7/21/2010 gameplan | Bulls on Wall Street

7/21/2010 gameplan

 
 
 
 
 
Hey guys. Looks like we got a bit of gap up this morning based off $aapl earnings amongst others.  WE are seeing some decent strength overseas as the EuroMarkets area ll up +1% across the board.  OIL and NatGAS both up nearly 1%
 
Premarket movers FCX, CRUS, TXT, WFC, SWK,
 
 
as impressive as the action was yesterday it wasnt really based off anything….the chatter was that it wanst the earnigns reports that propped up the markets. But regardless the only thing that matters was the price action which was impressive.  We are still in a range.  Based off yesterdays reversal has thee new area of support should bearound S&P 1,057. As for upside resistance levels look for that at the 50 day moving average at S&P 1,088, last week’s highs around S&P 1,100 and the 200 day moving average at S&P 1,112 as the three levels to watch going forward if yesterday’s reversal continues. who knows my expectation is for more choppy trading as we have big bens testimony coming and more earnings reports.  The only thing we do know is that the  market will surprise us.
 
 
 
 
 
 
 
 
 
 
 
 watch TSTR too if it runs again GSAT should run.

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