Sunday, July 8, 2012

Vacation Charts for the Week Ahead

Hi traders.  I'm on the family vacation this week in Deep Creek, Maryland but wanted to put some charts out before the week starts to share what I am watching right now as I will be keeping an eye on things (just not a really, really close eye.)   I have a TZA position from Friday and also some FB in my IRAs, but besides that, I am in cash.  I would not be surprised at anything here, but Friday was not unexpected due to the overbought nature of this market (T2106 was at a record +376 on Tuesday) and really, given the circumstances with the bad jobs number and an overextended market, the selloff was not bad at all.  I was worried we were going to see a June 21 type of day, but that luckily didn't happen.

I am leaning long here and did see some decent charts in my scans this weekend.   The action before the fourth of July was very positive and now that we've seen a little bit of a pullback, the uptrend could resume and hopefully will.  A bit more rest and backfilling would not be a bad thing, so don't be surprised at it.  I will be watching the names below among others and if they trigger with buy stops, then I'll go with it.   Charts are in no particular order.

Charts from TC2000, Courtesy of Worden Brothers, Inc.

Have a great week and best of luck.   As always, if you have any questions or comments, shoot me an email or send me a tweet.  Take care.

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