Monday, October 26, 2009
Weekly Watchlist 10/26
I think this sets us up for a retest of the 50ema on the SPX which stands at 1046. There is also a downside gap on the ES at roughly 1054 and another one at 1037. Short term the dollar is rallying and that is guiding the market down and commodities are getting the hammer for now. If the SPX loses the 50ema we could see further pressure down to 1020. This looks like it could be the 5-10% pullback that most have been awaiting for awhile.
Longs>> CHS, RL, UUP
Shorts>> X, CHA, LMT, NAV, MET, TM, ZION