LOW broke out from the downtrend line at 54 last week, but it lost its momentum right at the resistence at 56, which was the previous attempt to break out. I was biased to short at 54 in the last comment on LOW. It would be stopped out at 54.5. It looks like that it is going to retest 54 level before it can go higher. Now, 54 has become the support. The major support is still at 52. I opened a position on LOW Jul 55 Put bought at 1.60. I plan to close it once it hits 54.
LOW is once again at its downtrend line. My bias is on the short side and target is 52. I would bail out at 54.5 if the volume is higher than the average.
LOW is once again at its downtrend line. My bias is on the short side and target is 52. I would bail out at 54.5 if the volume is higher than the average.
All major markets are near or at the year low as seen on SPY daily chart. However, it will be picking up from here, therefore it’s a buying opportunity. I’m allocating some cash from GIC in my 401(k) into some mid-cap and growth/income mutual funds. The major support should be 105.
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