Snowicane helped keep the action in the market pretty quiet on Friday. The index’s were about as flat as they could be on below average volume. I think that was probably helpful. If we are going to break out of this range I would like to see it on some volume and conviction.


AAPL which has been a pretty good market tell closed above its 50 day MA for the 1st time in a month and that may be an indication that the market is also ready to break out of this range. The SPY closed right under the 50 day (110.99) and it looks like any breakout above 111.75 is blue sky.

TLT broke above the down trend line I have been watching and the TBT bounced right of the trend line on the weekly chart. Any more strength in the bond market and this leg will be stopped out. I think TBT below 46.40 closes this leg of the trade. The SPY leg is still working.

We have personal income & outlays at 8:30 and ISM mfg, construction spending at 10:00 barring any big negative numbers here we should be able to take out the 50 day MA on the SPY and breakout of this range. In the mean time keep your eye on the MA’s in all the important stocks/etf’s and anything you are trading.

Right now I have a bullish bias but I am including some support break shorts in case things get ugly.

bke 30 long

rah 67 long

amzn 121 long

cnx 51 long

zion 19 long

brcm 32 long

bcr 84 long

bdx 79 long

cmp 76 long

orcl 25 long

gme 17 short

gpn 42.5 short

gva 27.14 short