Friday Trading Plan (July 02, 2009)

The market is mostly up except for materials and energy and tech. This is like a pullback to 880 level or lower except that weaknesses in some sectors are offset by some other undervalued sectors. So it is not surprising to see SPX above 900. Unless sectors like Financials, Consumer and Utilities start selling off like mad...then maybe we could see SPX below 880.

So Im just planning to follow the market.

FDX had another fake out, to me it is still pretty much in the down channel.

DRI has now evolved into a channel, just follow along. NKE has also evolved into something similar, took my profits early to see what is next.


AMZN as expected, Im neither too bullish nor bearish on this stock. Breaking above 85.3 will change the entire game

OIH is enjoying a nice layer of support, I try to stay out of this sector if possible. Most earnings are at the end of July.