This market is still extremely bullish. The market started off positive this morning but quickly started to give up the gains and it looked as if we were going to take out yesterday’s lows around 10:30 this morning. It was around that time that stocks and etf’s too numerous to mention here bounced off of 20 & 50 day MA’s as well as support zone created by prior breakouts. All things considered it was a strong tape and once again shorting was darn near impossible. The day can be summed up in the AAPL chart. It took out yesterday’s lows around 10:00 and looked like it was headed down to the 50 day MA at 201.48 but stopped at 204.10 rallied and closed at the highs of the day.


Real estate (URE) Financials (UYG) silver (SLV) and Gold (GLD, GDX) outperformed while the VIX index (VXX), Bonds (TLT) & Crude (USO) underperformed.

The market seemed to say that it was safe to go back in the water today, but don’t forget that we have retails sales & jobless claims tomorrow pre open plus earnings from INTC & JPM on the horizon.

I will be watching the TLT 89 level again to see if the market has any reaction to it and the lows from today and yesterday to see if dips are still being bought.

The following ideas may be actionable tomorrow but as always look for volume, relative strength/weakness and use reasonable stops.

axp 42.5/40.25

pnc 58

wynn 69/70

bbt 28

cli 36

ge 17

luv 11.8

swks 15.25

tex 24

The following are short selections be careful with them because short have been extremely difficult, but if the market turns south these may be actionable

gfa 30

lnce (no clean #)

(lnce is thin so use reduced size)