Tuesday, July 17, 2012
Tuesday Evening
S&P futures recovered after the early dip and closed near the highs of the day. INTC earnings are having a mildly bullish reaction so far in the after hours session... and it could be what the bulls needed to get this market towards 1400 on SPX.
Tuesday Afternoon
DECK daily chart (11:30AM) |
Tuesday Morning
Gator's Chart of the Day: FIRE |
The Trade
I'll look to take the 1st bite around 43.50 or a bounce from 42+ if the open is a dollar or more below Monday's close of 43.87. My stop will be fairly tight as I will not want to hold if the stock falls into the gap. It's possible that what I see as support may just be a pause in a move back to 35. I would like to add fairly quickly and hold for a move back to the 20 day simple moving average or until earnings (whichever comes first.)