Now that AAPL earnings are done with, as expected, NASDAQ weakened under the 200 DMA after the close, but AAPL itself although not great, seemed to have had a lot of the disappointment factored in. More importantly, perhaps we can now go about the rest of the market without the iCloud hanging over our heads.
S&P 500 (SPY) Filled the gap from Tuesday's low with Thursdays high which makes 142.28 a good number to watch. Downside, under 140.50 and the 200 DMA seems likely Subs: Slightly positive pivots. Now, today's high and R1 line up. S1 is 140.56
Russell 2000 (IWM) 81.50 pivotal and over Thursday high good reason to think a test of the 50 DMA on hand. Otherwise, under 80.85, the 200 DMA is below Subs: Positive pivots. Slingshot looking more likely.
Dow (DIA) Subs: Another one that could form a glass bottom should it clear today's high Note: IBM had an inside day.
NASDAQ 100 (QQQ) 65.00 is the 200 DMA-obviously pivotal
ETFs:
GLD 166.06 was the high on the gap down Tuesday. Also filled the gap left from September. Starting to look better if holds these levels. Subs: Closed above R1 which means looking for entry if holds S1
XLF (Financials) One of the few in a bullish phase. Like to see it clear 16.03
IBB (Biotechnology) Interesting that this is still in just a weak warning phase. Continue to watch Subs: Pivots Positive. Would have stayed long if it closed above the pivots and still looking to see if this can hold 136 ad get moving over 137
SMH (Semiconductors) Interesting inside day and good close. Subs: No confirm of a slingshot unless it clears and closes over 30.92. Will add on a move over today's high. 30.34 is the low to h old
XRT (Retail) Subs: Weak warning phase. 62.09 its number to clear and close beyond
IYR (Real Estate) Broke the recent lows, tested the 200 DMA and closed above 63.40. Like most of the sectors, could be going through a bottoming formation
USO (US Oil Fund) Unless it gaps over 32.15, leave it alone
OIH (Oil Services) Subs: Managed to hold inside that channel. Could be interesting over R1
XLE (Energy) Subs: Neutral slope on 50 DMA after an inside day. Watch R1 and S1
GDX (Gold Miners) Subs: Pushing against the 10 DMA
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.
NOTE: Today's pearl SIG. I do not mind buying strength as the week ends if the setup is there.
Category 1: (Aloha) Positive Phase, Condition 1, 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:
DE Reports 11/21. Improved to condition 1. Needs to cross today's high and R1 and like to see it clear recent highs to keep going.
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:
JBHT Really in an accumulation phase. Gap after earnings, now 2 days under pivots. R1 57.59. The 10 DMA to stick 57.89
EBAY Held the lows from yesterday, now max risk. Has to clear 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:
YUM Improved to condition 2. Has to hold today's low and clear the 10 DMA
EOG Reports 11/5. Improved in condition. 112 good risk.
AMGN Inside and narrow range day which makes trading the range break good for either way
PRU Reports 11/7. Inside day. Over today's high clears R1 and the 10 DMA
FDO Back to unconfirmed bullish phase. Today's low good risk
PXD Reports 10/31. Back to bullish phase if 103 holds
C Held 10 DMA. For swing still in. For new entries, 37.00 max risk
OPEN Reports 11/1. Inside day. Never cleared R1 which is now 47.20
Phase Change: ROSE Reports 11/7 Back to unconfirmed recovery with moving averages converging. 44.75 max risk WTW Inside day in recovery phase. Reports 11/8. IR confirmed bullish. 46.00 max risk FSLR Reports in the morning. Tight risk around 23.50 HOG 2 inside days.WDC Through 35.15 confirms a slingshot, especially if closs above
Shorts: Nothing with less than 12.00 RSI which has reduced the choices
Category 5: Titanic-Bear Phase, Negative pivots, not oversold, Risk R1 or previous day high. Target: Day to swing
SOHU Reports 11/5. Today's high max risk and should break S1 38.13
WPRT Reports 11/1. Under 28.58 looks heavy with risk 29.30
NFLX Only if comes in lower than 61.34 the 50 DMA still could see lower
PSA Reports 11/8. 137.50 is FTP resistance if comes in lower.
Bye for Now!
