The continued strength in the markets and Friday’s follow-through in the S&P 500 continues to bewilder traders who are largely convinced that a deep pullback is long overdue. That being said, our job is not to reason why. It is to get in there and do what the market tells us to do. There are opportunities on both sides, and a quick read of Julie’s nightly wrap for the past few weeks will do plenty to convince my regular readers that shorts and longs are providing nearly equal opportunities for profits now. That circumstance has me convinced more than ever that sector rotation is becoming the equivalent of market correction. Look to the charts. Find the patterns. Plan the trade. Trade the plan.
On Monday, I will be watching Bunge Limited (BG) for a continuation of Friday’s Line Drive/Fast Ball expansion of range and volume.
Bunge Limited
We will also watch Fair Isaac Corporation (FIC). The stock made a Fast Ball type move off lows. While this is not a textbook example of the setup, it does indicate the potential for a pop above the recent bottoming pattern.
Fair Isaac Corporation
Medtronic Inc (MDT) left a Backdoor Slider setup right on the 50-period simple moving average Friday, and will be on our short side radar on Monday.
Medtronic Inc
The 2007 Edition of my book Around the Horn: A Trader’s Guide To Consistently Scoring In The Markets is available now only in the TraderInsight.com bookstore for a special price with free worldwide shipping. Online and Brick-and-mortar retailers will begin carrying this new edition later in May.
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