Hello,

JNJ closed right at but not above our trigger of $132.64 in what ended as a down market.  Today it is a little weak with the markets opening weak.  If anyone became aggressive in that one do remember that we plan to utilize a very tight stop at the 200 SMA near $132.33, which is atypical for us.

CL is moving back up today, so triggering may not be as out of the question as it looked yesterday.

The gang is keeping the QQQ above the support line that we highlighted so far as we said they’d need to or run the risk of much more selling…

M technically triggered yesterday in a weak market.  As we noted during the webinar, it had already fallen a bit when we were covering it and thus it may have been late at that moment to jump in as M was then much closer to the 50 SMA which it has indeed found support at, at least for now.  A close above our trigger at $39.46 would probably negate the technicals that are expecting further weakness for those that jumped aboard this downside idea.

After further review, we decided that only D and FSLR are worth pursuing as possibilities.  D as a bear, FSLR as bulls, with markets acting in concert of course.

If D drops below $69.68 it could trade down $2.00 or more from there.  If FSLR can close above $53.70 that could be an aggressive trigger while $54.20 should provide more breathing room and is more conservative.  FSLR may need to do some work for the first $2.00 of upside if it starts to move up but there’s a lot of potential after that to run much more.

We’ll update when warranted.

Thanks!

Sincerely,

Wayne