Today was a rough day, market was trading at a close tight range.
This is the DOW 5minutes chart.
2 scenarios exist for tomorrow. The dotted line shows a correction of DOW to the support at 10300.
The solid line shows a trading range, that DOW would consolidate given no economic news.
2 Major news will be released tomorrow. Consumer confidence and the Richmond Manufacturing Index. Positive Richmond manufacturing index would boost all industrials and materials stock, financials will also continue to soar. Consumer confidence strength would benefit retails the most and all other sectors as well.
Continue to stay long Financials, Industrials, Materials. Stay out of Telecom, Utilities.
There was great strength in bank stocks today. Most of the recommended banks are up 2%. JPM and BAC.
Metals were weak as the dollar strengthened yet again.
Aluminum price has touched 96cts/pound today, this signals more upside for Aluminum stocks which are severely underpriced now.
Watch for CENX earnings tomorrow. This would affect all aluminum stock. Earnings released at 11am.
Stay bullish on
Alcoa Inc AA
Bank Of America Corp BAC
Citigroup C
Las Vegas Sands LVS
MGM Mirage MGM
WYNN Resorts WYNN
JPMorgan JPM
Wells Fargo WFC
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