03Jun10:09 amEST

Leaving the Dock for Summer

Facebook is part of the buzz in the market this morning. But, observing the first daily chart, below, the stock still likely needs to at least close and hold over $82 for a summer breakout to fresh highs. The stock has had numerous chances to break lower in recent months, but bulls defended when they had to. 

Elsewhere, names like LNKD TWTR are finally seeing snapback rallies from their monstrous downtrends. But I suspect rallies are to be sold until further notice given their broken charts. 

And with the big FOMC Announcement coming up this month, I trimmed more of my TBT long (ultra-Short Treasuries) into the TLT weakness, seen on the second chart, below, inside Market Chess Subscription Services this morning. I still retain roughly half of my original position, though, and TLT is not oversold yet (lower Bollinger Band). 

Stock Market Recap 06/02/15 ... As We Approach D-Day...


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