Thursday, March 22, 2012

Setups to Watch For Friday - Still Bullish But Bulls Better Step Up Soon

We saw some selling today on Wall Street, but I didn't really see that much damage done when I went through my scans.  Therefore, I am still thinking of this for now as a rest/small pullback.   However, we did see the S&P close below its nine day EMA and the Russell close below both its nine and twenty day EMAs, so all is not well.  In my opinion, as long as the bulls can hold this area and step up tomorrow, I think things will be just fine.  They put up a decent fight in the last hour and hopefully that continues tomorrow.   Now if we see more selling tomorrow, then my outlook changes completely.   I tried a small amount of TZA today but was stopped out late.  More selling would have me looking at QID or TZA hard.   The direction for the next week will likely be decided by how the bulls respond tomorrow.

Here are some names that look good here - some were posted last night.   Not much triggered today simply because the market was weak.   Let's see if we can get some tomorrow.

All Charts from TC2000, Courtesy of Worden Brothers, Inc.

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