Forex Outlook

EURUSD
Short bias under 1.29264

GBPUSD
Short bias under 1.60067

USDCHF
Long bias over .93160

AUDUSD
Short bias under 1.04341

United States Oil Fund USO

USO short under $31.  Target 29.50.  Wish I got in this one after the hammer formed 11/19

United States Natural Gas Fund UNG

Long setup over 23.50.

Citigroup Inc C

Short setup under 34.90.  Target 31

Barclay's High Yield Bond SPDR JNK

Channel intact.  Looking for break in either direction.

Amazon AMZN

Amazon's 237 resistance was broken last Friday.  Today AMZN post a doji, signaling indecision.  Look to the prior resistance are to turn support around 234-237.  Target 250 for next resistance, 

Another good short entry point S&P 500

Looks like the past support is turning into resistance around the 141.00 level of the SPY SPDR. Price is being rejected by the 50 EMA as well at 141.  Short, target 135.

Financial SPDR XLF

Really in conflict over XLF.  Broken 15.75 support seemed to turn into resistance last week.  20 EMA still over 50 EMA for a bullish bias.  I'd like to seem over $16 for longs and under $15.50 for a short gap fill.  Negative divergence on weekly. 

 

First Solar, Inc. FSLR

FSLR holding strong today, closing up 3% at $25.53. Seems poised for a breakout over $26.  Target $30.  Could buy stock straight up or purchase $27 December calls, currently trading for $.73.

Arch Coal Inc. ACI

Looking to re-short ACI on a break of 6.30. Target of 5.75.  Also bearish on the S&P 500 as the 1400 support area turns resistance. 

SPY, Support turned resistance?

Will this broken support turn resistance? Or will we test the highs again?  Let me know your thoughts.

Stock Twits

Happy Turkey Day all! Just set up a stock twits account this past week.  Great site, you can follow me at @Armst227.  Seems to enable me to show my positions more real time.  Everyone should check it out. 


StockTwits @Armst227

Home Depot HD

HD has been on a bullish tear the past year, breaking out over 37.5 in December 2011.  Looking for break of 63.50 for continuation.  Might take an aggressive short under 59-60. 

ACI Arch Coal Inc. Short

Almost went long ACI before the election but didn't want to risk it, good thing. False breakout above 8.50. Went short after Obama win, and gap down.  In at 7.61 short.  More pain to come, targets 6.25, 5.75, and 5.25.  Expecting oversold bounce here in the future, presenting another short potential.  Recent channel break.