Google a short?

It was an interesting week, market pushed higher and sideways for the first few days in a week and then on Friday it reversed. It is again in No Man's land. As always Mr. Market like to keep Bulls and Bears guessing.

$INDU 60 Minutes: DOW, I have highlighted 2 possibilities for the next week. Market being in No Man's land, I am publishing few long and few short ideas.

GOOG Daily: I see that Google is at the support line and Friday was a black candle. There is weakness in the background, stock is below 50 DMA. Volume pattern looks weak, break of support (grren line) might see price attracted to 200 DMA (545-550). MACD has turned lower and RSI can support lower prices. Decisive break of the support line should provide good short entry.

AFL Daily: There is a cluster of support between 50 DMA and 56, if it decisively breaks 56, next support is around 52 (200 DMA), I will be watching this closely.

HDY Daily: MACD has turned up, RSI can support higher prices, probable price target is 7.90/8.

BMY Daily: It has broken the trend line resistance, there is a clsuter of resistance between 26.40 to 26.80 (Not Shown), once cleared price target will be 28.40 and up. The only thing of little concern is extremely high volume of the last 2 days. High volume on up days is good but in the past when it saw extremely high volume, it was near the top.

EC Daily: It is very close to resistance, above the resistance line is bullish. MACD has turned up, RSI can support higher prices.

Last week we bought CNX and sold it on Friday, Market was weak in the morning and we decided to take the profit. We sold our ANN short position. We still have short position in X and have taken a position in SRS.