Here’s today’s swing-trading watch-list:
Long Kate Spade (KATE)
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I’ve written before about Palo Alto’s clumsy attempts to prevent teen suicide by posting guards at two sections of railroad track here in town (which constitutes about 0.1% of the tracks available on which to fling yourself). To my knowledge, in spite of being posted there for five years now, these guards haven’t prevented a single suicide. I was always a little curious how much my fair city was spending on these guys, who basically sit on plastic chairs and stare into space all day. This morning’s paper gives me my answer:
The double bottom on SPX broke up yesterday with a target in the 2069 area, slightly above range resistance in the 2064 area. I’m looking for some retracement this morning to establish a rising support trendline. SPX 5min chart: