Monday, July 13, 2009

IN THE HUDDLE

Let's go inside the huddle.
I finally got a picture for my blog. Thanks MM. I hope everybody likes it.

We have sold down below the 875 "line in the sand number." There were some important moving averages down there and we have bounced off of them. It has been quite a while since we sold off on the open and then rallied and closed on/near the high. The rally stopped at 897.75 (last week's high). This is not random. 898 is the first level of resistance for the week. Remember, 898 is not a daily number, but a weekly number which heightens the importance. Was today's close a "pump and dump"? We shall see tomorrow.

The Digits:
Resistance- 898, 908, 929

Support- 883,875
We have earnings season starting this week. (GS tuesday morning.) This also happens to be expiration week so stay focused and in tune. Keep your eyes and ears open because we will have some great trades this week.

Stocks
MA is back at my upper channel. We actually closed above it (by a little). In play tomorrow
FCX holding support at $45.
NFLX closed below important resistance today.

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