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.