This is still an incredibly resilient and strong market, if you are not a believer take a look at GOOG and ISRG today. We opened lower on the AA earnings from yesterday and sold off to the middle of Friday’s range before reversing and closing near the highs. SPY stopped right at yesterday’s high and pulled back a bit on the bell. I entertained the thought of a possible double top, but I think INTC will take of that tomorrow.


Gold (GLD) and the gold miners (GDX) were under pressure for a second day today. Further weakness may bring them into important support levels. The 20 day MA for GLD is 109.93 and the 150 day MA for GDX is 46.41. Keep those levels in GLD & GDX on your platform there will be a lot of eyes on those spots.

For an example of how important these levels can be in commodity names look at USO and OIH today. USO 20 day MA (40.33) (LOD 40.28). OIH 20 day MA (123.86) LOD (123.50).

CPI and retail sales are before the open. Bernanke speaks at 10:00, the petroleum #’s are at 10:30, the Beige book is at 2:00 and JPM reports after the close so be ready for anything.

The charts are pretty messy right now so I have fewer ideas that usual. Remember that breakout/down levels don’t expire. So keep them on your platform until they trigger. Pull back spots to moving averages expire after a day or two.

The following ideas may be actionable tomorrow:

amgn 61 long

nyt 12 long

rax 20 long

ir 38 long

spwra 18 short

ipi 27.32 reversal/support buy on 200 day ma

wcrx 24.98 reversal/support buy on 150 day ma

wmt 54.44 reversal/support buy on 50 day ma

gdx 56.41 reversal/support buy on 150 day ma

gld 109.93 reversal/support buy on 20 day ma