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The S&P 500 recover today from initial losses to close @ 1.691 going up 0,08%. So today we had a doji near all time highs, that means that the market is undecided and very tired, so the market need a rest. A profit taking is highly probable to go then to new all time highs.
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Meaby the $SPY can go to the profit taking level @ 165.
On july 22th we began a trade alert on $PRGO and today we close half the position with a profit of 1,9%, now we wait for selling the other half on the range of 135-140.
Today we began a trading alert on $WCRX @ 21.06 with a target of 21.46, 22, 23 and 24. Make a nice breakout on the consolidation pattern.
This other index and stocks I’m looking as watchlist:
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Disclaimer: Every comment here is for educational and informative purpose, is not an investment advise or recommendation.
Today the S&P 500 close with a loss of 0,37% at 1.676, the index is overbought on short term and there are more odds on a profit taking of the huge spike of recent weeks. Tomorrow and thursday, Bernanke will testify at congress and his comments can move the hole market. We think cash is the best thing right now and we should wait until the market make a move.
The thing is, recently the index finished an Elliot wave bullish cycle and we are going to see where’s the next cycle will move us. If the market correct tomorrow, to short it would be a good move. If broke to new all time high, to go long.
On the other hand, some stocks we are looking for possible trades are the nexts:
$AMPE has been on a good consolidation mood, yesterday broke the 6 level and triggers new longs. A key resistance level is 6.24, a weekly pivot. Next resistance level is 6,6.
Nice bullish consolidation, but now the best is to wait.
$QGEN also in a nice bullish consolidation, next resistance level @ 21, the other @ 22.
$SLF one of the best charts out there, make a good breakout with high volume, that’s very strong, now on a bullish flag, I think here we have a good opportunity for going higher.
Nice breakout, chasing is bad… the best is to looking a small profit taking to go long.
Here’s my analysis and forecast for the Natural Gas Futures, bullish on macro trend.
These stocks are for going short, if triggers:
$JNJ making today an outside strong reversal day, on a mid term resistance level, hihgs odds to correct to 85.
$VZ here on a consolidation pattern, the side it goes, the side the trade go… more odds to go down.
$PG at multiple resistence level, a good chance to go short if the market make a correction.