Mid-Day Technical Analysis: Stock Markets Choppy

The morning has been choppy, as the $SPX has shed about 5 points and the $RUT about 7 points. Looking over my notes from this morning, I have noticed that most of the tickers on the Swing Trading Solo watch list broke down below their respective support level or trend line. I’ve been hunting for dip buys all morning, and was extremely patient for my SNDK add @ 13.84. I am still holding JASO @ 4.40 with a stop @ 3.96 (10%).

I found a couple of tickers that seem to be setting up to move higher, so check out them out below and decide for yourself:

BGG 9 Month, Daily

SSRI 9 Month, Daily

SNDK 6 Month, Daily

FCX 9 Month, Daily

DRYS 9 Month, Daily

CAT 1 Year, Daily

The question I see fluttering around Twitter is when to dip back into the Energy sector. In my opinion, it’s when /QM reaches $61:

/QM 9 Month, Daily

Take it or leave it, oil is one of the main components running the stock market as we speak. Having the entire Energy sector behave this way is extremely harmful to the intermediate term health of our stock market. I fear what kind of effects the new Energy Bill going through the Senate will have on our economy if passed.

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