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6/16 Close…
Though we could have opened a new position today in FLIR, we decided that the action into the close wasn’t what we wanted to see after that big lot surge around 2 PM. In this market we’ll remain cautious and wait for the good confirmations and/or consolidations.
We like consolidations into support with bounces off significant support levels much better in this kind of market than confirmation breakouts. BO’s in a bear market usually fail, and although the recent consolidation in FLIR is what we look for, there is usually a period of churning along the tested support line before new strength is revealed. We’re looking for that here.
Coach BD
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Weekend Watchlist Note…
One positive note. We like the recent price action on FLIR and will be looking for a confirmation of Friday’s big volume move back above its 20-Day MA and a continuation of the stock’s steady upward movement in this otherwise weak market.
This may be a good new opportunity when there aren’t many out there in this environment.
Coach BD
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