Monday, February 4, 2013

Daily Analysis and Stock Ideas for 2/5/2013

Daily Analysis -
Market selloff today was all about Europe. European markets ended down sharply on the heels of political and economic uncertainty from Italy and Spain. Euro started the pullback driving the Dollar higher and markets lower. We've some more room for Dollar to move up so expect some more pullback. We have ISLAND TOP on the SPY so good to be cautious. I'll be watching 148.40 (if we get there) to start adding positions.

SPY levels
Resistance - 149.60, 150.20, 150.70, 151.4, 152.35
Support - 148.42, 147.40, 146.30, 146, 145.60, 144.50, 144, 143.06

Short - RKUS, OPEN
Added -None
Closed - FXI (loss of 0.70), KSS (gain of $2.50), GMCR 1/2 (gain)

Sectors to watch -
Financials -Finally got decent pullback. Some more pullback and i would be looking to go long.
Techs - Weak overall on GOOG downgrade.

Trade Ideas -

OPEN - Short below 51.40
CMI - Long on strength
INFI - Long on strength

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