Watch list for 26 July, Longs XAU, cycles, over sold etc, WMT tweezer bottom from over sold reading ( KM also admitting they are getting their butts kicked ) , INTC Bull flag, RMBS cycle over sold, GTW inside day, WCOM and for a short play possibly BA based on the gravestone doji and failure to break out of the steep rising channel after attempts to do so today. Also Severe over bought, forgot if it was class 1 or 2. I also have danger signals on financials tonight.
I have no positions in the above and won't play but one or two probably based on how the day goes.
Wedge on GE getting tighter and tighter, it should break this week and since it is rising it should be viewed as bearish and break downward.
Existing home sales came in very hot, highest since August last year and consumer confidence also went the wrong way. Rate hikes being blown off again and euphoria growing out of control again?
AG comments trying to be spun positive but what I heard him emphasise was even if we slow down, we will only be slowing from an already out of balance condition. I don't see the Fed backing off any time soon. If no hikes, they will stay biased that way at least.
EDIT - Forgot to mention short I am waiting on all week. COMS scheduled to release the remaining PALM shares 27 July. I figure there won't be much to prop it up after that. The recent run up is to get those shares I figure and then it should be an easy fall. Of course if it is easy, I am probably wrong. -ggg-
Good Luck,
Lee |
