Best way to describe today is lackluster in the market's attempt to correct. Retail sector perked up. Commodities drifted lower. This is the scenario we have been watching for all year. And for active investors trading the ebbs and flows of that trend has been highly profitable. AAPL -heard they launched a rocket to their own planet. Calling it AAPLanet.
NASDAQ (QQQ) Held previous day's lows closed on new highs. For all of you looking for the top-one day, like a broken clock, you will be correct
S&P 500 (SPY) Tried to break 140 and wound up closing above that level. 142-144 target reasonable. Subs: Pivots Negative
The Dow (DIA) Got some good healthy correction. Subs: 3 days under the pivots and R1 lines up well.
Russell 2000 (IWM) Failed to hold 83.00 which means another correction day is possible and not so bad
ETFs:
GLD Subs: Short on Opening Range High Failure. Ended with a DOJI. Still has to break 158 as it remains in a weak distributions phase.
XLF (Financials) I know many of you are not long in spite of the trend reversal and now waiting for the correction that keeps eluding.
IBB (Biotechnology) At least this sector is correcting, but held the fast moving average today which could mean one day correction only
SMH (Semiconductors) Not going to make it easy, eh semiconductors? That's ok; only means this is giving another chance for a long entry before it continues to new multi-year highs
IYT (Transportation) Also correcting. Now like to see some sideways action before a new rally
IYR (Real Estate) Inside day. Pause not correction
XRT (Retail) Tweeted about this one today when it was clear 61.00 was going to hold. Recent highs 61.73 next hurdle.
USO (United States Oil Fund) Got a weak open instead after it could not clear 41.36 resistance. Still no real edge short or long here
XLE (Energy) Gap lower and reason to believe lower commodity prices are still the longer term trend for 2012 if all stays peaceful.
TBT (Ultrashort Lehman 20+ Year Treasuries) All that rally and today a doji and inside day. The recent run may not be over just yet
UNG Subs: Inside day with 18.25 a new closer risk number to watch for a hold if this has a chance to go higher from here. Day to Swing
Longs: FDX reports before market open on Thursday. Please exit tomorrow. Looking for stocks that did make new highs then close on the intraday lows, rather ones that made new highs and look like they had more of a correction.
YOKU 5 days down although not quite oversold. I do like the position of the moving averages below as they begin to converge. For now, classic trade is a move over R1 26.04 with risk today's low for mini and 23.90 for swing. Day to Swing
A 2 days under the FTP with risk to today's lows. Holding 10 DMA and R1 lines up with today's high. 46.00 recent highs and above could see 50-53. Day to Swing
CHKP 3 days under the FTP with 10 DMA risk at 61.00. R1 lines up with today's high which means if gaps above can look at a 5 minute opening range. Recent high 63.26. Already into numbers not seen since 2001. Day to Swing
CTXS 3 days under the FTP with 10 DMA and today's low risk at 76.64. R1 lines up with today's high which means if gaps above can look at a 5 minute opening range. Recent high 79.98. 2011 high 88.49. Day to Swing
KORS 46.85 now the area to hold. Would like to see an opening range reversal but now that it is back over the 10 DMA, could see recent highs at 50.69 and then into uncharted territory. Day to Swing
BIIB Classic Condition 2 which now has to clear today's high and lines up with the 10 DMA. All time high made on 2/03 at 123.23 and could see a continuation. Day to Swing
Honorable mention: Must Clear BIDU (138.75) ALTR (39.52) F* (12.64) SFLY* (32.70) TROW (64.76) PAY (50.05) XOM (Today's high) VFC (150-and would consider an OR reversal) TSLA (Inside day 35.25) Positive Pivots Opening Range Reversal: BG LNKD AAPL REGN FOSL NTAP HOT
Shorts: My short picks gapped open so much lower making them tough to chase
GMCR Been consolidating for last several days since the gap lower. Negative pivots at 51.10 and should not clear 51.70. Then, would expect more downside if breaks 49.59 to 42 level. Day to Swing
NAV Must not clear 41.98 with negative pivots at 41.61. The 10 DMA at 40.76 and under there, could see 37.30 or lower. Day to Swing
DECK Negative pivots at 66.99 and should not clear 67.72. Last swing low 65.40 then 58.40 next. Day to Mini
SODA Negative Pivots at 36.30 and must not clear 36.81. Could see 33.60 or lower. Also, feel better staying short if breaks and stays under today's low. Day to Swing
Honorable Mention: OR high failures to control risk: CHRW JOY PANL
Goodnight!