It was quiet and choppy for most of the day today, until a late afternoon selloff bought us down to the lows of the day. A weaker dollar lead to some buying in the commodities (OIH, USO & SLV) but the late day sell off really made it feel weak.
I was short going into this afternoon’s selloff because the SPY couldn’t breakout through that SPY 117.61 (150 DAY MA on the SPY weekly chart) level I have been watching. Truth be told, one tick above that level and I probably would have covered and gone long but we never got there. The more we fail there, the more important it becomes so keep an eye on it.
Not expecting much tomorrow but there are two things I will watching the 117.60ish level on the SPY and IWM 67.71(20 day MA). The small caps (IWM) are a good measure of risk appetite and have helped lead this market. As a matter of fact IWM has been through its 150 day MA on the weekly chart for 5 weeks, but now it is rolling over and is testing its 20 day MA on the downside. I will be watching to see if the small caps are going to continue to lead the market lower or if we get a bounce off of this level.
ISM and construction spending at 10:00, nat gas #’s at 10:30 and then the big employment # on Friday morning when we will be home. Take it easy tomorrow and don’t press.
I have a handful of ideas for tomorrow but I doubt it will be good day so be very picky.
anf 46 long
foe 9 long
gmcr 98.5 long
gs 169.9 long
wlt 94 long
jag 9 short
wcrx 24.7 reversal/support buy on 150 day MA
Wednesday, March 31, 2010
Tuesday, March 30, 2010
It was a decent day for breakouts in the morning before the market quieted down and went into holiday mode. Volume in the SPY was well below average and will probably remain this way for the rest of the week. So don’t press.
I am continuing to watch the 150 day MA on the SPY weekly chart (117.61) like last Thursday we broke through that level early this morning and then rolled over unable to hold onto the gains. I will be keeping an eye on this level to see if it continues to provide a lid to the market.
Tomorrow morning we have the ADP employment report, Chicago PMI, Factory orders and the petroleum numbers all before 10:30 but I don’t think any of these will be market moving events. There are a lot of eyes on Friday’s job’s number but we are closed Friday so enjoy and worry about that on Monday.
As I wrote earlier this a holiday week and it is trading accordingly so trade accordingly and use the breakout levels as possible targets or a place to fade the move on a failed breakout/down.
aem 54 short
jag 9 short
mon 70 short
ntes 36 short
aem 54 short
fnsr 16 long
foe 9 long
oxy 85 long
pxd 55 long
adsk 30 long
gww 110 long
bmc 36.93 support/reversal buy on 200 day
wcrx 24.67 support/reversal buy on 150 day
I am continuing to watch the 150 day MA on the SPY weekly chart (117.61) like last Thursday we broke through that level early this morning and then rolled over unable to hold onto the gains. I will be keeping an eye on this level to see if it continues to provide a lid to the market.
Tomorrow morning we have the ADP employment report, Chicago PMI, Factory orders and the petroleum numbers all before 10:30 but I don’t think any of these will be market moving events. There are a lot of eyes on Friday’s job’s number but we are closed Friday so enjoy and worry about that on Monday.
As I wrote earlier this a holiday week and it is trading accordingly so trade accordingly and use the breakout levels as possible targets or a place to fade the move on a failed breakout/down.
aem 54 short
jag 9 short
mon 70 short
ntes 36 short
aem 54 short
fnsr 16 long
foe 9 long
oxy 85 long
pxd 55 long
adsk 30 long
gww 110 long
bmc 36.93 support/reversal buy on 200 day
wcrx 24.67 support/reversal buy on 150 day
Monday, March 29, 2010
It was a quite lackluster day with light volume to go along with it. The SPY traded in a tight .84 range. A weaker dollar lead to buying in the commodity names and the bond market continues to be under pressure.
We are still pinned between the 20 day MA (115.47) and the recent highs (118.10) until that changes I expect more of this kind of action. Case-Shiller HPI tomorrow before the open and consumer confidence at 10:00, I doubt these will be market moving.
I often stress the importance of the major moving averages (20, 50,150,200). They can be excellent places to buy on a pull back or make sales. Two outstanding examples of this happened today. GS came vertically into the 20 day MA today on light volume and no news. He bounced right off of it and closed at the high of the day. The other was in GLD. GLD traded in a very tight range today pinned between the 20 and 50 day MA’s reversing at both of them. The MA’s are important and you should know where they especially in on quiet days like today.
I have included breakouts both long and short and one reversal/pullback.
adsk 30 long
vmw 55 long
wlt 94 long
vale 32 long
ma 252 long
sohu 56 long
amzn 137 long
nue 46.5 long
fnsr 16 long
foe 9 long
gww 110 long
nflx 75 long
sid 40 long
rht 27.9 reversal pullback buy on 200 day MA
mon 70 short
ntes 36 short
aem 54 short
We are still pinned between the 20 day MA (115.47) and the recent highs (118.10) until that changes I expect more of this kind of action. Case-Shiller HPI tomorrow before the open and consumer confidence at 10:00, I doubt these will be market moving.
I often stress the importance of the major moving averages (20, 50,150,200). They can be excellent places to buy on a pull back or make sales. Two outstanding examples of this happened today. GS came vertically into the 20 day MA today on light volume and no news. He bounced right off of it and closed at the high of the day. The other was in GLD. GLD traded in a very tight range today pinned between the 20 and 50 day MA’s reversing at both of them. The MA’s are important and you should know where they especially in on quiet days like today.
I have included breakouts both long and short and one reversal/pullback.
adsk 30 long
vmw 55 long
wlt 94 long
vale 32 long
ma 252 long
sohu 56 long
amzn 137 long
nue 46.5 long
fnsr 16 long
foe 9 long
gww 110 long
nflx 75 long
sid 40 long
rht 27.9 reversal pullback buy on 200 day MA
mon 70 short
ntes 36 short
aem 54 short
Sunday, March 28, 2010
Considering the selloff Thursday I thought the market held up well Friday especially in light of the situation in Korea. The dollar was weaker and that lead to some buying in commodities. Copper (JJC), basic materials (UYM) and silver (SLV) were among the stronger sectors. Regional banks (KRE) brokers (IAI) and healthcare (XLV) were among the weakest.
The SPY is still pinned between the 2010 high (118.10) put in Thursday and the 20 day MA (115.20) I expect choppy action until that gets resolved. My best guess is that we are going to consolidate below the highs for a couple of sessions the 20 day MA will catch up to us and then we will probably move higher. Stay tuned.
The dollar and bond auctions really moved the market last week so they will continue to be on my radar screen this week. There is a 3 month and 6 month bill auction tomorrow at 11:30 let’s keep an eye on them.
I have included some breakout/down and a few reversal/support buys. The choppy action I expect lends itself to buying pullbacks and fading breakouts/downs so keep that in mind. And as always never catch a falling knife and use reasonable stops.
adsk 30 long
amx 50 long
vmw 55 long
wlt 94 long
amzn 137 long
mon 70 short
ntes 36 short
do 83 short
nfx 46.66 reversal/support buy on 150 day MA
rax 17.39 reversal/support buy on 200 day MA
rht 27.86 reversal/support buy on 150 day MA
oih 115.24 reversal/support buy on 200 day MA
The SPY is still pinned between the 2010 high (118.10) put in Thursday and the 20 day MA (115.20) I expect choppy action until that gets resolved. My best guess is that we are going to consolidate below the highs for a couple of sessions the 20 day MA will catch up to us and then we will probably move higher. Stay tuned.
The dollar and bond auctions really moved the market last week so they will continue to be on my radar screen this week. There is a 3 month and 6 month bill auction tomorrow at 11:30 let’s keep an eye on them.
I have included some breakout/down and a few reversal/support buys. The choppy action I expect lends itself to buying pullbacks and fading breakouts/downs so keep that in mind. And as always never catch a falling knife and use reasonable stops.
adsk 30 long
amx 50 long
vmw 55 long
wlt 94 long
amzn 137 long
mon 70 short
ntes 36 short
do 83 short
nfx 46.66 reversal/support buy on 150 day MA
rax 17.39 reversal/support buy on 200 day MA
rht 27.86 reversal/support buy on 150 day MA
oih 115.24 reversal/support buy on 200 day MA
Thursday, March 25, 2010
Well that was as ugly a close as I can remember in a while. It took a while to unfold but the bad bond auction took TLT down through the 89 level, it still appears to be significant. The question is will it have further implications for the market or was this just a little late afternoon selloff?
Small caps (IWM), mid caps (MDY), NASDAQ, (QQQQ), the S&P (SPY), real estate (IRE) and transports (IYT) show no real technical damage and are still above their 20 day MA’s. In fact retail (RTH) financials (XLF) and consumer discretionary (XLY) were up on the day.
The same cannot be said about the commodity complex however. Energy (XLE, KOL, DIG, USO, OIH) and gold (GLD, GDX) are showing some real signs of weakness. The strength in the dollar is putting tremendous pressure on them and we have to see if this spreads to the broader market.
In June of 2009 when TLT broke the 89 level it went as low as 87.56 before rebounding. I will be closely monitoring that level if we get there. I will want to see what a real sell off in the bond market does to equities.
Not sure what to expect tomorrow. We have GDP at 8:30 and then consumer sentiment at 9:55. Unless GDP is a complete disaster, which I do not expect, I don’t expect either of these numbers to impact the market. Instead I will be watching the dollar to see if it can give us any direction in the commodity names.
I am including breakout longs/shorts and support/reversal buys. Considering the pickup in volatility and the sector selloff in commodities be extra careful. If you see name after name in a sector breakdown through moving averages or support levels don’t stand in there and try buying the pull backs. In the reverse if you start to see breakdowns or breakout happen and then fail be more cautious and maybe look to fade the next one. As always know your levels and keep reasonable stops.
rig 80 short
drq 59.2 short
dvn 62.6 short
mon 70 short
ntes 36 short
swn 38 short
vrsn 26 short
vrtx 41.5 short
gld 105.88 reversal/support buy on 150 day MA
nem 47.97 reversal/support buy on 50 day MA
aa 13.75 reversal/support buy on 50 day MA
agu 69.19 reversal/support buy on 20 day MA
bg 63.27/62.91 reversal/support buy on 150/200 day MA
bhi 43.59 reversal/support buy on 150 day MA
nfx 46.61 reversal/support buy on 150 day MA
oih 115.21 reversal/support buy on 200 day MA
adsk 30 long
vmw 55 long
wlt 94 long
Small caps (IWM), mid caps (MDY), NASDAQ, (QQQQ), the S&P (SPY), real estate (IRE) and transports (IYT) show no real technical damage and are still above their 20 day MA’s. In fact retail (RTH) financials (XLF) and consumer discretionary (XLY) were up on the day.
The same cannot be said about the commodity complex however. Energy (XLE, KOL, DIG, USO, OIH) and gold (GLD, GDX) are showing some real signs of weakness. The strength in the dollar is putting tremendous pressure on them and we have to see if this spreads to the broader market.
In June of 2009 when TLT broke the 89 level it went as low as 87.56 before rebounding. I will be closely monitoring that level if we get there. I will want to see what a real sell off in the bond market does to equities.
Not sure what to expect tomorrow. We have GDP at 8:30 and then consumer sentiment at 9:55. Unless GDP is a complete disaster, which I do not expect, I don’t expect either of these numbers to impact the market. Instead I will be watching the dollar to see if it can give us any direction in the commodity names.
I am including breakout longs/shorts and support/reversal buys. Considering the pickup in volatility and the sector selloff in commodities be extra careful. If you see name after name in a sector breakdown through moving averages or support levels don’t stand in there and try buying the pull backs. In the reverse if you start to see breakdowns or breakout happen and then fail be more cautious and maybe look to fade the next one. As always know your levels and keep reasonable stops.
rig 80 short
drq 59.2 short
dvn 62.6 short
mon 70 short
ntes 36 short
swn 38 short
vrsn 26 short
vrtx 41.5 short
gld 105.88 reversal/support buy on 150 day MA
nem 47.97 reversal/support buy on 50 day MA
aa 13.75 reversal/support buy on 50 day MA
agu 69.19 reversal/support buy on 20 day MA
bg 63.27/62.91 reversal/support buy on 150/200 day MA
bhi 43.59 reversal/support buy on 150 day MA
nfx 46.61 reversal/support buy on 150 day MA
oih 115.21 reversal/support buy on 200 day MA
adsk 30 long
vmw 55 long
wlt 94 long
Wednesday, March 24, 2010
Today was not so much a down day so much as it was an inside day consolidating our recent gains, under the highs (117.51) and above the day 20 day MA (114.61). For the most part it was a choppy day on below average volume.
The real action however was in bonds, currencies and the volatility index. There were huge in moves in the dollar index, bonds and volatility index which could have implications on equities in the days to come.
Fitch downgraded Portugal’s credit rating last night, that coupled with a poorly received bond auction conspired to give us a big selloff in the US Treasury bond market. TLT closed the day at 89.27 down almost 2% on massive volume.
Readers of this blog may remember my observations about the 89 level in TLT. In June of 2009 TLT broke the 89 level snapped right back and was quickly followed by a roughly 10% selloff in the SPY.
Again on January 11th of this year TLT broke 89 snapped right back and again was quickly followed by an almost 10% selloff in the SPY.
On February 18th however TLT broke 89 and we did not get the hard selloff in the market. Clearly this is not a perfect indicator and in fact maybe a coincidence, but given the ferocity in the selloff in the bonds today, the rally in the dollar and the levels that the market is at, this is clearly worth watching.
I may be making more of this move in the bond market than is necessary, financials (XLF, JPM, and BAC) and tech (XLK, AAPL, and HPQ) look good. But some of the commodities especially the precious metals (GLD, SLV & GDX) look vulnerable. It seems as if macro traders are anticipating some Fed tightening before inflation starts.
With that said I don’t really have any good short candidates for tomorrow. In fact I have mostly break out longs, support/reversal buys and 1 short. Remember the rules on buying pullbacks and use reasonable stops.
anf 45 long
intu 35 long
mtl 27.5 long
avp 33 long
jcg 46 long
vale 32 long
omg 35.5 long
wfsl 20.5 long
rig 80 short
atw 33.15 reversal/support buy on 200 day MA
cnq 69 reversal/support buy on 50 day MA
slb 61.12 reversal/support buy on 200 day MA
gld 105.88 reversal/support buy on 150 day MA
The real action however was in bonds, currencies and the volatility index. There were huge in moves in the dollar index, bonds and volatility index which could have implications on equities in the days to come.
Fitch downgraded Portugal’s credit rating last night, that coupled with a poorly received bond auction conspired to give us a big selloff in the US Treasury bond market. TLT closed the day at 89.27 down almost 2% on massive volume.
Readers of this blog may remember my observations about the 89 level in TLT. In June of 2009 TLT broke the 89 level snapped right back and was quickly followed by a roughly 10% selloff in the SPY.
Again on January 11th of this year TLT broke 89 snapped right back and again was quickly followed by an almost 10% selloff in the SPY.
On February 18th however TLT broke 89 and we did not get the hard selloff in the market. Clearly this is not a perfect indicator and in fact maybe a coincidence, but given the ferocity in the selloff in the bonds today, the rally in the dollar and the levels that the market is at, this is clearly worth watching.
I may be making more of this move in the bond market than is necessary, financials (XLF, JPM, and BAC) and tech (XLK, AAPL, and HPQ) look good. But some of the commodities especially the precious metals (GLD, SLV & GDX) look vulnerable. It seems as if macro traders are anticipating some Fed tightening before inflation starts.
With that said I don’t really have any good short candidates for tomorrow. In fact I have mostly break out longs, support/reversal buys and 1 short. Remember the rules on buying pullbacks and use reasonable stops.
anf 45 long
intu 35 long
mtl 27.5 long
avp 33 long
jcg 46 long
vale 32 long
omg 35.5 long
wfsl 20.5 long
rig 80 short
atw 33.15 reversal/support buy on 200 day MA
cnq 69 reversal/support buy on 50 day MA
slb 61.12 reversal/support buy on 200 day MA
gld 105.88 reversal/support buy on 150 day MA
Tuesday, March 23, 2010
I my previous post I wrote a little bit about the 150 day MA on the SPY weekly chart and the bigger picture. In doing some of my research I ran across an outstanding post about the Vixx index from Corey Rosenbloom at Afraid to trade.com. It is a longer term look at the Vixx levels and where we are now. If you have an interest in a more macro view of the markets I highly recommend this post.
The march continues. Once again commodities including materials (UYM), steel (SLX) and coals (KOL) were the leading sectors helping to carry the market to a fractionally new 2010 high. AAPL put in a new all time high today and continues to be one of the leaders in this market have it on your trading platform at all times. It was not all beer and skittles however; GS and GOOG were both down on the day and may be trying to tell us that the market needs a rest. We have had a tremendous run Feb 5th low, I count only 7 red candles in the SPY since then. I’m not sure that tomorrows durable goods or new home sales #’s are enough to slow us down but a pause wouldn’t hurt.
In a the bigger picture the SPY is coming up in to the 150 day MA on the weekly chart (117.85) this may also lend some resistance so I will be watching that level closely.
Again I have some breakout longs, support/reversal buys and even a few short ideas. Just remember that when you are looking to trade the breakout/breakdown ideally you want a buy or sell near a nice base and then a move through the level on a burst of volume. On a reversal you want to stock to come into the level vertically on light volume pierce it and then snap back through, buy on the way up and use the bottom of the candle as a stop. DON’T CATCH A FALLING KNIFE, nothing news related and no heavy volume sector wide selloffs.
anf 45 long
mfe 42 long
gdx 47 long
intu 35 long
mtl 27.5 long
avp 33 long
foe 9ish long
hog 29 long
jcg 46 long
osk 42 long
rig 80 short
dbc 23 short
mur 53.5 reversal buy on 50 day
nfx 46.47 reversal buy on 150 day
In a the bigger picture the SPY is coming up in to the 150 day MA on the weekly chart (117.85) this may also lend some resistance so I will be watching that level closely.
Again I have some breakout longs, support/reversal buys and even a few short ideas. Just remember that when you are looking to trade the breakout/breakdown ideally you want a buy or sell near a nice base and then a move through the level on a burst of volume. On a reversal you want to stock to come into the level vertically on light volume pierce it and then snap back through, buy on the way up and use the bottom of the candle as a stop. DON’T CATCH A FALLING KNIFE, nothing news related and no heavy volume sector wide selloffs.
anf 45 long
mfe 42 long
gdx 47 long
intu 35 long
mtl 27.5 long
avp 33 long
foe 9ish long
hog 29 long
jcg 46 long
osk 42 long
rig 80 short
dbc 23 short
mur 53.5 reversal buy on 50 day
nfx 46.47 reversal buy on 150 day
Monday, March 22, 2010
This market continues to be very bullish. Every dip to a moving average or a support zone is being bought and the SPY is just under the 2010 high. Let’s be cautious.
The AAPL 220 level proved to be a terrific tell for the market today. The stock dove briefly on the open, that level was bought aggressively and it never even came close to seeing those prices for the rest of the day. It was a great sign that pullbacks to important levels could be bought. Go through your charts and see how many stocks bounced off of a moving average. Keep that AAPL 220 level on your platform for now, it is important.
Existing home sales at 10:00 am is the only real important piece of economic data out tomorrow, but it probably won’t have much of an impact on the broader market. I will be watching the dollar index as a tell for the direction of the market especially the commodities.
I have been having some success buying reversals back up through moving averages and with breakouts as long as the stock is not extended intraday. So I am going to keep trying that until it stops working.
The following ideas maybe actionable tomorrow, just remember that when you are buying pullbacks wait for the level to be broken in a vertical fashion on light volume and then buy going back up through the alert level, never try and catch a falling knife. Use the bottom of that candle as your stop.
breakout
cat 60.5 long
jbl 18 long
mfe 42 long
sohu 56 long
anf 45 long
intu 35 long
gld 105.67 reversal buy on 150 day
apa 98.44 reversal buy on 150 day
apc 67.77 reversal buy on 50 day
atw 33.07 reversal buy on 200 day
cnq 69.05 reversal buy on 50 day
eog 88.73 reversal buy on 150 day
gdx 44.05 reversal buy on 200 day
hoc 26.48 reversal buy on 150 day
xec 56.5 reversal buy on 50 day
The AAPL 220 level proved to be a terrific tell for the market today. The stock dove briefly on the open, that level was bought aggressively and it never even came close to seeing those prices for the rest of the day. It was a great sign that pullbacks to important levels could be bought. Go through your charts and see how many stocks bounced off of a moving average. Keep that AAPL 220 level on your platform for now, it is important.
Existing home sales at 10:00 am is the only real important piece of economic data out tomorrow, but it probably won’t have much of an impact on the broader market. I will be watching the dollar index as a tell for the direction of the market especially the commodities.
I have been having some success buying reversals back up through moving averages and with breakouts as long as the stock is not extended intraday. So I am going to keep trying that until it stops working.
The following ideas maybe actionable tomorrow, just remember that when you are buying pullbacks wait for the level to be broken in a vertical fashion on light volume and then buy going back up through the alert level, never try and catch a falling knife. Use the bottom of that candle as your stop.
breakout
cat 60.5 long
jbl 18 long
mfe 42 long
sohu 56 long
anf 45 long
intu 35 long
gld 105.67 reversal buy on 150 day
apa 98.44 reversal buy on 150 day
apc 67.77 reversal buy on 50 day
atw 33.07 reversal buy on 200 day
cnq 69.05 reversal buy on 50 day
eog 88.73 reversal buy on 150 day
gdx 44.05 reversal buy on 200 day
hoc 26.48 reversal buy on 150 day
xec 56.5 reversal buy on 50 day
Sunday, March 21, 2010
Friday was the first decent down day we have had in the market in well over a month. The dollar was strong and it caused some pain in the commodity space. Oil, materials and metals all underperformed.
I’m not sure if the SPY has put in a short term top and will roll over testing the 20 day MA (113.65) or if we are going to consolidate here below the highs for a few sessions and then push higher. Commodities say we are going lower but the financials and GS in particular are holding up just fine.
One of the tells I will be using to test the resiliency of the market is AAPL 220. When AAPL broke out through 220 back on March 9th it was on big volume and very convincing. This level has already been tested once (3/15) and the second test could tell us how much conviction the bulls have in this rally. This level is going to be on a lot of screens so keep an eye on it if we get there.
For tomorrow I have 5 breakout long ideas and 2 breakdown short ideas and 4 reversal/support ideas, more on those later. To be honest with you I am not expecting a lot of explosive action in the market tomorrow so treat the breakout/down levels as targets or as a place to fade the move after a false breakout/down.
I have found that buying on pull backs to important moving averages has been having some success and I have a few ideas that fit that profile. Remember that when buying a pullback you want a light volume vertical move to the MA. You do not want anything news driven or a heavy volume sector wide selloff. You want an over anxious sloppy seller chasing price coming vertical into a moving average. Ideally the level will be broken the seller is exhausted and the stock snaps right back up through your alert level. Then you have buyers on your side and a built in stop level at the bottom of that candle. But I caution you to only buy them after the level has been broken and it is trading back above the price. DO NOT TRY AND CATCH A FALLING KNIFE!!!! Also I only try this the first time around every time a level is tested the weaker it gets.
cat 60.5 long
de 60 long
dgx 58 long
jbl 18 long
gild 48 long
cmi 58 short
spwra 18.5 short
apa 98.35 reversal buy on 150 day
apc 67.7 reversal buy on 50 day
atw 33.04 reversal buy on 200 day
cnx 44.4 reversal buy on 200 day
I’m not sure if the SPY has put in a short term top and will roll over testing the 20 day MA (113.65) or if we are going to consolidate here below the highs for a few sessions and then push higher. Commodities say we are going lower but the financials and GS in particular are holding up just fine.
One of the tells I will be using to test the resiliency of the market is AAPL 220. When AAPL broke out through 220 back on March 9th it was on big volume and very convincing. This level has already been tested once (3/15) and the second test could tell us how much conviction the bulls have in this rally. This level is going to be on a lot of screens so keep an eye on it if we get there.
For tomorrow I have 5 breakout long ideas and 2 breakdown short ideas and 4 reversal/support ideas, more on those later. To be honest with you I am not expecting a lot of explosive action in the market tomorrow so treat the breakout/down levels as targets or as a place to fade the move after a false breakout/down.
I have found that buying on pull backs to important moving averages has been having some success and I have a few ideas that fit that profile. Remember that when buying a pullback you want a light volume vertical move to the MA. You do not want anything news driven or a heavy volume sector wide selloff. You want an over anxious sloppy seller chasing price coming vertical into a moving average. Ideally the level will be broken the seller is exhausted and the stock snaps right back up through your alert level. Then you have buyers on your side and a built in stop level at the bottom of that candle. But I caution you to only buy them after the level has been broken and it is trading back above the price. DO NOT TRY AND CATCH A FALLING KNIFE!!!! Also I only try this the first time around every time a level is tested the weaker it gets.
cat 60.5 long
de 60 long
dgx 58 long
jbl 18 long
gild 48 long
cmi 58 short
spwra 18.5 short
apa 98.35 reversal buy on 150 day
apc 67.7 reversal buy on 50 day
atw 33.04 reversal buy on 200 day
cnx 44.4 reversal buy on 200 day
Thursday, March 18, 2010
Sorry I haven’t posted much this week I have had some personal issues to deal with and time was short, nothing serious just normal stuff. True be told though I didn’t really have much to say. We just continue to melt up on moderate volume and in tight ranges. The range yesterday in the SPY was .77 and today it was .70.
Market rumors of a discount rate hike in the US put a bid in the dollar today and that helped to weigh heavily on the commodity sector today. OIH, DIG, UYM and XME were among the weakest ETF;s on my platform today. Transports (thanks FDX) XLV and UUP were among the strongest.
Watch out for things like this as the market gets more extended and nervous traders try to get things to go their way.
Tomorrow is quadruple witch and I traditionally do very little trading on this day because there is usually too many programs and to little edge.
I have a few ideas for tomorrow they are all breakout longs except for one short. Considering how extended and sloppy this market is these alert levels could easily be used as targets or as a place fade the move on a failed breakout. However I would encourage you to be more picky than usual tomorrow. The volume can be deceiving because of the options expiration.
alb 43 long
cat 60.5 long
de 60 long
dgx 58 long
jbl 18 long
mfe 42 long
fls 108 long
ntrs 56 long
trw 28 long
vrsn 27.07 long
gdx 47 long
swn 40.5 short
Market rumors of a discount rate hike in the US put a bid in the dollar today and that helped to weigh heavily on the commodity sector today. OIH, DIG, UYM and XME were among the weakest ETF;s on my platform today. Transports (thanks FDX) XLV and UUP were among the strongest.
Watch out for things like this as the market gets more extended and nervous traders try to get things to go their way.
Tomorrow is quadruple witch and I traditionally do very little trading on this day because there is usually too many programs and to little edge.
I have a few ideas for tomorrow they are all breakout longs except for one short. Considering how extended and sloppy this market is these alert levels could easily be used as targets or as a place fade the move on a failed breakout. However I would encourage you to be more picky than usual tomorrow. The volume can be deceiving because of the options expiration.
alb 43 long
cat 60.5 long
de 60 long
dgx 58 long
jbl 18 long
mfe 42 long
fls 108 long
ntrs 56 long
trw 28 long
vrsn 27.07 long
gdx 47 long
swn 40.5 short
Tuesday, March 16, 2010
I didn’t post on Sunday and Monday because of some technology and personal issues I had to deal with but ahead of the Fed meeting I didn’t really think there was much to say anyway. Now with it behind us hopefully we can get some more volume and action back on this market. The rest of the week brings PPI, CPI, jobless claims, leading indicators and the philly fed survey all before quadruple witching Friday. So hopefully something in there will help.
I just read that we set a new record; the SPY is up 13 days in a row. But it hasn’t been a good tape for breakout trading. Things have been a little sloppy and the volumes have been light. The market still looks pretty good to me but some consolidation would probably do us a world of good.
All of my alerts tonight are longs but again I am going to be very picky with them due to the extended nature of this market. These spots may end being good targets or a place to fade the move after a failed breakout.
arp 8
ato 29
au 38.5
gymb 52
jbl 17.75/18
oii 65
tii 19
vrsn 27
vrtx 44
oih 128
xhb 17
I just read that we set a new record; the SPY is up 13 days in a row. But it hasn’t been a good tape for breakout trading. Things have been a little sloppy and the volumes have been light. The market still looks pretty good to me but some consolidation would probably do us a world of good.
All of my alerts tonight are longs but again I am going to be very picky with them due to the extended nature of this market. These spots may end being good targets or a place to fade the move after a failed breakout.
arp 8
ato 29
au 38.5
gymb 52
jbl 17.75/18
oii 65
tii 19
vrsn 27
vrtx 44
oih 128
xhb 17
Thursday, March 11, 2010
The theme remained the same today, plenty of choppy back and forth action. SPY tested the 20 day EMA on the 60 minute chart couldn’t breakdown and then rallied to marginal new high on light volume.
The action for the most part continues to be bullish but breakout trading is not working well right now. Buying pull backs on important MA’s and previous break out levels is working better. This will likely remain the case until we have a catalyst to really breakout of the range on some volume. We may have to wait for next week’s Fed announcement or some of the inflation data to get us really moving.
I continue to watch the dollar index closely and it managed to close below the 20 day MA again. This could be a tell that we are headed for a move higher. The range has been pretty tight 81/80 and a close below 80 could give the market the shot in the arm it needs.
Even with all this chop I still have break out alerts tonight and again I am being very selective with them. I really want to see good volume and a nice smooth base before I enter trades. Failed breakouts on light volume and no news could be used as a place to flip and fade the move but short selling has been a tough game in this tape. As always use reasonable stops.
cern 85
genz 58
infy 60
wfsl 20
apa 107.5
nue 45.5
agu 69/66
wfsl 20
cog 42
agu 69/66
ctsh 51.31
pot 120
isrg 360
nfx 55
teva 61.8
trw 28
The action for the most part continues to be bullish but breakout trading is not working well right now. Buying pull backs on important MA’s and previous break out levels is working better. This will likely remain the case until we have a catalyst to really breakout of the range on some volume. We may have to wait for next week’s Fed announcement or some of the inflation data to get us really moving.
I continue to watch the dollar index closely and it managed to close below the 20 day MA again. This could be a tell that we are headed for a move higher. The range has been pretty tight 81/80 and a close below 80 could give the market the shot in the arm it needs.
Even with all this chop I still have break out alerts tonight and again I am being very selective with them. I really want to see good volume and a nice smooth base before I enter trades. Failed breakouts on light volume and no news could be used as a place to flip and fade the move but short selling has been a tough game in this tape. As always use reasonable stops.
cern 85
genz 58
infy 60
wfsl 20
apa 107.5
nue 45.5
agu 69/66
wfsl 20
cog 42
agu 69/66
ctsh 51.31
pot 120
isrg 360
nfx 55
teva 61.8
trw 28
Wednesday, March 10, 2010
Coming into today I expected a choppy range bound day and that is exactly what we got, a minor new high a stab at the lows and a return to the range. I read the following on twitter which may explain why we had such a nice bounce “HCPG RT @dinosaurtrader: the 60 ema and uptrend line since late Feb right around 114.40 an interesting spot. <-- Very nice daytrade call $$” Low of the day in the SPY was 114.41, nice daytrade call indeed.
My BAC 17 call worked pretty well as did the PXD 50 alert. But AAPL 225 was a disappointment. The volume in AAPL today and in this extended tape it did not have what it took to take AAPL to another level. This is just another reason why I continue to be cautious until there is a catalyst to really push this market higher.
Again I have a small alert list that consists of break out longs and again I do not love them. The following may be actionable tomorrow but be cautious and look for good volume, a nice base, relative strength and use reasonable stops.
cat 60 long
ccj 28 long
cern 85 long
csx 50 long
genz 58 long
infy 60 long
life 52.5 long
mtb 80 long
wfsl 20 long
My BAC 17 call worked pretty well as did the PXD 50 alert. But AAPL 225 was a disappointment. The volume in AAPL today and in this extended tape it did not have what it took to take AAPL to another level. This is just another reason why I continue to be cautious until there is a catalyst to really push this market higher.
Again I have a small alert list that consists of break out longs and again I do not love them. The following may be actionable tomorrow but be cautious and look for good volume, a nice base, relative strength and use reasonable stops.
cat 60 long
ccj 28 long
cern 85 long
csx 50 long
genz 58 long
infy 60 long
life 52.5 long
mtb 80 long
wfsl 20 long
Tuesday, March 9, 2010
AAPL broke out to a new all time high today and GS tried to break above the 150 day MA and a range going back nearly two months. AAPL held up but GS didn’t and ultimately the market rally fizzled as well.
I am not calling a top or sounding any alarm bells but going forward I will be using more caution in my break out ideas because we’re coming into pretty tough resistance (SPY 115ish) and at least in the short term don’t have any good catalyst to get us through.
ORCL (25) HGSI (32)ILMN(39) SANM(17.75)CLX(62)CMI(61)INFY(60)TRV(54)URE(7.5)all triggered or were right at the number today and failed. In a more bullish tape at least some of these would have worked.
The charts are pretty extended right now and due to the number of failed break outs I don’t have as many ideas tonight. I have two lists tonight the first is trading ideas. All longs tonight and again I am not loving them. In this environment we may want to use them as targets or as a place to fade the move on a failed break out. As always look for some entries relative strength and good volume if you are trading the as break outs.
aapl 225 long
bac 17 long
csx 50 long
gymb 46 long
infy 60 long
nite 17 long
pxd 50 long
The second list is market tells that I will be using to see if we breaking out to the upside or if we are starting to roll over. Two numbers is just a short term range that I am watching and one number is a break out. My best guess is that we are going to be range bound for a few days, stuck between the 09 highs (115.15ish) and 1113ish on the SPY, until we get some reason to break the range. That may not come until next Tuesdays Fed announcement.
$index 81/80.44
spy 115/113.50
tbt 49/48.31
aapl 225/220
gs 172/168
gdx 47/45.06
rsp 41.75
tlt 90/89
qqqq 47.05
I am not calling a top or sounding any alarm bells but going forward I will be using more caution in my break out ideas because we’re coming into pretty tough resistance (SPY 115ish) and at least in the short term don’t have any good catalyst to get us through.
ORCL (25) HGSI (32)ILMN(39) SANM(17.75)CLX(62)CMI(61)INFY(60)TRV(54)URE(7.5)all triggered or were right at the number today and failed. In a more bullish tape at least some of these would have worked.
The charts are pretty extended right now and due to the number of failed break outs I don’t have as many ideas tonight. I have two lists tonight the first is trading ideas. All longs tonight and again I am not loving them. In this environment we may want to use them as targets or as a place to fade the move on a failed break out. As always look for some entries relative strength and good volume if you are trading the as break outs.
aapl 225 long
bac 17 long
csx 50 long
gymb 46 long
infy 60 long
nite 17 long
pxd 50 long
The second list is market tells that I will be using to see if we breaking out to the upside or if we are starting to roll over. Two numbers is just a short term range that I am watching and one number is a break out. My best guess is that we are going to be range bound for a few days, stuck between the 09 highs (115.15ish) and 1113ish on the SPY, until we get some reason to break the range. That may not come until next Tuesdays Fed announcement.
$index 81/80.44
spy 115/113.50
tbt 49/48.31
aapl 225/220
gs 172/168
gdx 47/45.06
rsp 41.75
tlt 90/89
qqqq 47.05
Monday, March 8, 2010
The SPY traded in a very tight .45 range today. Home builders (XHB), Real Estate (URE) and brokers (IAI) were strong with the gold miners (GDX) semis (SMH) and metals & mining (XME) trailing.
The economic calendar is light this week and the market is coming up into the 2009 highs which is pretty major resistance at this point. Not to mention that there is a FOMC announcement and quadruple witching next week so be prepared for some quiet choppy action the next few days.
I have some breakout ideas for tomorrow but like this time last week I am not loving them. The market looks a little extended here and there is no catalyst to really break things out. The following levels are important and maybe good for target trades or as a place to fade the move after a failed breakout. As always look for good volume and relative strength if you are trading the breakout and use reasonable stops.
pcx 22 long
cat 60 long
genz 58 long
orcl 25 long
cern 85 long
hgsi 32 long
ilmn 39 long
sanm 17.75 long
trw 28 long
clx 62 long
mdr 26 long
cmi 61 long
cog 42 long
infy 60 long
trv 54 long
ure 7.5 long
snda 38 short
swm 42.39 short
The economic calendar is light this week and the market is coming up into the 2009 highs which is pretty major resistance at this point. Not to mention that there is a FOMC announcement and quadruple witching next week so be prepared for some quiet choppy action the next few days.
I have some breakout ideas for tomorrow but like this time last week I am not loving them. The market looks a little extended here and there is no catalyst to really break things out. The following levels are important and maybe good for target trades or as a place to fade the move after a failed breakout. As always look for good volume and relative strength if you are trading the breakout and use reasonable stops.
pcx 22 long
cat 60 long
genz 58 long
orcl 25 long
cern 85 long
hgsi 32 long
ilmn 39 long
sanm 17.75 long
trw 28 long
clx 62 long
mdr 26 long
cmi 61 long
cog 42 long
infy 60 long
trv 54 long
ure 7.5 long
snda 38 short
swm 42.39 short
Sunday, March 7, 2010
Friday was good day and it was a good week overall for my style of breakout trading. I guess the old saw that “everyone is smart in a bull market” is true. Let’s see what next week brings.
We have broken out of the SPY 112/113 range and I gotta belive the 2009 highs are the next stop. (SPY 115.14, QQQQ 46.64) The small caps (IWM) and mid caps (MDY) are already through the 09 highs.
The economic calendar is light next week and after such a nice move Friday a breather wouldn’t be out of the question. So don’t get chopped up Monday.
The only other thing I will add is the dollar. The dollar index has had relative strength since Thanksgiving and looks to be rolling below the 20 day MA for the first time since early January when the market was at its recent highs. This definitely merits attention and will be on my radar screen at all times. Since the meltdown dollar weakness has equaled strength in equities and we need to see if that correlation holds up. The levels I will be watching in the dollar index are 81 (above) 80.37 (20 day MA just below) and 79.01 (50 day MA).
I have some ideas that could be actionable early next week but like I said we could easily have a low volume chopfest early in the week so be selective. Look for good volume and relative strength/weakness. The following alerts are all longs except for two shorts that I have included for the sake of diversity. We have a pretty bullish tape right now and those short alerts levels could be a spot to fade the move on light volume and no news. As always use reasonable stops look for good volume and relative action.
orcl 25 long
nmm 16.05 long
sbux 23.5 long
adsk 29 long
podd 15.5 long
aa 14 long
cern 85 long
hgsi 32 long
ilmn 39 long
infy 59.6 long
nsc 53.15 long
rdc 28 long
sanm 17.75 long
trw 28 long
snda 38 short
swm 43.65 short
We have broken out of the SPY 112/113 range and I gotta belive the 2009 highs are the next stop. (SPY 115.14, QQQQ 46.64) The small caps (IWM) and mid caps (MDY) are already through the 09 highs.
The economic calendar is light next week and after such a nice move Friday a breather wouldn’t be out of the question. So don’t get chopped up Monday.
The only other thing I will add is the dollar. The dollar index has had relative strength since Thanksgiving and looks to be rolling below the 20 day MA for the first time since early January when the market was at its recent highs. This definitely merits attention and will be on my radar screen at all times. Since the meltdown dollar weakness has equaled strength in equities and we need to see if that correlation holds up. The levels I will be watching in the dollar index are 81 (above) 80.37 (20 day MA just below) and 79.01 (50 day MA).
I have some ideas that could be actionable early next week but like I said we could easily have a low volume chopfest early in the week so be selective. Look for good volume and relative strength/weakness. The following alerts are all longs except for two shorts that I have included for the sake of diversity. We have a pretty bullish tape right now and those short alerts levels could be a spot to fade the move on light volume and no news. As always use reasonable stops look for good volume and relative action.
orcl 25 long
nmm 16.05 long
sbux 23.5 long
adsk 29 long
podd 15.5 long
aa 14 long
cern 85 long
hgsi 32 long
ilmn 39 long
infy 59.6 long
nsc 53.15 long
rdc 28 long
sanm 17.75 long
trw 28 long
snda 38 short
swm 43.65 short
Thursday, March 4, 2010
The SPY continues to consolidate in the $112/113 range; we have a shot to break the range tomorrow on the employment situation numbers at 8:30 stay tuned.
GS was the story today breaking out of a 5 week range and the 50 day MA before closing the day right at the 200 day MA all on better than average volume. Is he the canary in the coal mine that tells us where we are headed?
The dollar index rallied this afternoon closing above the 20 day MA (80.37) so we will have to monitor it tomorrow and see if this rally holds.
The TBT leg of the TBT/SPY trade is still above the weekly trend line but close to being stopped out. It keeps stopping at the 150 day MA and it is going to need a close above that to have a shot at working.
I have a number of alerts tonight most are long only one short. The employment number should set the tone for trading tomorrow so watch the 112/113 range in the SPY and see which way we are leaning. If there is weakness and then and then a recovery like today these levels may act as targets. Don’t enter the trades if the stock is extended away from a base and make sure the volume is good, and always use reasonable stops.
asia 28 long
clne 19 long
cnq 71 long
orcl 25 long
driv 28.15 long
nmm 16 long
mtl 25 long
tii 18.5 long
ure 7 long
clne 19 long
dov 46.5 long
rs 47 long
dow 30 long
gpn 42.5 short
GS was the story today breaking out of a 5 week range and the 50 day MA before closing the day right at the 200 day MA all on better than average volume. Is he the canary in the coal mine that tells us where we are headed?
The dollar index rallied this afternoon closing above the 20 day MA (80.37) so we will have to monitor it tomorrow and see if this rally holds.
The TBT leg of the TBT/SPY trade is still above the weekly trend line but close to being stopped out. It keeps stopping at the 150 day MA and it is going to need a close above that to have a shot at working.
I have a number of alerts tonight most are long only one short. The employment number should set the tone for trading tomorrow so watch the 112/113 range in the SPY and see which way we are leaning. If there is weakness and then and then a recovery like today these levels may act as targets. Don’t enter the trades if the stock is extended away from a base and make sure the volume is good, and always use reasonable stops.
asia 28 long
clne 19 long
cnq 71 long
orcl 25 long
driv 28.15 long
nmm 16 long
mtl 25 long
tii 18.5 long
ure 7 long
clne 19 long
dov 46.5 long
rs 47 long
dow 30 long
gpn 42.5 short
Wednesday, March 3, 2010
Today was much like yesterday, we had a rally in the morning which provided some action with last night’s alerts, and a selloff in the afternoon. SPW (62), anss(45), hig (26) and nmm (16) worked as target/resistance shorts while jec (40), slab(46.42) and cat(59) worked as breakouts.
Yesterday afternoons selloff got me thinking that we might be due for some consolidation and we got it. The SPY has traded in less than a $1 dollar range the last two days (112-112.97) and I think that is good. This rest is clearing up the charts and potentially setting up some nice breakouts.
As I was going through my charts tonight the dollar index really jumped out at me. It closed below the 20 day MA today for the first time since January 19th which essentially was the most recent high in the market. By January 21st the SPY was below the 20 day MA and on its way to a 9% pullback.
This certainly merits our attention and if the weak dollar/strong equity trade really comes back into vogue this could help lead us back up to those 2009 highs and beyond.
I will be watching the following levels in the dollar index 80.34 (20 day MA above) and 78.95 (50 day MA below).
I am expecting, almost hoping for a little more sideways action tomorrow. Again the alerts I have are mostly longs and I do not love them, this hasn’t been a great market for breakout/breakdowns. You may want to use these spots as targets on market/sector strength or as a level to fade the move on a reversal. As always use reasonable stops and know your levels.
orcl 25 long
genz 58 long
spw 62 long
rimm 72 long
anss 45 long
driv 28.15 long
hig 26 long
nmm 16 long
sbux 23.5 long
gmcr 90 long
anr 50 long
cnq 71 long
dvn 72 long
atpg 19 long
mtl 25 long
adsk 29 long
gww 105 long
podd 15.5 long
tii 18.5 long
ure 7 long
gpn 42.5 short
Yesterday afternoons selloff got me thinking that we might be due for some consolidation and we got it. The SPY has traded in less than a $1 dollar range the last two days (112-112.97) and I think that is good. This rest is clearing up the charts and potentially setting up some nice breakouts.
As I was going through my charts tonight the dollar index really jumped out at me. It closed below the 20 day MA today for the first time since January 19th which essentially was the most recent high in the market. By January 21st the SPY was below the 20 day MA and on its way to a 9% pullback.
This certainly merits our attention and if the weak dollar/strong equity trade really comes back into vogue this could help lead us back up to those 2009 highs and beyond.
I will be watching the following levels in the dollar index 80.34 (20 day MA above) and 78.95 (50 day MA below).
I am expecting, almost hoping for a little more sideways action tomorrow. Again the alerts I have are mostly longs and I do not love them, this hasn’t been a great market for breakout/breakdowns. You may want to use these spots as targets on market/sector strength or as a level to fade the move on a reversal. As always use reasonable stops and know your levels.
orcl 25 long
genz 58 long
spw 62 long
rimm 72 long
anss 45 long
driv 28.15 long
hig 26 long
nmm 16 long
sbux 23.5 long
gmcr 90 long
anr 50 long
cnq 71 long
dvn 72 long
atpg 19 long
mtl 25 long
adsk 29 long
gww 105 long
podd 15.5 long
tii 18.5 long
ure 7 long
gpn 42.5 short
Tuesday, March 2, 2010
The s&p traded in a tight range today closing essentially unchanged after it sold off in the afternoon. We are solidly above the 50 day MA and the range from the last month.
The SPY traded in a tight .74 range finishing the day essentially unchanged because of an afternoon selloff. We’ve had a nice rebound in the market, almost 7.25% from the recent lows to today’s highs, so a “rest” would not be out of the question. A consolidation above the 50 day MA for a day or two would be healthy and set up some nice spots on the charts. I will be closely watching the 50 & 20 day MA’s in important names like AAPL (50 day 200.01), GS (20 day 155.53), SPY(111.02), QQQQ (50 day 44.87)and IWM (62.40)to see how things react if we get there.
Know these levels in whatever you are trading they can make for goods spots to buy support on reversals back up through the level.
The charts are pretty messy right now which is why a rest would be helpful. I am including some alerts tonight and they all happen to be longs. To be honest I am not feeling really strong about them because of today’s selloff.
Today’s ORCL chart tells the tale nicely. It looked like it was setting up nicely to take out the 25 level and then rolled over hard.
The spots I am including tonight maybe good as targets or a resistance shorts if tomorrow.
orcl 25
genz 58
cat 59
spw 62
rimm 72
amed 61.75
anss 45
ctxs 42.55
driv 28.15
hig 26
idcc 26.63
jec 40
joyg 53
nmm 16
sbux 23.5
slab 46.42
The SPY traded in a tight .74 range finishing the day essentially unchanged because of an afternoon selloff. We’ve had a nice rebound in the market, almost 7.25% from the recent lows to today’s highs, so a “rest” would not be out of the question. A consolidation above the 50 day MA for a day or two would be healthy and set up some nice spots on the charts. I will be closely watching the 50 & 20 day MA’s in important names like AAPL (50 day 200.01), GS (20 day 155.53), SPY(111.02), QQQQ (50 day 44.87)and IWM (62.40)to see how things react if we get there.
Know these levels in whatever you are trading they can make for goods spots to buy support on reversals back up through the level.
The charts are pretty messy right now which is why a rest would be helpful. I am including some alerts tonight and they all happen to be longs. To be honest I am not feeling really strong about them because of today’s selloff.
Today’s ORCL chart tells the tale nicely. It looked like it was setting up nicely to take out the 25 level and then rolled over hard.
The spots I am including tonight maybe good as targets or a resistance shorts if tomorrow.
orcl 25
genz 58
cat 59
spw 62
rimm 72
amed 61.75
anss 45
ctxs 42.55
driv 28.15
hig 26
idcc 26.63
jec 40
joyg 53
nmm 16
sbux 23.5
slab 46.42
Monday, March 1, 2010
A good day all things considered. The SPY closed the day solidly above the 50 day MA and a look under the hood shows some strength. Small caps (IWM), mid caps (MDY) and home builders (XHB) all outperformed on decent volume and are closing in on their 2009 highs.
Retail (RTH) and consumer discretionary (XLY) are already through their 2009 highs.
I continue to have a bullish bias and will be watching the 50 day MA’s in all of the sectors on any pull back to make sure they hold.
The SPY leg of the TBT/SPY trade is starting to work nicely and hopefully TBT hold above 46.40 and keep that leg of the trade on.
The charts are a little messy after today’s action but I do have a few long and shorts that look clean.
Remember that the numbers I show are important levels to the stock or etf. I may have it marked as a short or long but the level can easily be a spot to fade the move. For example I had GVA 27.14 marked down as a short yesterday. It turned out to be the dead low of the day and the stock rallied $1 off of that level. There are important levels out there and you need to be aware of them. P.S. I got short down there didn’t like the action covered and tried to get long but I missed it, you win some you lose some.
Here are a few of the spots I like for tomorrow, as always use reasonable stops.
bke 30 long
gnk 21.5 long
zion 19 long
bdx 79 long
orcl 25 long
fst 28 long
biib 57 long
bucy 64.39 long
foe 9 long
genz 58 long
joyg 52 long
gpn 42.5 short
gme 17 short
gva 27.14 short
Retail (RTH) and consumer discretionary (XLY) are already through their 2009 highs.
I continue to have a bullish bias and will be watching the 50 day MA’s in all of the sectors on any pull back to make sure they hold.
The SPY leg of the TBT/SPY trade is starting to work nicely and hopefully TBT hold above 46.40 and keep that leg of the trade on.
The charts are a little messy after today’s action but I do have a few long and shorts that look clean.
Remember that the numbers I show are important levels to the stock or etf. I may have it marked as a short or long but the level can easily be a spot to fade the move. For example I had GVA 27.14 marked down as a short yesterday. It turned out to be the dead low of the day and the stock rallied $1 off of that level. There are important levels out there and you need to be aware of them. P.S. I got short down there didn’t like the action covered and tried to get long but I missed it, you win some you lose some.
Here are a few of the spots I like for tomorrow, as always use reasonable stops.
bke 30 long
gnk 21.5 long
zion 19 long
bdx 79 long
orcl 25 long
fst 28 long
biib 57 long
bucy 64.39 long
foe 9 long
genz 58 long
joyg 52 long
gpn 42.5 short
gme 17 short
gva 27.14 short
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