In last week’s column, I was calling for the S&P 500 (ETF Proxy – AMEX:SPY) to rally up to test the highs and offer me a short entry into a double topping pattern.
Instead, this index fell well short of the highs and actually formed a lower high!
The bears are clearly back in control of the trend and we once again stand by to watch them play chicken with the Federal Reserve.
Maybe this time things are different…My gut says yes, but I have no objective data upon which to take market risk, so I will let this index alone for now.
Apple Inc (NASDAQ:AAPL) has formed a complex correction and is trading down into areas of powerful support near the $120 per share area. I will be watching for one more wave of selling to exhaust price and offer a reversal pattern into which entry could be taken. My stop loss orders would be determined by that pattern once it forms.
Valero Energy (NYSE:VLO) is trading within the context of an extended uptrend, and is showing signs of exhaustion. The bearish engulfing bar formed in Friday’s session should provoke a rush for the exits next week, and I would be interested in this stock as a short with protective stop losses set above the $64.50 area.
Freeport-McMoran Inc. (NYSE:FCX) finally offered its entry, and rallied up to test the resistance offered by the 50 and 20 period simple moving averages (Blue and Orange lines). I would expect to see a higher low form now and for a new uptrend to begin in earnest.
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