Hi guys, I am without voice tonight due to laryngitis, so I will just post some chart setups.
I think this week will be all about what Apple wants to do. I did a couple of posts over the weekend on AAPL so if you missed it you can check them out on the blog. Fiscal cliff nonsense will be equally important as well in the coming week.
Apple has done a fine job knocking the Nasdaq down, (remember the Nasadq looked like it was going to breakout on Tuesday and Wednesday) as well as putting heat on the S&P.
Apple could see a flush down tomorrow and then a rebound, so keep a close eye on it. I’d like to be a buyer around 470-480 if we get the shot. In the meantime, Apple derivative plays like CRUS, ARMH and QCOM got whacked last week. They should rebound nicely as soon as Apple does.
Anyway, here are some setups to watch over the next couple f days.Also please check the P&L for any changes to stop levels.
PSX– The group is hot and all their charts look higher (see WNR, TSO, VLO etc) I like this one over the 54.33 level for a move into the high 50’s
MUR– A $1 billion buyback just started as well as some already announced spinoffs. The chart looks like it wants to go tag the mid October highs in the mid 60’s.
ARNA– We got stopped on this one a few months back, but it acts well and biotech acted very well last week. Maybe this time it can go. Buy the 9.45 trigger price.
SINA– If this one can break above the white downtrend line that I drew, then watch out above,but for now I would enter at the 46.70 level. the downtrend line breakout come sin a few points higher.
