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Keep Your Eye on Trends and Reversals – SPY – RIMM – KOL

 November 23, 2012 12:29 PM
 


(By Chris Vermeulen) The equities market technically still has another day of positive momentum behind it and with a short holiday week higher prices are favored.

This morning in the video I mentioned how oil continues to look untradible because of the sharp news related swings and lack of clear chart patterns. Yesterday it rallied over 2% and today is back down 2%… Steer clear of this beast…

SP500 (broad market) continues to grind sideways/higher today. Volume is very light which bodes well for lower prices in the coming days. I would love to see a Pop-N-Drop tomorrow which is when the index gaps higher at the open into a resistance zone at which point we would be looking to get short (buy the SDS).

[Related -Is The S&P 500 Triple Top Actually A Bullish Sign?]

 

Research In Motion shares hit our first resistance level after being upgraded this morning…. Buy the rumor sell the news…? If you are long taking some money off the table here is smart play and to move your stop to break even or better.

[Related -Sector Detector: Is There Still Enough Fuel In The Bulls’ Tank?]

 

Coal sector is looking tasty today and we may take a long position in KOL, but I will update if I do so.

 

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