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Market Summary: GDP, LOCK

|Includes:Goodrich Petroleum Corporation (GDPM), LOCK

It just could not get any tighter for Goodrich Petroleum (GDP). Today was a higher high, with a higher low and a higher close. Price action is pushed right up against resistance.

The fact that GDP was not able to post a new low continues to point to the probability of a breakout into a short-covering rally.

(click to enlarge)GDP DailyClick to enlarge

Chart by TeleChart

LifeLock Inc. (NYSE:LOCK) has retraced all the way to support and has gone no further.

There was unusual block-trade activity with many 5,000 blocks a 10,000 block, a 70,000 block and even a 100,000 block on the tape. This potentially signifies that the large operators are taking positions at this level.

Our entry was at 17.57. The stop is a tight 17.16 for a 41-cent/share risk.

(click to enlarge)LOCK DailyClick to enlarge

Chart by TeleChart

Disclosure: I am long GDP, LOCK.

Stocks: GDPM, LOCK