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Thursday, June 3, 2010

Technical Snapshot of SPY, SWN

Overall market is stabilizing, with support around 105 and resistance defined by falling trend line, which is right now around 112. Volatility indicators are slowly falling. Expect SPY to move within decreasing triangle until economic fundamentals give a clearer picture. Few technology stocks remain strong, CRM hitting new highs today. SWN seems to have broken out to the upside. Look for strength in few alternative energy names due to fallout from oil spill tragedy. FSLR seems to be speculative buy with tight stop.

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