Thursday Thoughts

SPY held its 20day EMA and rising channel bottom on Wednesday morning, then came back to encounter its 15min down trend line later in the day. Banks were firm which was important for bulls, because key support is nearby. XLF has clearly been lagging, and losing it here could spell trouble for the entire market..

CVC – Cablevision.. nice relative strength today plus good volume, watch for more upside

SID – Brazil steel stock.. short set up, watch EWZ for clues , critical support there is $75.75

SBLK – small shipping company.. I might have missed this one but while sharing some scans with Ben over at the Pattern Profits blog this past weekend, he pointed it out.. very nice look here with blue skies on the horizon

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