Stock picks for 02/27/2012
Dear traders,
I like to say few words about market expectations. Here is SPY example and we can see on the weekly chart that SPY reached previous high resistance area. Because of that all options are open right now. Generally I think that an odd to see $140 area is very open, but right now question is if that will be after some consolidation (correction) what will bring us pattern or we will see buying continuation without rest. Of course this is just one option. Since chart reached resistance we could see correction and pull back (for now we don’t have clear selling pattern.
Only what we can see is CCI divergence on the daily chart what could lead in to coercion to 20sma and then bounce to $140 area. Third scenario is range action at high what is also open possibility. I hope that I explained well situation right now and I hope you all see that all possibilities are open. That is easier part to find better odds for one direction. Second part is to see what kind of risk is good for us. Since % is same for any possibility I don’t think that we have best risk right now, especially not on daily/weekly time frame. Because of that I think that best risk we will have on intraday setups what could lead in to swing trade if market will give us swing setup next day’s. That is something what I will try to explain in my trading room next two weeks when I have free action.
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