Morning Madness

Neutral

• 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

FOE

 

 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