After yesterday, AAPL GOOG BIDU and even AMZN did some catching up with technology (both biotech and computer tech) remaining firm and retail, firm but mixed. Energy took a nap along withtransportation, metals and financials. Unless there is a startling result in the unemployment numbers up or down, if it's business as usual, the recent island bottoms and change of phase remains encouraging.
SPY: The RSI on the daily is getting close to overbought, lots of room on the weekly and monthly ones. 123.45 area support and the looming 200 DMA at 126.75 resistance. Light volume.
QQQ: Confirmed island bottom, back over the 200 DMA at 56.30 with a confirmed Accumulation phase. Light volume which means that volume patterns in the last 2 weeks, 3 accumulation days in total. 4-5 over a 2-week period is best.
IWM: The midcaps remain a concern because although there is an island bottom, the volume patterns are unimpressive and it is still fairly far away from the 200 DMA. At is point, 77.00 is Emerald City and 71.75 must hold.
ETFs:
GLD has not had decent volume since November 21st when it was down alot. Still declining 50 DMA even with the gap higher. Subs-negative pivots at 169.60. Would like to see it clear R1 or will begin to look heavy.
SLV (Silver) Phase change to recovery but unimpressive action as it tried an early run and closed on the lows. It seems that today was the day to prove itself, so even with the better phase, unless it clears 32.75, continues to look heavy.
XRT (Retail) Gap above the 200 DMA. If it stays above 51.00 positive.
SMH (Semiconductors) 30.75 the weekly moving average to clear, then the 200 DMA. 29.50 has to hold.
XLF (Financials) island bottom and confirmed phase to recovery. Inside and doji day as well. If it holds 12.60, watching this sector more than others to tell us if the bank intervention truly alleviated European debt concerns.
XLE (Energy) Like to see 69.50 hold and also would like to see some sideways action before it blasts through the 200 DMA.
IBB (Biotechnology) Led the whole week. 99.50 now support as it begins to approach overbought.
Longs: Welcome New Trialers: Please make sure to request to follow me on twitter @mmmprem for real-time trades plus forum to answer your questions. If pivots are positive, picks are candidates for Opening Range Reversals as well as breakouts.
PVH Reported with good earnings. Through 70.12, which if gaps higher is possible, then can use R1 68.43 for risk. All time high was made last month at 76.04. If market stays strong, could see new highs.Day to Short-term Swing
QCOM (Narrow Range 36) 2 doji days in a row as well. This shows indecision at these levels over the 200 DMA. Positive pivots at 54.72 with risk the 200 DMA 54.10. Through 55.10, could see move to 65.00 Day to Short-term Swing
USB Inside day and slightly negative pivots at 25.60 which means needs to clear today's high25.79. Then could see move to 28.50 the 80 monthly moving average and if that clears, could see higher prices as long term phase will change. Risk 24.96 the 200 DMA. Day to Swing
RRC Negative Pivots at 71.51 so must clear R1 and today's high 73.00. Max risk S1 70.00. Recent swing high 77.24 back in September. Day to Mini
Honorable Mention: Here are some picks from this week that are not overbought. Please review the evening watches from Monday until last night for more description.
CTXS Positive Pivots 71.47 Risk S1 70.65.
JAZZ Negative Pivots Must clear R1 and today's high 39.50.
TSLA Positive pivots 32.86 Risk S1 31.72.
LVS Positive Pivots 46.64 Risk Today's low 46.08
NTAP Positive Pivots 36.84 Risk 36.38. Ideally, want to see a gap higher to leave an island bottom.
WFM* Positive Pivots 67.82 with risk today's low 67.23. Close over 68.20 good.
Shorts:
ANF Back over the 200 weekly but under the monthly and no longer oversold. pivots negative at 47.84 with a break of today's low better and must not clear R1 48.53. Day to Swing
CSTR Negative Pivots 41.99 and must not clear R1 42.44. Under today's low, could see 37.60 then33.45. Day to Short-term Swing
CREE Negative pivots at 24.82 and must not clear R1 25.13. Under today's low and S1 could see 23.00 or lower. Day to Mini
Goodnight!
