Top Six for April 2

April and Q2 started off on a weak note: the market had a sharp sell-off at the open but then recovered in the afternoon to close with mild losses.

Biotech/healthcare continued to lead to the downside, while the small caps once again showed impressive resilience.

Tomorrow is the last trading day of this holiday-shortened week and trading conditions are likely to be choppy.

These are six of the stocks I will be watching tomorrow:

ATHM - Continues to flag fairly well and maintain good relative strength, needs to push through 45 with conviction

DRII SHORT - Toppy price structure and today's rejection off the 20dma suggest more downside is likely

FLT - Good relative strength and continuation to yesterday's bounce, expecting it to keep moving higher toward 155

FOLD - A biotech stock, but seems to have solid support around 10.20 and could be ready for an oversold bounce toward 12

FORM - Sloppy pullback but solid support in the 8.80-8.90 area, expecting it to reclaim 9

INSY SHORT - Neutral to slightly toppy pattern, if the 50dma fails a move to 50 becomes more likely

Posted to Tactical Alpha on Apr 01, 2015 — 8:04 PM

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