European Debacle Sends Stocks Reeling

European Debacle Sends Stocks Reeling

European Debacle Sends Stocks Reeling

The European situation continues to unravel after Ireland got a $113 billion bailout over the weekend. Spain and Portugal are next, with more countries on the horizon. This sent the Dollar spiking higher. Astronger Dollar is bad for the artificial wealth effect that the Federal Reserve has been pushing. Thus the markets are lower. If things quiet down, the Dollar may pull back helping the market off the lows. The strongest sector of the day is financial firms and banks. Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) are both nicely higher even with the Dow Jones Industrial Average down more than 100 points. As a Chief Market Strategist, I focus mostly on the technical levels of a stock. Both stocks had beautiful long setups today. Goldman Sachs hit the key 50 moving average on the daily chart. After dropping from $171 to $157.00 and hitting the 50 moving average on the daily chart, it was a clear buy for a bounce. With a $2.00 bounce off the lows, it was a great trade.In addition, JPMorgan Chase had a setup that was just as good if not better. Note the chart below. This trade setup was based off a hit and cross of the slanted trend line. Once hit, this was an obvious buy for a bounce. The entry was between $37.15 and $37.25. The stock has now jumped back to $37.80 in one day. For the record, this JPMtrade was an alert given in the Hot Charts and Alerts via the Research Center.

The charts tell the truth, companies do not. Learn to trust the levels on the chart and read them correctly and make money the smart, successful way. With the markets weak today, there were some long opportunities. We got them, did you?

Gareth Soloway

Chief Market Strategist

www.InTheMoneyStocks.com

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