The Dow Industrials left a Backdoor Slider on Monday and will have me watching for a potential continuation move or a large range gap on the Tuesday open. If we drop significantly on pre-market futures, I will look for a retracement opportunity. If the Index opens flat and trades lower, I will be most interested in follow-through opportunities.
On Monday, Airgas Inc (ARG) made a Fast Ball move lower out of a Head and Shoulders top. We will watch the stock on Tuesday for signs of follow-through.
We will also be watching shares of Barnes & Noble Inc (BKS) which made an earnings gap lower and left a Fast Ball move on the day. I will be particularly interested in a sharp pullback that reverses at intraday resistance and reverses lower.
General Growth Properties Inc (GGP) will be back on the radar for a continuation move to the downside. The stock left a Fast Ball setup with a close under the 50-period simple moving average.
Meritage Homes Corp (MTH) is another Fast Ball short-side candidate for Tuesday’s trading. We will look for a move below the Monday low to signal a potential short-side entry.
Dow Jones Industrial Average
Airgas Inc
Barnes & Noble, Inc.
General Growth Properties Inc
Meritage Homes
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