Wednesday, October 6, 2010

Chart of the Day

Today's Chart of the Day is an earnings play - COST. It reported earlier today. What it reported is not important, but what is important is the reaction of the market to the earnings and as one can see from the chart below, it seems the market liked what it heard. The stock closed just above the top of the consolidation range of last one week and the MACD is also looking to turn bullish.

Here are my thoughts on today's market action and strategy for the next few days.

Take care and good luck!

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