Stock picks and Market Analysis for Tuesday, October 16th, 2012

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AIG – Base breakout

AMGN – Daily buy triggered

HD – Daily buy triggered

JOY – Base breakout

T – Climatic watch

Shorts:  None

The market basically did a head fake this afternoon going short as we came out of lunch at 2:15 only to recover and blast off upward at 2:45.  A little after 3:00 we were breaking out to new highs with the market closing at or near the highs of the session at 67.24.  For tomorrow I’d expect a gap up and a trader could buy the first 5 or 15 minute pull back in the market at 10 am reversal time would be preferred.  If the market gaps down to the 67.00 area look for an immediate buy set up.  Target area will be the 68.17 area at 10:30 or 11:00 where one could look for an hourly sell with the market QQQ.  Alternatively one could look for the hourly sell over lunch time as well.

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