Feb
Thank You Greece!
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Hit Stop on Friday – The reaction in Greece didn’t help the global markets. Amazing how one country with the GDP less than most states in the US can control the emotions and sentiment of the markets almost daily for the last 8 months! We will scan and look at what is leading heading into next week.
Watch and be patient on the EGG
ADD AT $43.60 – 43.70
Monday, February 6th
The Emerging markets keep showing up in the scans and the break above the October high last week showed additional momentum. The move above the 200 day moving average last week was positive in addition to the solid volume on the move. I am looking for a test of this move as we start the week to give a favorable entry to play a follow through on the upside move.
A test of the $43 support level would be ideal. The next level of resistance is near the $45 mark, thus room for a nice play on the upside off the $43 support. Be patient, if the pullback doesn’t materialize pass on the trade. The next level of entry opportunity would be a clear move through the next level of resistance at the $45 mark. The 200 day moving average is $43.20 and a good level to watch for the test of support.
Use your judgement wisely on the entry point. We will post intraday as this unfolds relative to the entry. $43.20 is the goal.
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