AAPL held the fast moving average, but still has the reversal candle looming and will confirm the reversal if it gaps and closes lower than today's low. Conversely, it will negate it if closes above the body of Wednesday's candle or above 514.00.
QQQ as stunningly as it sold off, it equally stunningly came back. Longs got tricked out on Wednesday and those who went short had a quick opportunity to scratch and reverse. But since it did not clear Wednesday's high, it remains vulnerable under the 10 DMA. The rotation of money continued withSemiconductors (SMH) the winner (featured yesterday) and Water Resources (PHO) featured Monday and Tuesday this week.
ETFs:
GLD Never got the chance to buy an opening range reversal, so will continue to look for a good risk entry.
XLF (Financials) Filled the island bottom gap but holding in the 14.40-14.70 range. The longer it holds up in this range, the better the chances of a new leg up and over the 200 weekly moving average.
XRT (Retail) incredibly did not disappoint and held the 10 DMA.
IBB (Biotechnology) 120.00 has to hold otherwise has to break 122.45.
SMH (Semiconductors) I liked the chances but never expected them to be as amazing as the price action turned out! And still not overbought so watch for an opening range reversal.
IYT (Transportation) Here's my bold statement-if this market is to hold up, go here for the next best move up. Inside day with a move above 94.50 a break over the 10 DMA. Then could see 98.00.
USO (United States Oil Fund) 39.75-40.00 next if holds today's low
TBT (Ultrashort 20+ Year Treasury Bonds) Back long today over 19.00 but really needs to get back over 19.90 now.
Longs: Long weekend coming up-many new longs already on based on this week's picks. Today's video explains the mini to swing trade combo, which keeps us flexible in volatile times. Some 1.5 ATRs reached today from prior entries: LEA KSS CREE. Many others have yielded ½ ATR and should be managed by trailing stops.
FDX (Nearly 10% of the IYT Group) UPS and ALK (low volume) in this group as well. FDX Inside day and positive pivots at 94.77 risk 93.70. High in 2011 98.66 and above could see nice move up. Day to Swing
PNC Been on list. Positive Pivots 60.16 Risk 58.65 for swing. One that has potential if the financials firm.Day to Swing
PAY Been on list. Positive Pivots at 46.25. Risk 45.20. Could see 50.00, digest and go higher. Day to Swing
IBM Been on list. Inside day positive pivots. Like to see it hold today's low and get going with 194.90 finally taken out for a move to new highs. Day to Swing
HAL Also been on list. Held the 50 DMA with max risk 34.83. Negative pivots so must clear R1 36.02. Longer term trend still intact with lots of overhead hurdles. Day to Swing
CHKP Been on list. Inside day and narrow range with positive pivots at 58.55. Risk 58.16 and if clears recent highs at 59.22 could see 61.60 the 2011 high and beyond. Day to Swing
Honorable Mention: Must Clear: LGF (12.18) SFLY (27.94) Positive Pivots Opening Range Reversal:HLF (reports next week) AMGN CREE NVLS X SODA POT WLT* RHT
Shorts: Not seeing too much.
Honorable Mention: NFLX (Once again can go either way-but definitely struggling if cannot clear 124.10). GOOG (cannot clear 611) AMZN (OR reversal preferable to control risk. Cannot clear 182.69)
Goodnight!