Holiday Schedule- Live Coaching Session at 12:30 PM EST. (Recorded as well). That will be the perfect time to take notes on what we see for upcoming trends using our top down approach. No Evening Watch for Friday and will take that day off. Then, over the New Year's weekend, you will receive a full Evening Watch to prepare us for the exciting start of 2012.
SPY: After a 5 day incline to the 200 DMA, this selloff was not a big surprise. Worked off the oversold condition and also the gains of the last 2 days. 126.10 the 200 DMA and 123.65 support.
QQQ: Held 55.35 the underlying support. 56.50 overhead resistance
IWM: 73.00 still a support level to watch.
ETFs:
GLD Covered the short today as we neared 149.50 short-term target with oversold conditions on the 2-Day RSI. Certainly broken down and will look for a pop to re enter short position
XRT (Retail) retreated from the top of the range. Like to see this either blast through 54.00 or would not discount another drop closer to 50.00.
XLF (Financials) Closed right on 12.88 the area to hold. A gap below could be ugly, but if comes in higher, we can look at the possibility that the 50 DMA has held for the end of the year.
IYT (Transportation) 90.55 high 12/05. Retreated from the top of the recent trading range since August.
IYR (Real Estate) 55.00 to hold and 58.20 important to clear.
IBB* (Biotechnology) Inisde day near top of channel. Follow direction of today's range.
SMH (Semiconductors) Always a great indicator on how long the party lasts or how tired the merry makers are. Tired or pooped? 29.75 next key area.
OIH (Oil Service) After 2 tops at 116.44 dropped to 113. Watching how this opens carefully
Longs: Got out of all longs today. Also, had some older and newer short picks. Now, all cash and except for daytrading possibility, will most likely stay that way until the New Year
CBST Inside day after Bullish Engulfing Pattern. Can look at trading the range breakout if there is any volume.
WSM (NR 22) Inside day and wedge forming. Use today's range as parameters for a new trade long. Would consider hanging onto to this if we close out the year over 40.00.
JWN DOJI day
RAX Broke by 1 tick then closed above previous day low.
HOG Has to hold 38.04 the 200 DMA and low of 12/22 when it gapped higher.
Also watching: ALTR SNDK JPM
Shorts: We covered shorts considering time of year, but APA DVN SLB PAY VGK all had great follow through.
IDCC Overbought and right on the 50 DMA so has to break today's low.
BIDU cannot clear 117.79. Negative Pivots 116.40. Recent low 110.69
LRCX cannot clear 37.32 today's high. Negative pivots 36.78. Recent low34.81
Honorable Mention: PANL (Should not clear 35.80) VRTX (Should not clear 33.32)
Goodnight!
