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Free stock pick for 06/29/2011

Free stock pick for 06/29/2011

Dear traders,

I like to note that after two trend days in the row it is logical that every new long setup will be higher risk, especially based on intraday action because we can expect to see some 60 min correction. I think that indices still have good odds for more upside move or at least more strength then weakness for rest of the week. Since many charts look extended on 60 min time frame right now is very important to compare individual name with market and try to find “own way” chart what is lowest risk in this situation. Wish you all nice trading day and use more caution on longs then last two days. I won’t be surprised if we will see consolidation day after two trend days in row. I believe that we could see morning pop in to 06/22 high and then correction can started, it is just one of options

All best

Ivica

 

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