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Long TCK, Short EMR

Recs

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July 25, 2011 – Comments (0) | RELATED TICKERS: TCK , 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.

 

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