AAPL and GS also put a good show today, AAPL put in a new high (241.92) and GS was up 2.04% on above average volume and is closing in on 178.75. This is an important level for GS and will be a place to watch in the days to come.
This afternoon’s selloff came after SPY&QQQQ tried to make a new 2010 high and failed. It also followed a 10 year bond auction and comments by Bernanke. We have both a 30 year auction and Fed speak tomorrow so be aware.
Those of you that have read this blog for a while have seen me post about TLT and the $89 level. After today’s auction TLT went as high as 88.92 on better than average volume. I think that level in TLT merits our attention especially considering the sell off after today’s auction.
No real technical damage was done in today’s sell off, SPY is still well above its 20 day MA on the daily chart and the 150 day on the weekly chart, but it may have given the bulls something to think about.
Yesterday I wrote “as extended as we are failed breakouts are providing opportunities to flip and get short.” My best trades today came from a couple of failed breakouts and like buying the pullback to an important support level; the failed breakout can be a nice addition to your trading arsenal.
DLB 60, BGC 29 & MMM 84.50 all worked well as failed break outs.
Today’s pullback has set up a number of break out spots, that I have included. Leave them on your platform until they trigger they don’t expire. There are also a couple of shorts and some support/reversal buys. I am not sure what to expect from tomorrow so stay nimble and keep reasonable stops.
gva 31.6 long
abx 41 long
adsk 31 long
cmtl 33.2 long
dlb 60 long
gs 178.75 long
gva 31.6 long
mtb 85 long
nfx 56 long
nsc 58 long
paas 25 long
rax 20 long
slb 67 long
sndk 36.25 long
genz 51 short
gild 45 short
clx 62 reversal/support buy on 50 day MA
ice 105.2 reversal/support buy on 50 day MA
ipi 27.80/.28 reversal/support buy on 27.80 150 day MA 27.28 200 day MA
mos 55.98 reversal/support buy on 150 day MA
wcrx 24.83 reversal/support buy on 150 day MA
Like the addition of the charts. I still have a hard time with the failed breakouts. Took a beating in the morning getting long AIG and missed the huge run on it in the afternoon. Overall very frustrating day.
ReplyDeleteGlad you liked the chats, never sure if they take up too much room. Failed breakouts worked well yesterday because the market rolled hard after a failed breakout. The more things that line up the better. I tried a couple today that didn't work because the market had underlying bids. I saw the AIG this a.m. and it looked tempting but i passed. He is a tough animal. Frustrating day here too choppiness is not good for me. Chill out tomorrow and watch the Masters with one eye.
ReplyDeleteHad one eye on the Masters and another on GS so it was a good day.
ReplyDeleteExcellent. Hit straight today.
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