Today was another strong day for the bulls. The indices were more or less flat, but the action under the surface was way stronger than the indices are showing. A lot of bad news came out today, such as slumping housing sales and a downgrade on GS, but the bulls were pretty well able to shake it off. There continues to be strong momentum under the surface, but I believe this is still strong first-week seasonality in action and I expect a minor pullback in the coming weeks.
Again, I made no trades today. UTA and FUQI have rallied right into resistance as I expected they would. I'm not a buyer of either unless we get either a pullback or a breakout above resistance. CRE pulled back a bit, and I'm watching that for a chance to get in on a further pullback. ROST held firm today, and I'm liking that in a similar setup to UTA and FUQI.
Position: none
Disclaimer: This is not a recommendation and is presented for informational purposes only.
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