Best statistic I read is that Bloomberg reported Hedge Funds were up .2% at the end of January, while theS&P 500 (SPY) was up 4.4%. The low volume certainly speaks to that. As the island top from July inSPY is now a non-factor, I can't help but wonder at what point will the hedge funds come into the market to buy with a vengeance? Will we get a melt up?
S&P 500 (SPY) We filled the July gap, now watching the July high 135.70. Otherwise, watching 133.40 for any sign of weakness. Subs-Pivots Positive
Russell 2000 (IWM) Subs-2 days under the FTP with 81.60 important support area and a move above 83.03, a good sign
NASDQ (QQQ) When on new multi-year highs, everyone wonders about the top. Perhaps if QQQs break 61.00-perhaps. Subs- Positive Pivots
ETFs:
GLD Friday high 170.14. Like to see that clear.
XLF (Financials) Second day of digestion. Unless it closes under 14.45, more in line for the inevitable close above 15.00- the first close over the 200 weekly moving average since the week ending October 26, 2007.
XRT (Retail) Still on new highs
IBB (Biotechnology) Could be a reversal since it made new highs and closed near the intraday low. Watch to see if holds 120.30.
SMH (Semiconductors) Volume came back and now has to clear 34.75 to look exciting again
IYT (Transportation) Significant surge in volume with the down move. Unless it can return back above 95.50, watch for an early head's up for all you top seekers.
XLE (Energy) In contrast to transportation, continuing to power away from the multi month high with good volume.
TBT (Ultrashort 20+ Year Treasury Bonds) Next hurdle 19.77 and would like to see 19.17 hold
Longs: JCP JWN rewarded the patient today-the timing of the entry was perfect in both after multiple days of appearing on the list. Clearly want to see follow through now.
AMGN Positive Pivots at 68.86 and risk 68.15 but would also like to see it clear R1 69.58 so it gets the power to tackle the recent high 70.00 and keep moving beyond. This has broken out of a multiyear base going back to 2007. Day to Swing
ALTR (Still long) Positive Pivots at 40.39 and as long as it holds 39.40 sticking with it. Still has to get away from recent highs 41.62 to get going. Day to Swing
CREE 2 inside days in a row and under the 160 EMA and 200 DMA. Positive pivots at 28.21 with risk 27.56. Should also clear 28.65 and if does, has some work to do, but could be a decent swing trade. A miniswing at the very least. Day to Swing
PNC 2 days under the FTP at 60.75 with risk 59.90 and should also clear R1 and today's high 61.22. Condition 1 stock so watch for ½ entry over pivots and balance over the highs. Since XLF hanging tough, this is a good one to see if it has legs to 64-65.00. Day to Swing
Post Earnings: CERN-Should get a huge gap up so watch 65.00 level to hold
Honorable Mention: Must Clear: IBM (194.81) NTAP (40.08) CHKP (58.83) Pivots Positive OR Reversal Candidates: JWN JCP LULU COL WTW HOG*
Shorts:
CCL Under the key moving averages like the 50 DMA and the 200 weekly moving average. Therefore, must break S1 and today's low and also the 10 DMA 31.03. Also, should not clear 32.23. If can get below 29.99, looks nasty. Day to Swing
AMZN Negative pivots and cannot clear 186.40. Last swing low was 170.00 area. Overall, this stock looks in trouble. Day to Swing
DECK Negative Pivots and cannot clear 87.65. Under 85.25 even better and under 83.75 better still for move down to 75.00 next. Day to Swing
NFLX Keith loves these setups since it opened on new 60 day highs and closed on the lows. But, since it has positive pivots, it has to break S1 or at the very least today's low and then not get back above the pivots at 129.37. Look at 121 first area of major support. Day to Mini
TIF Negative Pivots and still want to see it break the 10 DMA at 64.05 which corresponds with today's low. Then should not clear 65.20. Day to Swing
Honorable Mention: WYNN (cannot clear 114.45)
Goodnight!