Market Curiosity: Exploring Markets And Systems

January 16, 2011

Outlook for January’s 3rd week

Filed under: Just Watching — Tags: , , , — Jeff Fitzmyers @ 9:38 am

Not a low risk time to go long in the next day or 2.
A) – The inverted Put Call Ratio is quite high.
B) – The CCI on the daily Summation ratio is high.
C) + The weekly Summation ratio is rising.
D) – The NYSE Bullish percent is high.

However, the trend in stocks is up and the fed (neither federal nor reserve) is printing and that buoys an upward trend.

James Flannigan of Gann Global put out a free outlook that suggests a major top in commodities and to consider shorting cotton, bean oil and wheat.

Long?
SJB – Jan 18th: Opps! — SJT short puts.
TIE – Jan 18th: Sold puts.
VFC VZ BIDU LULU – INTC JNJ CAT
WMT – Jan 18th: Sold puts.
LLL – Possibly add to longs

Short?
Sugar Cotton Bean oil
(TSCO – INFA CTSH AZO ROL KO) – Jan 18th: Deciding not to short anything unless it sets up perfectly {kiss a MA from below}. Not the right environment currently.
CXW – Short and sell calls. Manages prisons. Will states continue keeping pot smokers in jail? Jan 18th: Sold calls.

Looking to go long SLW if price breaks Friday’s high with some alacrity for a 2-3 day trade. Expecting a bounce and then a retest of the lows.
+ Last bar was a hammer outside of the Bollinger band. This is usually followed by a bounce.
+ Broke through lower channel trend line and recovered.
+ Near past gap support.

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