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It’s always interesting at the 200 day simple moving average (yellow line) for the S&P. We tagged it, broke through a little then Standard and Poores thought the timing was right to downgrade most of Europe.. The market sold off quickly, but as you may expect the buyers showed up and managed a rally.
That is a pretty bullish sign in all honesty and the bulls seem to want more. If a mass downgrade of Europe doesn’t scare off the bulls, then the only thing left would be a disaster of a meeting this Friday in Brussels when they all sit down and sing kumbaya.
Anyhoo, two stocks triggered today: PANL and JLL, CF gapped up and fell within our “avoid” rule as it was the first 45 minutes of trading, so no trigger. Example # 4236 on why you avoid the open. Maybe we’ll get it tomorrow.
I added FAZ as a long today and I entered BEN as a short, the latter was on the list yesterday and I entered the short higher. Please check the P&L for the stops. I entered these two names when the S&P downgraded Europe this afternoon, the market fought back so I will be keeping them on a short leash.
I am adding two long set ups tonight: CLF and LOGM. Please check the P&L for entries and stops on these two names. Here are the charts.
Good luck tomorrow. See you in the chat room.
Joe