Markets appear significantly overbought, but still no clear signs of slowing down so I am focused on the upside though still keeping an eye on some potential bearish plays as a hedge.
Updating from last post, CAT was not actually dead, just in a coma which it woke from and came roaring back up to the target above 90. It is reaching resistance now and I have no recommendations regarding it.
RIG retrace made its way down to about 47 but has turned back up and should be taking off for long term bullishness as mentioned in previous posts. It is a buy!
IBM got down to 172, just above my target of 170 and now is in a strong up trend with next resistance at 190.
CVX bounced around since the last post making it down to 118 ish but now is back up to 125 and still should hit target of low 130's. Stop at 120. Citigroup and BMY both are showing signs of running up in an elliot wave 5 on Daily charts with targets of about 55. Stops at 51.40 and 52.40 respectively.
CGI is Celadon Group, a trucking company trading around 19.4. It is bouncing up from 10 month trendline support and is a buy with a target of 24. Stop is at 18 so risk/reward is about 3 to 1, 7.5% loss vs 25% gain.
Also in trucking is our old friend YRCW. It had a big retrace down to 7.5 and popped back up to 20. Trading around 17 now. It is a buy from 15.50 down to 12 though one might have to endure some high volatility on this one since there is a gap way down at 8.70. Long term I think this has great potential.
Summary... CGI, RIG and YRCW long term buys. CVX, Citigroup and BMY short term buys.
I am not a professional. Trade at your own risk.
Updating from last post, CAT was not actually dead, just in a coma which it woke from and came roaring back up to the target above 90. It is reaching resistance now and I have no recommendations regarding it.
RIG retrace made its way down to about 47 but has turned back up and should be taking off for long term bullishness as mentioned in previous posts. It is a buy!
IBM got down to 172, just above my target of 170 and now is in a strong up trend with next resistance at 190.
CVX bounced around since the last post making it down to 118 ish but now is back up to 125 and still should hit target of low 130's. Stop at 120. Citigroup and BMY both are showing signs of running up in an elliot wave 5 on Daily charts with targets of about 55. Stops at 51.40 and 52.40 respectively.
CGI is Celadon Group, a trucking company trading around 19.4. It is bouncing up from 10 month trendline support and is a buy with a target of 24. Stop is at 18 so risk/reward is about 3 to 1, 7.5% loss vs 25% gain.
Also in trucking is our old friend YRCW. It had a big retrace down to 7.5 and popped back up to 20. Trading around 17 now. It is a buy from 15.50 down to 12 though one might have to endure some high volatility on this one since there is a gap way down at 8.70. Long term I think this has great potential.
Summary... CGI, RIG and YRCW long term buys. CVX, Citigroup and BMY short term buys.
I am not a professional. Trade at your own risk.
No comments:
Post a Comment