Real estate, materials and financials lead the day in the most boring 4% gain in Wall Street history. After today’s action the charts are a mess but we may be forming a range to keep an eye on.


On Wednesday when we broke down through the 50 day MA on the SPY I was looking at 115 as my next support level. It coincides with the breakout out in early March and the market top back in January. The HOD in the SPY was 116.65 and LOD was 114.91 so it looks like we are forming a range in the SPY between 117 & 115. It may take a day or two to resolve this but keep an eye on those levels. Gun to my head I say we go lower because we are still below the 50 day MA(117.35) and GS which sort of telegraphed this move really under performed today, but take it easy until the market sorts itself out. We will get spots to trade.

The following ideas may be actionable tomorrow but they are mostly pretty minor and I am not expecting much until we resolve this range in the SPY so don’t get to aggressive and watch out for choppy action.

bj 38 long

chd 70 long

cmtl 33 long

csx 56 long

dft 24 long

esrx 105 long

slv 18.5 long

gild 38 short

scco 30 short

schn 55 short

har 37.24 reversal/support buy on 200 day MA