Mid-day move checkup - MCD, NOV, IMAX, TNH

The move up today has bumped the S&P at the top end of it's symmetrical wedge traders have been looking out for.  Things are looking bullish especially if the market can break through to the upside.  The market hit my 1205 target that I posted yesterday and has stalled out from there.  If it can't break through and it sells off into the close, the wedge will just be getting tighter and the waiting game for the breakout will continue.   It's hovering at 1204 right now...where will it go.....

In light of the move up, i'm staying stubborn with my short positions but not looking to add more, and I'm looking to add some long positions to ride any further move up.  Still not interested in Gold until it breaks under that 170 area.  Long idea's are IMAX, NOV, MCD.

McDonalds I talked about last week...and it's at the breakout point now at $90.40.


*note: charts update automatically so price may be different than at posting*

A stock that has been killing me is TNH (now @ $187).  I started watching this thing hard back in June at the 120 stage and looking to buy on a drop to 105-110 for my long term account.   I think it reached 114 or so, then it just kept going up, up and up!  Fortunately I bought some POT so I have exposure to this area, but this is up 50% while POT is only up 14% since i got in.  Looking at the chart I'd say short the thing but stocks like this tend to go up much longer than you think they can.


*note: charts update automatically so price may be different than at posting*

MCD Update

Just from a post last week.  MCD made it's first stab to break away and made a new intraday high of 90.45 this morning and been pushed back.  I don't see this stock going much further than 88 (with normal market conditions) before making another test.  

*note: chart updates itself, so prices may change from posting*

Another Trade Idea: McDonalds

McDonalds has been impressive this month, still eaking out a gain for the month and closing in an all time high.  It pays a dividend of 2.4% and even if the economy tanks, people will be going out for cheap calories.  If this stock shows any weakness (and it barely has) and dips to the 84-85 range, it would be a good long term pickup with some margin of safety.  And if it can bust to a new high and hit $90/share, I would be even more compelled to get in.



**note:  this chart updates each day, so price will be different than the day it is posted**