Today's action is healthy for the markets, at least until now. The S&P found support at yesterday's lows, making this the level (1204) to watch out for today.
The action is NASDAQ is obviously more bearish, with the index gapping down below yesterday's lows and then meeting resistance there. So, watch out for 2545.
I got out of CIT at 42.80 for 0.88% loss and added to my existing PSTE position at 20.55.
Take care and good luck!
3 comments:
what do you think about EDMC short term? thanks.
Bill, the stock is clearly in a nice uptrend but it got rejected right at resistance today. The intraday action today was great on a down day, so I would attribute the low volume pullback at the end of the day to profit taking. It would be nice to see some consolidation at these levels before a crack at 16, the resistance. If I had to play it, I would take half position on break of 16 and another half on break of MA(200), currently at 16.95. No resistance till 19 if it breaks that.
Good Luck if you play it!
thanks for the analysis, i was thinking along similar lines. although with the overall markets possibly doing some consolidating themselves, i am a little concerned EDMC might follow the markets lower to around 12-13 if the sentiment turns slightly bearish. But i like the momentum so far and it hasn't fallen very deeply in the past few days although it is finishing at the lower part of the candlestick. I think if it breaks 15.60 i will take half and another half at 16.95. Thanks again.
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