I'm not sure what's harder-trying to come up with something new and clever to write every night, or staying awake long enough to write anything!
S &P 500 (SPY) Had an accumulation day in volume (amazing, huh?). Some people see a hangman candle; others see a DOJI. Still not putting much credence into the RSI since with some decent volume, this rally could catch a lot of investors sidelined by surprise. Subs-back to positive pivots
Russells 2000 (IWM) Also an accumulation day in volume. 76.97 last swing high on 10/27/11. Like to see that clear. 75.90-like to see that hold
NASDQ (QQQ) Clearly with GOOG and AAPL earnings coming up, major commitment is lacking.
ETFs:
GLD Unless this clears 163.19, I'm staying sidelined looking for a short opportunity. Subs-Positive pivots with S1 159.59
XRT (Retail) I'm beginning to love this wedge forming. Timing of course is key. Subs-Positive Pivots at 52.62 with a neutral slope on the underlying 50 DMA
XLF (Financials) Got to the 200 DMA. Some key earnings coming up in Prudential, JP Morgan, Citibank, etc.
IYR (Real Estate) Inside day. 57.89 the point to clear.
IBB (Biotechnology) Exactly my point about how something overbought can get more overbought when the chart is set up.
SMH (Semiconductors) 32.74 11/16 high. I always like to see this sector in the game. Looking for it to stay there.
XLE (Energy) From a test over the 200 DMA to a failure of it, followed by a move down to the 50 DMA-just like that. How much does the market need this sector in the game? Is this the new trend for 2012-short commodities?
Longs: Tomorrow is the end of a low volume week ahead of a 3-day weekend in the US. Some of the longs recommended since the start of the year (only 2 weeks ago) and noted during Phases and Forecasts have made HUGE gains-JBHT CBST UPS LVS C PRU JPM WDC YUM HOG BA to name a few. Others are still setting up and worthwhile reviewing. As we go into next week, I will keep you apprised of the picks that still have the biggest potential.
ADSK 2 Inside days in a row after a gap higher although still in a bear phase on the daily and monthly chart. Therefore, if clears today's high, will also clear the 50 DMA which could bring it to 34.50 next level of resistance. 31.84 today's low is a good risk. Day to Short term Swing
PXP (NR 12) is in a Bull phase but not a condition 1. Has negative pivots at 36.83, therefore must clear R1 and today's high 37.22 since it also had an inside day. Risk is 35.00 the 50 DMA for swing and 36.50 for mini. See potential in this to 2011 high 41.96 and beyond. Day to Swing
NFLX DOJI after 2 down days following the humungous move up. The pivots are negative at 91.58 and the risk is conservatively today's low. The gap to 103.13 has yet to be filled. Reasonable target. Day to Short-Term Swing
Honorable Mention: Must Now Clear High or R1: COO* (71.03) AAPL (423.23 Daytrade only) DLR (67.18) Positive Pivots OR Reversal Candidates: V GOOG (daytrade only) VHC (NR 17) NKE BIIB TSLA*
Shorts:
RHT Negative Pivots at 42.84 and cannot clear 43.25. Then, could see 39.19 December low and lower.Day to Swing
ANF Has slightly positive pivots at 45.08 and must not break 45.82. Could see another leg down to 41.55. Day to Short-term Swing
IDCC Negative pivots at 42.60 and must not clear 42.95. Could see drop first to 38.50 then 32.50. Day to Short-Term Swing
CHKP Although it has negative pivots at 52.44, like to see it break under today's low which is the 10 DMA and the 65-weely MA. Max risk is 52.89. Then can see 51.00 and perhaps 48.00 and lower. Day to Short-term Swing
Honorable Mention: AMZN (Must not clear 179.49) NTAP (Must Not Clear 35.05)
Goodnight!
