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Thats what I think
major indices are on the cusp of major breakouts here, unfortunately
this is a place we have been many times previously this year only to be
disappointed. The market rallied this past week despite the increase in
crude oil over $50 a barrel. This suggests a market pricing in a drop in
oil near term. If oil can sell off over the coming days this could provide
some much needed fuel for traders to chase the market. Traders should note
that oil typically sells off beginning in October almost every year so
cyclically this should be an oil top! As mentioned below however one
concern that still remains centers on the extremely low VIX which has just
put in multiyear lows this past week. A reading in the 20's would have
been a better place for such a breakout to start and for this reason
traders should remain alert for possible tanks in October. The charts look
good for all the major indices but remember October is a month that throws
curveballs to unprepared markets!
The VIX printed new multiyear lows this past week! Although stock chart
set ups are bullish HIGH CAUTION stance remains in effect here.
The Dow:
Breakout: 10,200
Target: Next target is 10,250 the downtrend line and rising wedge
resistance point
Support: 10,150
Plays: The Dow broke out nicely on Friday, ramping to another 100 point
gain on the session. The Dow is approaching major resistance now in the
10,250-320 area. If it can break this area a real run in the market could
be seen. The Dow daily chart suggests this area WILL be tested in the
coming days
Election rally time?
Please study the financials of GNTA, NTPAE, MACE, AAII, XOMA, and ATAH,
EVOL must be the best opportunity among those 6 above because EVOL financial position sounds better and has no insolvency problem, no restating results, no failing drug, and so on.
EVOL only needed this contract and other contracts, however, this contract is very substantial and that's what makes EVOL a lot more interesting
(Chart)QANT on watch. Possibly setting up & itd be nice to see the triangle broken.
SMTR tested 20MA, but couldnt hold. Something to keep an eye on though.
(Chart)OCRI on watch. Still showining weakness, resistance unofficial, & support unstable. :( Looking for double bottom action, and predicting .10 to be support level/bounce??
(Chart)CORV on close watch. Candlestick & OBV showing potential postive signals for reversal.
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