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Happy Father’s Day Guys!!!!!
It should be an interesting week ahead for us. The Iraq situation is only starting to heat up in my opinion. Over the last few days, the terrorist group ISIS not only knocked over a bank for 500 million, but hijacked about fifty tanks and over one thousand tons of heavy weaponry. Surely these weren’t taken for presentation at their Jihad Museum, and will be used soon on the Iraq government. They also have taken over three big cities, beheaded about one thousand Iraqi soldiers and initiated Sharia law.
I think this will spread, and I think the fundamentalists in the Mideast feel very empowered right about now and feel they have free reign to execute their agenda. Who will stop them? Russia? China? Syria? The USA? I think not.
So far the markets are shrugging it off and they still may, but use caution.
With all the tomfoolery and skulduggery last week, the markets still managed a positive on Friday. I wrote a brief recap on the market yesterday and you can view it here if you missed it. Oil stocks may stay strong here.
Here are 2 setups for this week.
MTDR- I basing nicely and may be gunning for the April highs. Buy the 27.00-27.80 level tomorrow.
EA is coiling since its big breakaway gap in April. Watch for a breakout that may come soon, Buy the 35.25-35.38 level.
