The market held its breath today. That gave it time to digest and work off some overbought conditions while all sat in wait for AAPL earnings. Most noteworthy was my favorite index Russells 2000 (IWM). Beautiful bullish engulfing pattern candle with an Accumulation day in volume. Over Monday's high, looks good to the August high 81.00.
FOMC still in session.
S&P 500 (SPY) Subs-Negative Pivots 131.19
Russells 2000 (IWM) Subs-Positive Pivots 78.21
NASDQ (QQQ) 59.40 key support with upside move possible to 64.00.
ETFs:
GLD All I have wanted to do since 2012 began was short GLD. If today continued the up move I would have changed that bias. Instead, it gapped lower and did very little. Subs-Pivots are negative at 161.97. Back under the 50 DMA-will be hawking for the short.
XRT(Retail) Broke from the channel last week and up 4 ATRs (4 times the average true range) since.
XLF (Financials) Reminds of what SPY did when it first cleared the 200 DMA-not much at first-but certainly not a sign of weakness.
IBB (Biotechnology) The 10 DMA and today's low important to hold. Subs-4 days now under the FTP. Through 113.45 go with it.
IYT (Transportation) Subs-Above 93.37 clears R1 and has room to 97.00
XLE (Energy) Like to see it gain some momentum above 72.15. Then lots of room. Subs-Now negative pivots but long with stop under 70.70 for now
TBT(Ultrashort 20+ Year Treasury Bonds) Thought it might be done, but now has held the gap higher from Monday. Could see 20.15 the December high next
UUP (US Dollar Bull) Subs-Never set up today therefore no position.
Longs: With the strong AAPL report expect some gappers in the morning. Will check Hotscans for any that look particularly interesting for an Opening Range trade. Live Coaching 12:30 PM EST.
COL Gapped on 1/19 and now has 3 days under the FTP holding the low of the gap which gives today's low a max risk. Must clear 59.62 R1 then could see 66-68.00 area. Day to Swing
MOS Over the 80 monthly moving average and consolidating and now has to clear R1 and Monday high 55.36 to keep going. The pivots are negative making 54.50 a reasonable risk. Then, could see 60-62.00 next. Day to Swing
ESRX (Reports in 3 weeks) Inside and narrow range day with negative pivots at 51.51 so ideally must clear today's high and R1. Then could see 55.00 and perhaps 60.00. Risk under 50.66 for a mini to swing and under the pivots for a daytrade. Day to Short-term Swing
FDX 3 days under the FTP at 90.55 and must clear R1 91.44. Risk for swing 88.80 Mini under the pivots. Could see 95.00 next with good potential for more. Day to Swing
Honorable Mention: Must clear R1 FCX (Risk 42.90) Positive Pivots OR Reversal Candidates:NTAP* AVGO* LULU* REGN* RHT* FOSL
Shorts: If Joe Granville is correct and the market dumps 4000 points, we will have no issues finding shorts. Now, not only are they hard to find, when we do find them, they do not stay down for long.
GS After making a new 60 day high and then closing near the low of the day on Monday, today it never set up as a short (Watch video). Now, it has negative pivots at 108.07 which means if breaks today's low, could setup that way. Has room to correct to the 50 DMA at 96.00 a reasonable target. Day to Mini
RRC Inside day with risk today's high 58.49 and negative pivots 57.47. Would like to see today's low break then 55.60. Shorts have been tough to stay with in current market condition. Day to Short-term Swing
DDS Negative Pivots at 45.82 and risk 46.30. If it can break 45.35, could see much lower. Day to Swing
Goodnight!