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We focus on trading strategies that have historically given traders a significant edge when it comes to investing in the stock market. We have worked under and have been trained by some of the top investors of the past 25 years including WILLIAM O’NEIL(bestselling author and founder of... More
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  • Trade Setups(SNDK, ULTA, MED, GMCR, ABC, ORLY) 0 comments
    Jun 28, 2010 2:00 PM | about stocks: SNDK, ORLY, ULTA, GMCR, ABC, MED

    To view this entire report click here
    http://bit.ly/cS0epi
    We went bullish after Thursday’s action and Friday individual stock action further confirmed that. We saw many quality stocks reset themselves and they appear ready to make a move going into quarter end. Granted the next support levels are about 2-3% lower but from the looks of the former leading stocks movement, this looks to be a higher probability entry point. Volume was up sharply and on an up day and this is something we haven’t seen in some time. The only problem is the heavy volume was due to the rebalancing of the Russell indices.

    For better or for worse the financial reform bill is getting passed so the uncertainty brought on by that process could be behind us. This led to some short covering and a move in some of the financial names. If that area can catch fire followed by a break above the 50 day moving average on the EUR/USD along with quarter end window dressing, we have the potential for a huge rally. If we are wrong we will know in about 2-3% when we hit the recent lows. We had some setups trigger on Friday and we have a few more good looking setups with some disclaimers
    Due to market conditions these setups are still extremely risky. It’s probably not a bad idea to wait for further confirmation of a short term bottom but for those looking for some trade setups the following should do well if the market rallies.
    If you are looking for some trades in this risky market we would go with the following stocks trading above the following prices.
    MED 28.75

    GMCR 27.59

    ABC 32.10

    ORLY 49.56

    SNDK 46.57

    ULTA 25.02

     

     Thanks,

    globalchartanalysis.com

    , articles

    Disclosure: NO POSITIONS
    Stocks: SNDK, ORLY, ULTA, GMCR, ABC, MED
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