The BP Charts continue to urge caution and some of the stocks in the model portfolio have broken down. We have gotten a nice bounce and will look to reposition the model portfolio as Monday will likely be the last day of the oversold bounce. The following will be sold on Monday:
CLF - Anywhere over $101 would be ideal
NSC - Anywhere above $63 would be ideal
UNP - We are putting a stop in at $74 as the rails seem to have topped out
While the trading action in T and VZ is poor, the P&F charts are still OK so we have to let the planned trades play out.
We will look to initiate some short positions on any further bounce in the retail and regional bank sectors.
No comments:
Post a Comment