After the lightest volume since before the summer, volume stayed light but improved from yesterday making this an accumulation day. SPY broke yesterday's high and low and closed higher. QQQ, even better-never took out yesterday's low and closed higher (not quite making it over 58.25) also with an accumulation day (albeit light) in volume. IWM closed above the level that I called "encouraging" last night. Plus, if the oil market hadn't sputtered, the rally may have been even better. Confusing yes, but there are many individual stocks rocking to new highs in spite of the noise.
ETFs:
GLD Doji after inside day. Over 175 like it to the highs.
XRT (Retail) Looking at 53.75 to cross
XLK (Technology) cleared 26.24 with a lot of help from AAPL
SMH (Semiconductors) Now has to clear 32.33
XLF (Financials) Stopped right at that odd number 13.13. So technical almost hard to believe. 12.65 number to hold and 13.20 now a better number to clear
XLE (Energy) Will be compelling over 71.82 and likely to test 69 if breaks 70.65.
Longs: Lots of longs on for us but tightly managed with profit taking and trailing stops on every rally plus cutting losses quick when there is an absence of follow through. Rather than rewrite picks, I am now * Honorable Mentions I have written about recently and still like.
Note: Expect an email with instructions for entering the "Daytrading with Hotscans" Service as of Thursday morning. Keith will take you through Friday; Geoff will take over Monday through Wednesday of next week.
SNDK 2 days under the FTP at 51.04. Risk no more than 48.27 swing 50.19 for mini. Recent high 53.46 which if clears can take this to 60.00 or higher. Day to Swing
ABX (NR 11) 2 days under the FTP at 52.18 with good mini risk at 51.60 and swing risk at 49.35. Can do ½ over FTP and add over R1 52.75. All time high 55.95 and looks really good for a swing with a close over that level. Day to Swing
UA 2 days under the FTP at 82.87 and R1 84.23 which also clears today's high. Risk 79.39. Has room to 90.00 or better. Day to mini
Honorable Mention: OR Reversal PCLN BIDU CELG LVS*(Doji NR 28) HAL CAM STT* GOOG Clear R1: JWN (49.80) BIIB* (113.58) EL (116.66)
Shorts: If you stayed short RIG since mentioned for swing, first target 43.15.
WHR Negative pivots at 53.33 and must not clear R1 53.88. Under today's low also breaks the 10 DMA and then could see 47.50 recent low then 40.00. Day to Swing
EW Already a bit beat up, but not oversold yet. Negative pivots at 69.40 and R1 70.02 which should not clear. Recent low 64.82 then August low 61.63. Day to mini
AMZN Negative pivots at 217.46 and an inside day under the 50 DMA which is a good risk at 223.73 for swing traders. Mini can use R1 22.65. Under today's low 214.26 could see drop 206.15 then 199.70 the 200 DMA. Day to Swing
Honorable Mention: OR High Failure against R1 CERN (64.52)
Goodnight!
