AAPL broke out to a new all time high today and GS tried to break above the 150 day MA and a range going back nearly two months. AAPL held up but GS didn’t and ultimately the market rally fizzled as well.


I am not calling a top or sounding any alarm bells but going forward I will be using more caution in my break out ideas because we’re coming into pretty tough resistance (SPY 115ish) and at least in the short term don’t have any good catalyst to get us through.

ORCL (25) HGSI (32)ILMN(39) SANM(17.75)CLX(62)CMI(61)INFY(60)TRV(54)URE(7.5)all triggered or were right at the number today and failed. In a more bullish tape at least some of these would have worked.

The charts are pretty extended right now and due to the number of failed break outs I don’t have as many ideas tonight. I have two lists tonight the first is trading ideas. All longs tonight and again I am not loving them. In this environment we may want to use them as targets or as a place to fade the move on a failed break out. As always look for some entries relative strength and good volume if you are trading the as break outs.

aapl 225 long

bac 17 long

csx 50 long

gymb 46 long

infy 60 long

nite 17 long

pxd 50 long

The second list is market tells that I will be using to see if we breaking out to the upside or if we are starting to roll over. Two numbers is just a short term range that I am watching and one number is a break out. My best guess is that we are going to be range bound for a few days, stuck between the 09 highs (115.15ish) and 1113ish on the SPY, until we get some reason to break the range. That may not come until next Tuesdays Fed announcement.

$index 81/80.44

spy 115/113.50

tbt 49/48.31

aapl 225/220

gs 172/168

gdx 47/45.06

rsp 41.75

tlt 90/89

qqqq 47.05