From Headlines to Flatlines. Think I need to say more? Here is my last tweet on the public stream:
At least if we had inside days setting up that would be somewhat interesting; instead we have an oxymoron-lifeless noise.
Here is what I want to see to shake things up a bit. A wide range bar in the TLTs with 2-3 times the average daily volume for a blowoff that would tell us that it finally shot its wad and is about to reverse.
Until then, I’m back to a thought I had as the week began-bears, bulls-let’s talk. What if this IS the range, say 184 to 190 in the S&P 500? No collapse no rally, just range bound choppiness with moments of excitement. Unless of course, the small caps fail here-that would not be a happy thing to see.
S&P 500 (SPY) Held 188 with a doji day (open and close price virtually the same). Now, drum roll for the jobs number-again-watch rates Subscribers: Pivots Positive with DIA more slightly negative
Russell 2000 (IWM) 110.55 a really good place to hold or more trouble ahead
Dow (DIA) the high 166.06 0r under 164.50 some issues—however overall, thinking range bound here too
Nasdaq (QQQ) 87 hold good-over 88.35 better under 87 see 85.00
XLF (Financials) Cleared the 50 DMA-has to stick
SMH (Semiconductors) Unconfirmed phase change back to WARNING
IYT (Transportation) It cleared 137.80 and I’m still arguing
IBB (Biotechnology) Better but not in the clear yet
XRT (Retail) holding the 200, best I can say
IYR (Real Estate) Looks good to 70.50 level
GLD Held the month moving average support but still see possible down move-no position
OIH (Oil Services) A bit toppy looking again
SGG (Sugar) Subscribers: Might as well wait for this to take out the 200 DMA
JO (Coffee) Subscribers: 2 inside days and definitely worth watching
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 1: (Aloha) N/A
Category 2: (Pipeline) N/A
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: (Opening range reversals are good on anything above S1)
WFC Maybe over 50.00 will get me more interested but it is holding
STLD if holds today’s low improved in condition with the area to clear18.67
QCOR If get volume and clears 82.63 level, can risk to today’s low for a miniswing trade after an inside day
HUN 2 inside days-use today’s range break to buy and today’s low as risk for a miniswing
PLD Cleared back through the 50 DMA and touched the 10 DMA. If clears today’s high, like this with risk to today’s low for a move first to 41.50 then perhaps higher
Category 4: (Rip Tide) N/A
Phase Change:
YELP If holds the gap low, might be worth a look to see if it can clear the 200 DMA
JBLU need a opening range reversal over today’s low or a breakout over the 10 DMA
MBI Reports May 12th so miniswing trade-slingshot on the 200 DMA at 12.24-over like with max risk to day’s low and maybe we can see a rally if the market holds
Shorts:
Category 5: N/A
Category 6: White Cap-Having a 2-3 Day correction over the pivots.. In a Negative Phase, Positive Pivots. Can sell an Opening Range High Failure if happens below R1 or previous day high whatever is higher and/or weakness if breaks S1 and prior day’s lows
CERN Inside day and under S1 also break today’s low. 47.80 some support but broke the weekly moving average with risk 51.85
Bye For Now!
