SPY Inside day. Big Volume but not a Distribution Day. However, under the 200 weekly moving average and S1. Therefore, will watch to see if it can take out today's high which would also take it back above the 200 weekly which would be awesome.
DIA Just closed above the 200 weekly with an inside day.
QQQ Nowhere near the 200 weekly, but same deal-inside day, needs to clear today's high if good.
IWM** Held S1-the only one that did with an inside day. Since it held S1, subs-use the instructions for that scenario that I write about under tonight's picks. Held the 200 weekly moving average at 66.01. Over today's high would get me thinking bottom in the near term.
ETFs:
GLD Monster-bought on the Opening range reversal right near support-took 2.5 off for daytrade and stayed with a miniswing position on balance. 173.78 now the pivot support. S1 172.44 the area to hold or could see some decent selling.
SLV The low today was 37.19 and I wrote "back over 37.19. the short trend will reverse." And so it did. BoughtSLV at 37.50 and still long for miniswing. 38.05 pivot support S1 at 37.57
IBB SMH IYT still above 200 weekly moving average and all with inside days. I am following these sectors and groups carefully as they are digesting here and over today's high could be ready to run. Also add EMH XLY and EWT to that list.
FCG still under the 200 weekly, but-has positive pivots tomorrow. So, over 18.41 getting interested and over with tight stop to under today's low.
OIH** 2 Inside days. Held S1. Under the 200 weekly, but now would follow the range break as a better indicator.
TLT Under 107.62 confirmed with a break of today's low, could see a correction to 103 fairly quickly.
Longs: With all inside days with now negative pivots that held S1, if they got over R1 yesterday, look to buy if holds the FTP and use S1 as a risk, especially if that lines up with an Opening Range Breakout or Reversal.
For example: DE-took out R1 yesterday, now has negative pivots, if holds 68.69 and lines up with the OR, can buy with risk to S1 66.86. But only buy ½ position and add if it takes out today's high (inside day remember) and then can hang on for something other than a daytrade. CAT similar setup.
SINA Reports August 17th Positive pivots at 95.55 which I would like to see hold. With any picks that have positive pivots, can buy an OR reversal as the best way to control risk. Day to mini
CF Same thing-over the FTP which are positive at 151.40 good with tight risk to the 50 DMA 149.21. Day to mini. Other picks with same instruction CLB LVS LULU ANF NLC-all picks from last night. None of these had inside days
APA Had an inside day and positive pivots at 99.90. Above today's high would be very strong. Again, use the FTP to guide you especially if it has an OR reversal. If the market firms, could see 115. Day to swing.
VHC Two inside days now. Above the 200 DMA at 20.14 also clears the 50 weekly moving average at 19.11. Negative pivots so must hold 18.41. Could see 23.00 area. Day to mini
TPX** LONG or SHORT. Long since positive pivots at 56.86, if holds and clears today's high. Short, if market is weak and fails the FTP and S1 55.28. Either way can see a quick $5-7 move. Day to mini
NFLX** Inside day positive pivots at 234.46. Would like to see it hold the 160 EMA at 233.85 if clears the pivot. Risk no more than today's low 231.14. Day to swing.
BIDU Positive pivots at 141.68. Held S1. Ended on the 70 EMA after holding the 50 DMA. Watch for it to hold above the FTP on either an OR reversal or if dips to 139, the 70 EMA and holds for a low risk to today's low. Not looking to buy this on strength right now. Day to mini
ACOM Held the low from December.
YOKU so oversold watch for R1 22.47.
Shorts: Choosing only stocks that can be sold on weakness not strength.
If the market is weak, watch COG GMCR QCOR to give it up as all have gone to the 10 DMA and retreated. I would only short these stronger stocks if they fail S1 COG 63.54. GMCR 95.77 QCOR 29.55. They still look good, but are vulnerable against the 10 DMA and a weak market and neither are even close to oversold. Since both have positive pivots, do not sell strength-only weakness. Daytrades.
SOHU under the 50 DMA and 50 weekly moving average. Under 74.20, the positive pivots, watch for weakness, but must break S1 71.47 to get downside momentum. The 200 weekly moving average is 60.31. Day to mini
MCP-same description as SOHU-under the 200 DMA and pivots positive at 51.86 with S1 at 49.15. Day to mini
ICE** Negative pivots at 110.45 also under the 200 weekly at 110.84. Would short against that with a tight stop looking for a move to 101 area Day to mini
Goodnight!