Good evening.  Just a brief update tonight.  We have been drifting aimlessly as a market the past few days.  This type of action is very frustrating as it is hard to be bullish or bearish and move with the trend.  At least when we know the direction we are going, we can make money or protect capital.  This type of action makes it very hard to stay awake, let alone make money.

We broke support in the S&P 500, 200-day moving average on Tuesday.  Wednesday did not see us rebound but we did not trend too far low either.  Technically speaking, we are set up for an oversold bounce and with the Russell Index re-balancing, we may see some bullish action Thursday leading into Friday, before profit-takers come in.

With that being said, I have been eying some chart setups for stocks that are on the June 18th list of Russell additions.  Keep in mind, that some of these stocks are more speculative than others so determine your own risk tolerance.  The stocks below are only a portion of the entire list, they are more of my own personal watch list.  I have some small positions out there and pending the action tomorrow, I will look to add more if the action starts to pick up.  I believe Friday could see some more bullish action before it meets some sellers in the afternoon, so I will not hesitate to lock in quick profits rather than hold too long.

For a more complete list, you can go to the Russell website.

Sirius XM (SIRI)
Kodiak Oil (KOG)
Gastar Exploration (GST)
Jamba Juice (JMBA)
Ikanos Communications (IKAN)
Hoku Corporation (HOKU)
Globe Specialty Metals (GSM)
Inhibitex (INHX)
AspenBio Pharma (APPY)
Callon Petroleum (CPE)
Camac Energy (CAK)
Capstone Turbine (CPST)
Capital Gold (CGC)
CDC Corp (CHINA)
Bell Microproducts (BELM)
Axcelis Tech (ACLS)
American Oil & Gas (AEZ)
American DG Energy (ADGE)
Abraxas Petroleum (AXAS)
FSI International (FSII)
Hypercom Corp (HYC)
LTX-Credence (LTXC)

Again, I am not looking for long-term positions here and I tried to keep a focus on small-cap stocks in the Energy, Technology, and Utilities sectors.  I am simply looking for good chart setups with high volume to finish the week.  Hopefully, we can make some easy profits here since the past few days have been extremely boring and lackluster.  As always, do your own homework to see if you agree.  Have a good night and see you in the Live Chat come morning.  Good luck out there.

Mike

At the time of publication, Kudrna was Long SIRI, GST, and KOG but positions may change at any time.

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