Other than a lot of divergence with commodities leading and Biotechnology, Real Estate andTransportation lagging, the overall indexes were rather unremarkable.
S&P 500 (SPY) Closed right around the May 2011 high. Volume on par with Friday. Not too much new-no reversal-just more of the same-strong as a bull but a dull one nonetheless. Subs-Pivots Positive
NASDAQ (QQQ) Most remarkable possible indication is the match of last week's high when it had the big distribution, nasty bear candle day. And that will only remain a remarkable feature if it takes it out on the upside, or fails last week's low for confirmation of a correction. Subs-Positive Pivots
Russells 2000 (IWM) The only index that almost failed the 10 DMA, but wound up closing on it which means, not much of a correction and quite possibly, considering the other 2 indexes, a good point to jump from. Subs-Negative Pivots
ETFs:
GLD Got long on the early strength, although locked in profit, kept a small position. 171.23 the high from early February. If clears, looking at 175 area next.
XLF (Financials) As long as 14.70 area holds, seems pretty certain to take out the 200 weekly moving average at 14.89. Subs-Positive Pivots and really good digestion.
XRT (Retail) Swing longs-Since using the 10 DMA as a stop, for now, still there. Will have stop tomorrow under 57.44.
IBB (Biotechnology) We can call today fatigue for sure. Was a good daytrading short under 118, and quite possibly the end of the move. Need more evidence of that.
SMH (Semiconductors) Under last week's low (34.10) and one could say that last week's reversal after a new multi-month high is one to be respected.
IYT (Transportation) Touched the 50 DMA at 91.77 and held it. At 90.85 area, especially if then oversold, will look at again unless it begins to strengthen from here.
IYR (Real Estate) Support at 60.00 and if holds and firms, could still be ok.
USO (United States Oil Fund) Great move from when we first featured this ETF. Keep trailing up stops.
MOO (Market Vectors-Agribusiness) cleared recent highs 53.45 and closed just shy of it. Like to see 52.75 hold.
TBT (Ultrashort 20+ Year Treasury Bonds) Waiting to see if it can get back over 19.90.
Longs:
Post-Earnings: HLF 63.40 all time high which this may gap above-watch for 2 minute Opening Range Reversal or Breakout and then a 30 minute OR Reversal as possibilities.
MJN Been recovering well since it took a dive back in December. Positive Pivots at 76.31 with all time high 76.91 and not overbought. The risk is the 10 DMA 75.35. Target unclear since will be in new chart territory. Day to Swing
BA This stock has been good to us in the past. Consolidating since mid-December and if can get going (positive pivots at 75.59 with risk 75.08) has lots of room to the upside. Day to Swing
IDIX Positive Pivots. Provided 11.65 holds, has a gap to fill to 13.00 after the gap down early February. Through the gap could go to 14.00-15.00. Day to Short-term Swing
IBM Positive pivots. Like to see it hold 192.46 and get going with 194.90 finally taken out for a move to new highs. Day to Swing
FAST Overbought on weekly but not daily. Had 3 days under the pivots but today closed right on the FTP. Has to hold the 10 DMA at 49.85 and clear R1 51.15. Then could see more upside since it already made new all time highs a week ago. Day to Mini
Honorable Mention: Must Clear: PAY* (46.35) FSLR (43.48) Positive Pivots Opening Range Reversal: NTAP* (Support 41.71) C (32.91 to hold) CAT (Support 113.60) GS (Support 115.70)HAL (Support 36.36) WTW (Support 76.72)
Shorts:
RRC Bearish engulfing pattern and negative pivots at 64.89. Should not clear 66.00. Under 63.30 breaks the 10 DMA and then could see test of the 200 DMA next at 61.23. Day to Swing
CREE Had 2 chances to close above the 200 DMA and could not. Over 31.50, new life, but if cannot clear 30.25 and fails S1 29.30, could be another trip down to 28.10 for now. Day to Mini
TIF Like to see it stay under 66.00 and then break under 65.00 for a move down to 56.20 and possibly much lower. Day to Swing
RVBD Stopped out 27.45 which was last week's low although still weak looking chart. Should not clear the 200 DMA at 28.30 and if breaks last week low, 26.50 next area of support. Day to Swing.
Honorable Mention: SOHU (Nearing Oversold so OR high failure only to control risk) DMND(Cannot clear 24.97 and needs to break 24.21)
Goodnight!