INTC and JPM came in with good numbers and helped to drive the market to new 2010 highs on decent volume for a change.


As you would expect semi’s and financials were among the strongest sectors, with pharmaceuticals, healthcare and fertilizers trailing.

It looks like UPS has good things to say after the close so expect more of the same tomorrow.

The market continues to be well bid and I will stay with the trend until it changes, but be nimble this action will not last. If you want to have an eye opener read this post from Dr. Brett Steenbarger on the CBOE Equity Put-Call ratio it will really give you something to think about.

In the mean time up we go. The following ideas may be actionable for tomorrow but as always look for good set ups close to a base and use reasonable stops. Also be on the lookout for failed breakouts. They have been coming in clusters with a following market and it has been about the only way to be short recently.

rax 20 long

ir 38 long

crk 36 long

aem 62 long

gg 41 long

abx 42 long

abfs 31 long

amx 52 long

cnq 80 long

spwra 18 short

gdx 46.43 reversal/support buy on 150 day MA

gld 110.07 reversal/support buy on 20 day MA

kmb 60.4 reversal/support buy on 200 day MA