7/19/2010 Morning Wood!

Morning….Futures slightly positive this morning amid some decent earnings reports, m&a activity.  OIL is running flat right now. Overseas markets in Europe were up half a percent or so
The next couple days will be huge to see if Fridays meltdown was some options expiration related foolery or something deeper. We do have IBM and TI earnings out today followed by later this week $aapl $gs and a  host of others.
Remember last quarter we had a big sell the earnings news reaction to some pretty decent earnings. So we need to keep an eye out and see if thats still the case. There is a good shot we get a light bounce that gets sold aggressively unless there is a news event that comes out of left field and surprises us in a good way.
I will be staying light keeping min 50% cash in my accounts as just hit the top of the trading range a few days ago and Friday was the first real down day.  Right now we are in no mans land as we are not att the top or the bottom of the trading range.  A dip to the SPY 104-105 range will cause me to deploy some cash.  A dip to the 102 and I will be be 90% invested.  In the meantime Ill be mostly daytrading.
 Cypb has a 4.00 buyout offer on the table..watch its friends..it could spark a huge momo run in similiar names.

Looking to add on a strong break of 22.  Lots of upside potential on a break of 22., as there is no real resistance until 26-27 area.  Ideally as its ultra overbought Id like to see a break of 22 and then a pullback to support so that it can work off its overbought condition. But I will probably trade it both ways.
 Jaso looks good on pullback to support or on strenght as its in a makeshift flag thingie
 MON is a beast. It needs to pullback lightly for a day on low vol but should setup a decent swing.
also like $kem $lub $gsb on the smallcap side.. thes are hard to trade if the market is soft so make sure you are careful or trading with someone who knows how to..



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