Morning team. Futures gapping up slightly. The close of yesterday was not good. Crude OIL and GOLD holding steady. Modest strength overseas. We only have 2 reports today Beige Book at 2 and Consumer Credit at 3pm. Beige Book is only major report of the week so watch the market during those times to get a hint of what the “players” are thinking now that they are back from vacay. Expect some more chop as the market digests the huge run from last week and we wait for more clues on how the market will resolve the tight range its in betweenn its Moving averages.
Levels to watch SPX 1082 (we dont want to see too much drift below that)
Also keep an eye on Fridays High on the SPX as nearest upside target for a bounce.
Watchlist from yesterday still looks good. Ton of good stocks on that setting up.
Couple additions to the focus list:
haup is riding along its 20dma getting ready for news or a pr release that gives it a big ole pop. Buy along the 20dma with stop under should be low risk play
WH broke out of a huge downtrend after what seems like years. A light pullback to 1.30 area could be a nice low risk breakoutpullback play
ADY been tanked. finally showing a bottom formation. Watch the pop through the 20dma see if its got legs. This is not a true technical formation you will ever see in books or on the net but I use it all the time. Got a neat look to it. (im very scientific!)
