Tuesday, January 20, 2009
Breaking support or rally attempt?
Friday brought a nice breakout of TSO at 15 that I was mentioning here for the last week. Although the troubles of the financial sector, the market was able to hold the major support area in the SPY around 82. We might attempt a rally from here, however it will be tough with financials heading towards new lows. BAC seems to take another deep discount today and probably will trade <5 $ soon. It will be interesting how long the market can hold the support as financials just keep on falling. With earnings season really kicking in this week, it should get another intresting week in the markets. I have GS 69, AAPL and EOG on my short list. In case we are trying to rally I like RIMM, SYNA and ALXN for break above 38. Have a good start in the trading week.
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