Anybody have any adjectives for low volume rally? I am getting pretty tired of saying that. I'll add this-inside day in S&P 500 andNASDAQ 100-somebody please release the pause button! S&P 500 (SPY) 141.38 Tuesday high should clear after an inside day session. 140 support to holdSubs: Pivots positive
Russell 2000 (IWM) Back above 80.00. Now watching for 8.40-50 to clear for next leg up. 79.40 support. Subs: Positive Pivots
Dow (DIA) Inside day. 131.90 to clear. Now, 131.15 is the fast moving average support to watch Subs:Pivots Slightly Positive
NASDAQ 100 (QQQ) Inside day. RSIs overbought, but not putting much credence into that when there is no volume to support it. Subs: Pivots Positive
ETFs:
GLD Through 155.90 looks better again, but really 148-158 the overall range. Subs: Narrowest range in 201 days
XLF (Financials) Inside day. Like to see it clear 15.06.
IBB (Biotechnology) Remember the monthly close in July left the uptrend intact? Are we looking at that again for August?
SMH (Semiconductors) Holding Monday low-inside day. Good consolidation
XRT (Retail) Held the fast moving average and looking poised for another leg up
IYT (Transportation) Yes, the stuff that 200 DMAs are made of!!
IYR (Real Estate) Under 64.00 not good, over 65.00 better and back over 66.21, party on!
USO (US Oil Fund) Tried but 35.35 has to clear for another leg up.
XLE (Energy) Sideways and still consolidating
TBT (Ultrashort Lehman 20+ Year Treasuries) Checked my entries on this from 07/18 when I began to write about this bottoming
Longs: On categories: Gap higher days we go to all categories and choose ones with lowest risk that break the opening range. On weaker days, we look at Category 3, especially if the picks hold S1, previous day lows or a major moving average and have a good risk on the reversal. The difference between Category 1 and 2 is the stock condition-a Condition 1 is strongest stock and more likely to make a parabolic move.
Note: Anything that is on this list is a candidate for a swing trade-(of course market condition is a factor) -use the max risk mentioned along with an opening range stop using fudge factor and time confirms. I suggest you decide on 1 or 2 that have a risk you like and then position size accordingly.
Category 2: (Pipeline) Positive Phase, Condition 2-3, 2 days under the FTPs, Risk to Previous day low, Can buy ½ over FTP and ½ over R1, Target- Day to at least 3 ATRs from entry:
TSCO Improved to condition 2. 89.50 good risk, has to clear 90.10 then today's high
Category 3: (Double Up) Positive Phase, Condition 1 through 4, Positive Pivots which means can either buy a opening range breakout or candidate for Opening Range Reversal, with Risk S1 or previous day low, whichever is lower unless noted differently, Target- Day to at least 3 ATRs from entry:
EQIX 181.50 now a good risk
AGU a gap open and would be a good one to trade. Max risk 97.50 to keep it tight
WFM After testing the 50 DMA, ran up. And improved to a condition 1. Now, 94.00 pivotal. Through 94.56 should continue
AMZN 238.34 next hurdle then 240.74. 233.75 should hold
ASML Today's low tight risk with 59.20 recent swing high to clear
EWW Improved to condition 1 with range expansion. One day this will clear 63.85. Risk 62.20
FRAN Improved to condition 1. 30.00 has to hold
REGN Improved to condition 1. Today's low good risk
RHT Inside day. Has to hold today's low
Category 4: (Rip Tide) Oversold (2 or more days under FTP), Condition 4, Needs to clear R1, Risk previous day low unless noted differently, Target- Day to at least 3 ATRs from entry:
COF Oversold and close to the 54.59 risk the 50 DMA. Has to clear the pivots 55.05 first.
EQT Over 55.44 and could see a new leg up. Risk 54.79
Phase Change: CREE In accumulation now with inside day, positive pivots. 26.82 max risk, 27.43 tighter risk. Through 28.00 looks good. HON Inside day has to hold 58.17, clear 58.43 then 58.66 HCAbull phase with an inside day. Has to hold 27.00 through 27.41 looks goodPNC confirmed bullish phase. 60.70 good risk, through 61.30 should continue DECK unconfirmed recovery phase. Risk 45.10. Needs 2nd close above 45.80 SM unconfirmed recovery phase. 47.40 support, needs 2nd close above 47.80, over 48.43 should continue
Shorts:
Category 5:Titanic-Bear Phase, Negative pivots, not oversold, Risk R1 or previous day high. Target: Day to swing
MCD 88.20 now risk. 86.00 support area
NKE 95.21 now risk.
SGY Cannot clear 24.38
Bye for now!
