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Looking at set ups for tomorrow $WFC, $GS, $CIEN, $JNJ
Tomorrow the 60 min stochastics will get oversold again. This has happened 7 times over the 2 months and produced a tradeable bounce in the markets. Combined with this is an underlining trendline that goes back to the beginning of the month. This combination is one of my favorite combined indicators and makes up the core of a high probability set up.
The EU debt crisis is once again taking center stage and investors are becoming aware of the negative press coming out of the EU Zone. Many investors are pushing the panic button in France, after it was rumored that the S&P was planning to downgrade France’s AAA credit rating. The panic has started a heavy sell-off in the stock market of French banks and the Euro is also down today.
The markets sold sharply this morning on the back of a downgrade by Standard & Poor's. They downgraded the long-term credit in the U.S to negative. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $129.94, -2.10 (-1.59%). This downgrade was inevitable, as the trillions printed by the Federal Reserve continues, however, the markets have been enjoying a period of ignorance is bliss on this matter.
Standard & Poor's on Monday downgraded its credit outlook for the United States, citing a "material risk" that policymakers may not reach agreement on a plan trim its large budget deficit.
While the agency maintained the country's top AAA credit rating, it said that authorities have not made clear how they will tackle long-term fiscal pressures.
Since 1990 this system has an average annual return of 20.4% with a largest peak to trough drawdown of -20%. The system hasn’t had a down year. From 1990 to present (April 2011) This S&P system would have turned a 100,000 account into $4,634,565 without using any leverage. As a comparison buying $100,000 worth of the S&P in 1991 would now be worth $388,428 with a largest equity drawdown of 53%
SQI, AVOT.PK, SPBC, NHPR.OB, TICC, - CRWESelect.com Stock Report! SciQuest, American Video Teleconferencing Corp., SP Bancorp
SciQuest, Inc. (NASDAQ:SQI) a leading provider of on-demand strategic procurement and supplier management solutions, announced its financial results for the fourth quarter and full year ended December 31, 2010. Stephen Wiehe, President and Chief Executive Officer of SciQuest, said, "We ended 2010 on a very strong note with high levels of customer activity in all of our target markets.