March Madness is in full swing, both with college basketball and with the markets. Coming into this week, there are more questions about far stocks can go before seeing a decent pull-back. The trade this week that we will be watching for another pull-back is X. At the beginning of 2010, there was a steep reflex breakdown and a subsequent strong bounce in the stock. An ABC corrections seems to be taking place. The trade may take some time to reach our parameters but should definitely be on your radar. The set-up is not there yet, so there are no firm price levels, but there are many unfilled gaps that should be filled as we see this next correction. Wait for price action to confirm the move, get in light and load in once we get confirmation.
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