Monday, January 10, 2011

Morning Madness

  • Futures are currently slightly negative
  • No economic reports due out today
  • EUR/USD is trying to bounce back a little this morning
  • GBP/USD is still trapped between the 150-200 day moving averages
  • USD/JPY still trading above support, will watch for a bounce here
  • Overnight weakness occurred in the /ES and could help drive this market down
  • Bulls need to push past the 1276 level to further this market -at least hold the 1262 level
  • Bears need to start by taking over the 1262 level
  • If bears can take the 1251 level then they will have finally put in a lower-low
  • Dip buying has still been strong and could continue so be careful
Stock Watch

MU (long)
 MU has put in a nice resistance at 8.78 so wait for a break of these levels before going long.  You have good support from all three moving averages.  Could place a stop-loss at the low of 8.40 which will give you 4.5% risk.
BFR (short)
 BFR has had a nice run up from last May but now looks like it is creating a top.  It has built good support at 11.16 so a close below this would be a strong sign of weakness.  You also have the 50 day moving average trading above helping drive this stock down. 

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