Obviously the market did not take too kindly to the non-farm payrolls, but after all was said and done, the market held its own and even showed a positive bias.
Combining these factors makes me think the market chills around here for the time being until a positive catalyst is presented. I am hoping this set up will provide a nice buying opportunity for stocks that have been running.
Some trading thoughts with the current market set up...
1. POT may be isolated from this consolidation as it broke-out on Friday, with a very bullish undertone via the DMI. I am thinking it approaches mid 61 quickly.
I will re-enter the positions I unloaded upon any, and I mean any, pull back.
3. After GOOG reports, it should trade between 530-580 over the next three months. (As per its trailing PE trading range, and affects of it 'getting' social.) I entered a very light position on Friday, with the downgrade. I will add to the near the low/mid 520s.
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