Long TCK, Short EMR
Market is approaching a strong resistance on the S&P. while I still stay bullish on the market, a bounce off this resistance is not out of the question. Stay at least 50% cash and quick profits are still the way to go. Here are a couple of set ups for next week.
TCK (Long) Look for a break out above 53.90 and we probably can see some momentum run toward the $57 level for our first target
Trade/Chart Setup for TCK.
EMR (Short) Market is getting a bit overbought so it doesn't hurt to put on a short position as a hedge for our longs. EMR bounced off a heavy descending resistance and made a small pullback to test the 200MA and also bounced there. Looking a a continuation of this strong down trend as it breaks $54.58.
Trade/Chart Setup for EMR