Tuesday, July 9, 2013

Tuesday evening


Tomorrow:
1:00pm 10-y Bond Auction
2:00pm FOMC Meeting Minutes
4:10pm Fed Chairman Bernanke Speaks

All of those have the potential to pee on the parade.

Tuesday afternoon

BIDU Daily Chart (10:53)
Baidu is one of my favorite long term China stocks.  (I'm not currently involved.)  After pulling back to the low 80's during March and continuing to consolidate into early May the stock made a nice month long move over 100 and above the 200 day sma. That didn't last long and the 200 day did not provide support on the move back down and the 50 day didn't help much either.

Now the stock has found support around 88.50 and has begun making higher lows. If the price continues up through the 50 day it can make a higher high.  There is a lot of resistance between here and there so it could take some time.  If you want something to hold for a couple of weeks or a couple of months this could be a good candidate.

Tuesday morning