Today was kind of a weird day, the market had a couple of technical levels in play so I was expecting some kind of interesting moves, but because of the holiday only half the players showed up. Reaction was muted at best. My opinion that this rally should be treated suspect hasn’t changed much.

GS, Small caps (IWM), midcaps (MDY), transports (IYT), oil service holders (OIH), semis (SMH), financials (XLF), energy (XLE) and volume are not confirming this run at the highs. I am not much of a guy for stochastics but I have read that we are overbought on that indicator as well.

Yet my best trades today were on the long side and all of my setups for tomorrow are longs as well. These long alerts should be treated with a healthy bit of skepticism and even be looked at as possible resistance shorts.

With that out of the way I am watching the following spots.

Symbol alert price ave daily vol
ge 16 109.1
sy 41 1.2
ice 110 1.3
acl 149 530k

Continue to watch the dollar it is currently the key to this market and should be constantly monitored.

I know that I am consistently skeptical in the face of a strong market and that my best trades recently have been longs, but when I look at important sectors and stocks not confirming a strong tape on weak volume I am skeptical. Not crying Chicken Little just trying to keep a critical eye out.

A shout out to my boy Kevin D in Chi town. Welcome to the Right Edge.