My Plan for next week (May 11, 2009)

The SPY chart shows that there are some supplies originating back to Oct - Nov last year. This chart looks nearly the same as OIH and some major crude oil producers like XOM, CVX, COP.
So all eyes on those if you are playing the SPY. Just some change in Crude Oil prices might trigger a sizable correction.






AMZN is currently in a down channel with support at 74.73, I am expecting some sideways action before the next big move. I will be watching the RSI and stochastics for more clues. If support breaks the next level of support is 66.84.



Its OpEx next week, GS could draw in the bulls and then...we might see a surprise correction. Technically we are in an uptrend so hitting 150 is still a big possibility.



QQQQ is currently in a technical correction, could be due to positioning itself for OpEx....I suspect this ETF could end up somewhere between 33 - 35. So I am Neutral on this