Saturday, June 6, 2009

06/01-05/09 Weekend Review

The stock market ended a volatile day Friday little changed, after the government reported a spike in the unemployment rate to 9.4% in May, the highest level in more than 25 years, even as the pace of layoffs eased more than expected.

I'm still maintaining my bullish stance as the S&P is trading above key support levels, making higher highs and higher lows, trading above 20/50/200 dma, and trading in our channel. Once these factors start to change then I will become bearish, but until that happens there is no reason to try to pick the top. The bears needs to see a close below 930 while the bulls need one above 950. 950 in particular should be watched closely because if we do get a move down from here it can be seen as a major double top, but a break above and I don't see much resistance until 1000.

Nasdaq remains quite bullish trading above the 1385 fibonacci level and continuing to make new highs.

Long candidate, ADS, h&s:

On the brink, FXY:

Current long, PWAV:

Current long, GNA, breakout above support:

Long candidate, ARO, cup and handle:

Current short, SLV:

Short candidate, TRA:

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