Thursday, June 7, 2012

Update June 7th, 2012

The market has bounced nicely off the ~127 level on the SPY. We had two big up days on tuesday and wednesday this week, and then an almost 1% gap up today. I took most of my profits on my longs right at the open and in pre-market this morning, but I should have just taken them all off! Anyway, I'm looking for some consolidation/digestion in the next couple of days, and maybe the formation of an inverse head and shoulder on the indices. See  possible scenario on the chart below:

I don't see much in terms of actionable setups,  but here's a few stocks that I'm watching: RST, END, SGI, PVA, FB, VHC, ARNA, BVSN, HGT.

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