Long: AA, BAC
Alcoa Inc made a bullish come back today. It is still at the upper range of the Bollinger Band and the chart pattern formed today is very bullish. It closed at its highest of the day and it is the highest close in 6 days. Break out target remains at $15.3. Option week may impede its movement above $14, however, the Thursday Job report may provide a boost if it is below 450,000 claims.
Bank of America Corp has rebounded from a minor correction to its first target of $18.
Bac daily chart shows good bullish strength.
Apple Inc shows support at $220 region, it may continue its rally to $240. I am looking for a SHORT position if it goes to $240, and a Long position if it goes to $200.
General Electric is the best performer of the DOW lately. The stock had an impressive rally. Is it time to take profit? Today, the stock rose on extremely high volume. The candle closed outside of the Bollinger Band, this signals that it is near overbought zone and it is almost time for SHORTERS to take over to bring it back to $16. Look what happened the other time when the candle closed outside the Bollinger Band.
The run up could be attributed to the option expiry event. $17.50 MARCH calls are expiring this Friday.
Casino stocks continues to rise. It is a strong sector now. I am avoiding it now as it has rallied quite a lot and I have taken profits already. I will buy them again when I have studied the new BUY levels for these stocks.
MGM rose 8%, LVS rose 7%.
Watch: Chesapeake for a buy at $24. CLF for a short at $70.
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