AXP generated a spike down week, a red weekly close and a close at the low of the week, suggesting further downside below last week's low at 106.28. Nonetheless, with the indexes likely to be supported during the next few weeks, this mini correction should be used to cover the short positions (at a loss) and consider re-shorting the stock on the retest of the all-time high at 111.77, perhaps to be been seen in about 3-4 weeks. Downside objective this week could be as low at 103.85 but the reality is that there is a minor but likely short-term indicative support at 104.55 that may be reached but likely not broken. I would venture an educated guess and say that the low for this week (and perhaps for this correction) will be between 105.55 and 105.89. Intraweek resistance is now found at 107.43 that is broken could suggest no further downside will be seen. I am going to cover the shorts this week.

CCJ generated a spike rally this week due to a ruling in favor of the company regarding taxes. The stock gapped up between 9.99 and 11.02 and due to the fact that it was based on news, the gap should not be closed. Several companies upgraded the stock to outperform with an $18-$20 objective. The stock closed slightly below the 200-week MA, currently at 11.55, meaning that a green or red close next Friday would be highly indicative. The stock did close in the upper half of the week's trading range, suggesting further upside above last week's high at 11.96 will be seen. Decent intraweek resistance is found between 12.15 and 12.19 that if broken would give the bulls new ammunition to take the stock higher, likely with 13.36 being the next resistance level of consequence. Support will be found at 11.02 that should not be broken. If broken, some questions may begin to arise. Probabilities favor the bulls.

CLF got up to the weekly close objective at 13.00 with a high last week at 13.10 but selling interest at that level was evident, given that the stock backed off down to 12.47 and closed at the halfway point of the week's trading range at 12.66. Nonetheless, the probabilities are high that a weekly close at or near the 13.00 will be made, meaning that further upside is likely to be seen. There is no intraweek resistance found until minor at 15.40, so on an intraweek basis, further upside above 13.10 is likely to be seen. Nonetheless, the selling interest seen does strongly suggest that a weekly close above 13.00 is not likely to be seen. Drops after the weekly close objective is reached are likely to be at least back down to the $10 demilitarized zone. I took profits on half of my positions at 13.07 and plan to take profits on the rest of the positions on a rally above 13.10.

ENG continues to meander around the 1.00 level based on a weekly close. The stock for the past 7 weeks has closed at 1.02, at 1.01, at 1.04, at .99, at 1.03, at 1.00 and on Friday at 1.02, suggesting neither the bulls nor the bears have the edge at this time. During this time frame, the stock has remained above the 200-day MA, currently at .98, meaning that the bulls maintain a slight edge. Intraweek resistance is at 1.12 and support at .98. Probabilities slightly favor the bulls this week.

FSLR generated an inside week but with a red weekly close and near the lows of the week, suggesting further downside below last week's low at 47.69 will be seen this week. Nonetheless, the low for the week was seen on Friday and the stock turned around to close at the highs of the day, suggesting that if it goes above Friday's high at 48.59 that the needed/required successful retest of the 11-month low at 47.34 will have occurred on the daily chart. If the bulls can then get above last week's high at 50.71, new buying interest will be seen. The stock could still make a new low below last week's low at 47.69 and even below 47.34 as multi-year intraweek support is found at 47.04. Nonetheless, the rally to 50.71 this past week and Friday's action suggests this area is a level of buying interest for the traders.

LVS made a new 16-month low this past week and closed near the lows of the week, suggesting further downside below last week's low at 59.04 will be seen. The action suggests that the bulls are still not getting involved in a big way and that a drop down to the 200-week MA, currently at 57.74 will be seen. Given that the MA is only valid on a weekly closing basis, further downside below that level could be seen. Intraweek support is not found until the low 56's are reached. It does seem this trade will be a loser the first time around. Intraweek resistance is found at 60.92 and 61.80 (all minor) and then pivotal at 62.70, which is the level that needs to be broken to generate new buying interest. I presently have a stop loss at 59.00 but based on the weakness seen, if the stock rallies above my entry point at 59.92, I am likely to scratch the trade and then look to re-buy around the 57.00 level. Probabilities favor the bears.

MT generated a negative reversal week, having made a new 8-week high but then closing red and on the lows of the week, suggesting further downside below last week's low at 30.71 will be seen this week. The bears remain in control given that the previous intraweek high at 32.93 was not broken (got up to 32.73). Minor support is found at the $30 demilitarized zone and then nothing until 28.24. Pivotal support is found at 27.97. The probabilities continue to favor the bears but this past week's rally does suggest that there is some buying interest now that was not there before. Stop loss remains at 33.03.

SLCA continued the downtrend that it has been in for the since May, having made a new 31-month low this past week. The stock closed near the lows of the week and further downside below last week's low at 17.92 is expected to be seen. Nonetheless, on a weekly closing basis the stock got down to a 2-point trend line that started in 2012 (6 years) and that is likely to hold up, meaning that even if the stock goes below last week's intraweek low this week that next Friday's close should be green, given that the stock closed on Friday at the trend line at that is at 18.45. Intraweek support of some consequence is found at 17.10. Minor resistance is found at 20.65 and at 21.11 and minor to perhaps decent but short-term pivotal at 21.44. In addition, the stock reached the objective at 18.00 that was set when the stock broke below the 25.00 level, meaning that there are several reasons why the traders should be interested in buying this area.

TXN generated an inside week but did close red and in the lower half of the week's trading range, suggesting further downside below last week's low at 105.98 is likely to be seen. Nonetheless, due to the likely upward bias in the index market over the next few weeks, consideration should be given to taking profits this week on a drop below last week's low. Weekly close support is found at 105.36 and there is intraweek support at 104.66, meaning that somewhere in that area taking profits should be considered. There is no intraweek resistance above until last week's high at 110.90 though on a daily closing basis, there is daily close resistance at the 200-day MA, currently at 108.95. I do plan to take profits this week.