Traders Waiting For Cliff Developments, 2 Positions
The market remains captive to news developments of the fiscal cliff. Positive news will most likely ignite a broad based rally. Focus on stocks close / meeting the criteria as they may be the 1st to gain ground if / when positive news develops. However, there are few candidates meeting the criteria. Safest to be on the sideline too eliminate risk.
This morning, futures are displaying a HIGHER opening.
Climate is - UPTREND UNDER PRESSURE (market direction governed by cliff news developments).
Focus on stocks meeting CRITERIA:
Selective Chartists Positions (with BUY price):
Goldman Sachs (GS) $122.70 (Buy #1)
Goldman Sachs (GS) $122.70 (Buy #2)
(Top candidates poised for higher levels near-term).
In general, BUY within 5% of Pivot, stop-loss 7% below buy price
Watson Pharm. (WPI)
3D Sys (DDD)