Monday, January 07, 2013

stock pick for 01/07/2013
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Wish you all great trading day!

Ivica Juracic

Market at Risk of a Sell-Off 
Shrinking volume, RSI non-confirmation, and potential exhaustion gap could lead to a shallow pullback. Get Sam Collins take on the markets.

I'm a pull back type of "buyer", so, I don't DO break out type markets, which is what this is starting to look like, I see nothing on those weekly charts that suggest a pull back is coming, in fact, I could make a case based on both the MACD's that the UP move may be just STARTING! The SPY chart at the top has wedge's all over it, but I don't think it's going to matter, in fact, it's basically walking along the bottom of the last wedge, implying that it's just going to continue walking higher, probably to new highs.
All this is in direct contrast as to what I THINK about what's happened, as the market is trying to give the impression that all our problems are solved, when, of course, my personal opinion is that we didn't solve Jack Shit, but, that's what can get you in trouble, trying to force an "opinion" on the markets.
I haven't really scanned this weekend, people have idea's all over the web, like the Stock Bee and The Chart Swing Trader, Woodshedder and Bulkowski, if I can get back into this thing I'll do some scanning and see if I come up with any thing, other wise, good luck to you and may the Market god's be with you.


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