Morpheus Trading: Going into today, there is one new buy setup on today’s watchlist in the PowerShares India ETF (NYSEARCA:PIN), which has recently pulled back to and undercut its 10-week moving average.
Take a look:
The first two pullbacks to the 10-week moving average after a stock or ETF breaks out are typically low-risk entry points.
Volume in $PIN has picked up quite a bit over the past two weeks, but the price action has been holding above the 10-week MA (which is bullish).
On the individual stock side, we are waiting for earnings to produce breakaway gap ups in $FB, $TSLA, and $CAVM. That would be ideal, but anything can happen. As discussed in this blog post, we are mostly in SOH mode (sitting on hands) given recent market action and upcoming earnings reports.
This article is brought to you courtesy of Morpheus Trading, LLC.