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Sunday, June 9, 2013

6.9.2013 Chart setups - Bull market still intact but....

The bulls win again!  Clean bounces of 50 day moving averages for the SPY and many other stocks finding support.  Last week was shaky and I DON'T think we're out of the woods yet.  EWJ, utilities (XLU), REITs (IYR, VNQ) are still broken.  They did find some support last week but a couple of days don't make a new trend.  Watch these industries.  Homebuilders/construction and telecom also got weaker bounces than  expect.  Just something else to watch for.  If market rolls watch financials in particular.  They are still super strong so I don't think SPY will be rolling over too fast anytime soon.  Biotech/pharma/drug makers have had some cracks the past couple weeks.  Looking to short some of these guys if they show weakness

Here are my charts from the previous week, there's still some good set ups in there http://next-trade.blogspot.com/2013/06/6213-stock-chart-recap.html

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