Today was a lot like yesterday in that the indices were relatively tame, but the action underneath them was pretty fierce. We've had the positive seasonality for the past three days, but this probably won't last much longer. Not a whole lot of news came out today, really. Some economic releases, some earnings, and the last Fed meeting minutes.
Again, I made no trades today. CRE continues to drift, and I expect I'll be able to start it a few percent lower. FUQI, RGR, and ROST continued to drift up towards resistance, yet each has failed to decisively break it. UTA cracked its downtrend line today slightly, but not exactly with any vigour. I expect all of these names to pull back, but if they don't and they break through their resistance levels, I'll chase the breakouts with trailing stops back in the congestion.
I also have an update on ROST. It moved from being a 2/4 to being a 3/3. The James O'Shaughnessey screen moved from 70% to 100% with yesterday's close. This makes ROST an even stronger stock fundamentally, and it makes me even more interested.
Position: none
Disclaimer: This is not a recommendation and is presented for informational purposes only.
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