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I hope all of you Dad’s had a great day.
It will be a big week for the market this week, so stay on your toes as we may get some really good opportunities. Short term support is at the 1614 pivot and SPX 1593-1598, with resistance at the 1628 pivot and SPX 1636-1640. Short term momentum declined below neutral after hitting quite overbought on Friday. My gut says we go higher by the end of the week, as I think Bernanke will do back flips this week to keep this market glued together. Like a great comedian, it’s all about the delivery.
I have few new setups tonight, but just so you know, there are still buyable stocks that are already on our P&L list. They include: DPZ, HOV, TYC, IMOS, EFII, JIVE, TNGO, GTXI, YY and CADX.
I have four names for you guys tonight.
LNKD Broke out of its downtrend on Friday, volume was good and MACD is turning up. It also closed just above ts 50 day simple moving average. Buy the 180 level.
SREV Is at lateral resistance (red line), but if it can break on through to the other side, the target is 10.50. Buy the 9.15 level.
EVC is a broadcasting/media name in the Hispanic market. This group has been on fire and this could be a late comer. Buy the 5.50 level. I have a target of around 7.20-750 (green line) if it can break through the red line of resistance.
EVER – was on the list a couple of weeks ago, but I took it off as t dipped lower. MACD has crossed up and volume shows accumulation. It also showed nice relative strength on Friday in a very crappy market. Buy the 17.30 level.
