With so many pundits calling for a top, I am afraid that the top will be delayed. Market knows how to screw the maximum number of long and short.
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In early February, VECO Instruments (VECO) broke above its two-month resistance plateau at 26.40/60, which triggered an intermediate-term upside target zone in the vicinity of 32.00. This "requires" the price structure to climb above its moderately declining exponential 200 DMA, and likely confront its more sharply declining nominal 200 DMA.
The powerful base-like pattern that has developed since the Oct 4 low exhibits the time-span and accumulation properties necessary to propel VECO considerably higher from current levels.
Data released yesterday and today shows a decline in Existing Home Sales and in the Purchase Price of Homes with mortgages backed by Fannie Mae and Freddie Mac, as shown on the graphs below.
Perhaps home buyers are waiting for prices to bottom and become more in line with the low (2009) level of home sales.
Well, the day started with a nice little "we don't really need QE3" selloff, but that reversed very hard (so far). I am watching the long-term view of EUR/USD closely.
The setup is gorgeous, but frankly, there's not much room for error here. The chart could be wrecked with a single strong up-bar. In any event, things are still in place for now, and as long as we stay beneath that ascending trendline, I think the oft-cited Euro analog is still on track.
Few Setups to take a look at today.
Long: Owens Illinois (OI)