • Market should quiet down around the FOMC minutes
  • Auto sales due out at the end of the day
  • EUR/USD coming up against resistance and 50 day moving average 1.344
  • GBP/USD coming up to the downward trendline at 1.57
  • USD/JPY had a nice bounce and could retest its breakdown level 82.79
  • Currency pairs and markets did not line up yesterday
  • Set tight stop-losses on my positions to not lose the profits of yesterday.
 Stock Watch
 Here is a long position I really like, FOE.  It is in a nice ascending triangle looking to break out.  Right now it is up 2.8% in premarket so it will break the 15.52 resistance when it opens.  I would wait for a pull back to 15.52 before entering this position.

CSTR (short)
CSTR is setting up to be a nice short.  Created a nice roundtop has it looks to fill the gap.  54.94 has been a strong resistance so a break down below this level is a good short entry.  Profit target would be the gap fill

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