Wednesday, April 11, 2007

Trade Ideas: FIC, BMO, NOA, PTV, EAD, JNY, IMO, CLG

Interesting times for the bulls. The initial backtest looks to have held up well with the 50-day MA and/or prior near term highs coming to the help of the Nasdaq, Dow and S&P. The S&P is the index to watch as it touched the highs of the big February sell off and has all the makings of a 'dead cat bounce' - support has held, but shorts will be licking their chops if it tumbles below its 50-day MA.





The Trade Ideas scan showed significantly slower buying interest with the top 8 picks covering 14 minutes and the "20-appearance" list covering the entire day - as it did yesterday. Bulls losing interest, not a good omen if looking for March reaction highs to hold as support.



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