Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Market Weakness Is Welcome Respite From Persistent Strength, but It Won't Last

By

Dip buyers will be anxious to scoop up some red, so don't expect the market to stay down for too long.

PrintPRINT
The market continues to be in a strong uptrend after its most recent breakout on March 13. The overall extended nature of the market is making new opportunities that offer decent risk reward harder and harder to find, but nonetheless they're still out there. This morning's weakness is a welcome respite from the persistent strength, however I am guessing that dip buyers will be anxious to scoop up some red and I'd be surprised if we stay down for too long.

Natural gas stocks continue to interest me and today I'm watching Apache (APA) for a possible entry over Friday's high. The stock has been working on a bottoming pattern for several months and in early March had a false breakdown. A move over Friday's high would have me taking action.

Ford (F) is another stock that looks interesting assuming it can regain the $13 mark and regroup from the most recent false breakout. The recent shake may be a change in character or an opportunity for entry.

Canadian Railway (CNI) is trying for a break to blue-skies and all-time highs. The recent move also comes after a false breakdown and nasty shake. A move over $81 that holds would have me looking long.

Last on my list today is American Movil (AMX). On Friday the stock broke a descending trend from early February and started its consolidation move yesterday. This could be a failed breakout that kicks off a great fall or a setup that leads to much higher prices. I will set an alert over yesterday's high of $24.32 as a possible entry point on the long side.

Trade the setups, quantify your risk, and execute with discipline.

< Previous
  • 1
Next >
No positions in stocks mentioned.

 

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE