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This market action is mind numbing. There are some great individual set ups here and there but the tape is listless, anemic, and quite boring.
We’ve been running sideways in a tight range here, and its obvious to me that something will happen soon. We either crack like a Faberge egg to the downside or we will try and tag the April highs which is only about another 15 handles higher.
Tagging the April 2 high at around 1422 isn’t an Herculean task anymore. We could do it overnight, it’s what happens next that will be interesting.
Anyway, here are some long setups that still look promising.
LNG – This one is in a triangle and we really don’t know which way it wants to go yet, but a break above the upper downtrend libe would be bullish accompanied by volume.
KEX– This one had a nice pop on earnings back on the 26th, it is now working off the overbought condition. Watch the 55 level for a buy.
VAR– This one broke out of a long downtrend today from back in March. Watch the 59 level with volume for a buy spot.
VRX– Working a nice base here. I would be a buyer at the 52 level.
