Divergence continues with semiconductors and transportation hanging tough and energy weak along with a breather in financials.
NASDAQ (QQQ) A new high and close in intraday lows. Certainly a head's up especially after the first signs of exhaustion from DIA. But, we have been here before. Subs: Positive Pivots
S&P 500 (SPY) Second time it tried to break 140 and wound up closing above that level. 142-144 target reasonable. Subs: Pivots Positive
The Dow (DIA) Correcting and now very reasonable relative strength while establishing support at 130.80. Subs: 4 days under the pivots. R1 131.45 to watch for indication correction over.
Russell 2000 (IWM) Got a second correction day while it holds the fast moving average. Subs: Pivots Positive
ETFs:
GLD Subs: Still short. Has to break 158 as it remains in a weak distributions phase.
XLF (Financials) First sign of a correction. Not enough for new longs nor enough to shake out older longs
IBB (Biotechnology) Digesting while going sideways
SMH (Semiconductors) Holding the old high of 35.49 therefore at this point, still see more upside in this sector.
IYT (Transportation) Sideways action and signs of strength
IYR* (Real Estate) Second Inside day. Great one to follow the way the range breaks
XLE (Energy) Follow through after the gap lower and reason to believe soft prices are the longer term trend for 2012 if all stays peaceful.
TBT (Ultrashort Lehman 20+ Year Treasuries) Finally a correction. Like to see 20.35 before recommending new long position
UNG Subs: Long looking for basing action.
Longs: There have been so many great trades on the list; once again I have to tell you that I cannot keep track of all of them. CRM HOT RAX are just 3 examples. I point this out since swing traders should be happy and if unsure how to manage your trades, please ask me on twitter. Hard to narrow down the choices, therefore choosing different stocks across a variety of sectors.
CLR Touched down on the 50 DMA and closed well. Slightly negative pivots which would like to see hold at 86.75. Over today's high clears the 10 DMA. Then could see a return to 96.00. Day to Short-term Swing
WYNN Confirmed accumulation phase and with positive pivots like for an opening range reversal. Has room once it clears this price point. The 200 DMA is the risk. Day to Swing
DO 3 day correction after recent run with 2 days under the pivots. Ideally should clear R1 at 71.08 and hold 70.35 the 10 DMA as risk. Day to Swing
PNC Recommended a while back. Still looks good after breaking out of a base. Positive Pivots so good for OR reversal. Risk 61.79 the 10 DMA and next target 70.00. Day to Swing
TSLA 3 days of consolidation and now must bust over 35.45 to keep going. Risk 34.55. Looking at this for a longer term trade to see where it goes once it clears 36.00. Day to Swing
UNP Closed near the highs with positive pivots and risk to the 10 DMA 110.66. Could make new all-time highs if gets through 117.40. Day to Swing
CF 4 days in a relatively tight range which means must hold today's low as tightest risk and clear today's high (inside day, positive pivots) to get going with target 200.00. Day to Swing
CELG (Narrow Range 13) 4 days in a relatively tight range which means must hold today's low as tightest risk and clear today's high (inside day, positive pivots) to get going with target 80.00. Day to Swing
Honorable mention: Must Clear ROK* (81.84) ALTR (39.50) CMI (124.63 F (12.68) SFLY (32.45) XOM (Today's high) VFC (150-and would consider an OR reversal) LO (131.63) Positive Pivots Opening Range Reversal: YOKU BIIB KORS CTXS DLTR PAY VFC
Shorts:
The following stocks all are broken down but above the 10 DMA which corresponds with the low of today. Therefore, looking for that level to break: APKT ATI BTU
HES Looks in trouble as it approached a death cross with a tight risk above today's high. Could see 55.00 next. Day to Swing
Goodnight!