The march continues. Once again commodities including materials (UYM), steel (SLX) and coals (KOL) were the leading sectors helping to carry the market to a fractionally new 2010 high. AAPL put in a new all time high today and continues to be one of the leaders in this market have it on your trading platform at all times. It was not all beer and skittles however; GS and GOOG were both down on the day and may be trying to tell us that the market needs a rest. We have had a tremendous run Feb 5th low, I count only 7 red candles in the SPY since then. I’m not sure that tomorrows durable goods or new home sales #’s are enough to slow us down but a pause wouldn’t hurt.


In a the bigger picture the SPY is coming up in to the 150 day MA on the weekly chart (117.85) this may also lend some resistance so I will be watching that level closely.

Again I have some breakout longs, support/reversal buys and even a few short ideas. Just remember that when you are looking to trade the breakout/breakdown ideally you want a buy or sell near a nice base and then a move through the level on a burst of volume. On a reversal you want to stock to come into the level vertically on light volume pierce it and then snap back through, buy on the way up and use the bottom of the candle as a stop. DON’T CATCH A FALLING KNIFE, nothing news related and no heavy volume sector wide selloffs.

anf 45 long

mfe 42 long

gdx 47 long

intu 35 long

mtl 27.5 long

avp 33 long

foe 9ish long

hog 29 long

jcg 46 long

osk 42 long

rig 80 short

dbc 23 short

mur 53.5 reversal buy on 50 day

nfx 46.47 reversal buy on 150 day