Good evening. I suggest we tread lightly and be patient heading into the end of OPEX week. Volume has continued to be light and the market is struggling at resistance. The market will break one way or the other and we will take advantage of it when it does. Currently, I favor a quick, possibly sharp 2% to 4% correction that will most likely find buyers. Please see my comments in the play updates for more details. I have listed two long trade ideas below for those interested.
HD - Look for a pullback into the $29.00 to $29.25 area. A breakout could be considered but it a riskier trade for more nimble traders.
FWLT - The stock poked its head above prior resistance on Tuesday but closed below it today. Look for a pullback to the $23.00 to $23.50 area.