Another interesting day today, the news out of Europe was hanging all over the market this morning and eventually it was enough to take the SPY down to test the 200 day MA (110.41). SPY bounced exactly where it should have I was expecting more of a bounce, but I will take what I can get.


The flash crash really screwed up the picture on the charts and the real support level for SPY may be down around 109.50/110, but this is the market we are living in. Either way I think it is important that today’s lows hold. If we break those I think SPY 108 is the next stop, but it is hard to tell.

On the bright side GS, USO and XLB look like they have put in a reversal hammer on todays, and AAPL bounced on the 50 day MA. I am sure there are more but those are just a few that jumped out at me.

Tomorrow brings us jobless claims (8:30), leading indicators (10:00), philly fed (10:00) and nat gas (10:30) also don’t forget that this week is option expiration. I doubt they will have any effect on the market, but be aware. I have been saying this all week, and been wrong, but I think tomorrow is going to be quiet and choppy so watch those lows and don’t press unless there is a clear trend.

The following ideas may be actionable tomorrow:

gva 34 long

acm 26 short

anf 36 short

ann 36 short

ccj 24 short

cog 32 short

dgx 54 short

dow 26 short

fcx 65 short

fslr 105 short

ioc 50.5 short

mee 30 short

xom 62 short

exxi 13.13 reversal/support buy on 200 day MA

hrs 46.17 reversal/support buy on 150 day MA

sanm 13.17 reversal/support buy on 150 day MA