For those of you who have been following some of our trades for the last 4 to 5 weeks, we have been taking advantage of the increased volatility with increased spreads in some good pair trades and reducing our directional bets. We also have listed some off our directional plays on some blue chip stocks. We typically reserve individual stock analysis to our members but our calls have done well and wanted to present our thoughts on some past calls. As of Now Sunday the 18th the futures are down 14 handles. This could give you an opportunity to look at these blue chips with tomorrows retracement. For our Free S&P 500 Monday call visit www.thechartlab.com
AXP- AMERICAN EXPRESS CO. – Daily
Near Term Trend (Daily): Positive
Friday's Close: $50.12 (+.76 cents)
UPDATE: Five weeks ago, we stated, “The $42.00 region appears to be a near term level of support, therefore, I would go long AXP at current levels ($43.00) for 30% of your normal position size”.
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