Thursday, June 07, 2007

Trade Ideas: SRS, AHO

Large cap buying never materialised as had happened in the past, which likely spooked the markets even more than it was already. The S&P was hit hardest with a sharp, clean break of its 5-week mini-channel. The semi-conductor index floundered and is well on its way to a test of its 200-day MA - bad news for the Nasdaq and Nasdaq 100 which may be on the way to doing the same. Small caps didn't escape sellers wrath and a move to former broadening wedge support (and/or 200-day MA) is perhaps favored.

The Trade Ideas scan slowed even more as the top-8 picks took 1 hour and 20 minutes with only 2 stocks breaking the "20-appearance barrier".

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