3 things are clear. 1. The market is not dead yet. 2. The Rotation and Roll Game is alive and well with the Transportation Sector (IYT) the new "it" ETF 3. The Japanese Bearish Candlestick pattern in the S&P 500 (SPY) in place from Wednesday, has been followed with an inside day, a sign of hesitation.
S&P 500 (SPY) With the inside day, need to which way the range breaks. Subs: Positive Pivots.
NASDAQ (QQQ) It's the apple (AAPL) juice that keeps on giving, even with the overbought weekly chart.
Russells 2000 (IWM) Love inside day hammer candles. Love 81.00 and that solid foundation. Will love this if it can clear today's high. And only then. Subs: Positive Pivots.
ETFs:
GLD Subs: Inside day and negative pivots so if cannot clear today's high, could be more of a short.
XLF (Financials) One more day!! Can you feel it? Can you feel that reversal of the 5 year trend? Magic number-close over 14.92.
IBB (Biotechnology) Through today's high looks good still, at least to recent highs.
SMH (Semiconductors) This better get going over today's high since rarely can the market sustain rallies without semis on board.
IYT (Transportation) Got room to 97.00 provided 93.00 holds up.
IYR (Real Estate) Inside day and over today's high nice clearance of the fast moving average. Would follow.
USO (United States Oil Fund) Subs-See how well that move over R1 was when it corresponds with the opening range breakout?
MOO (Market Vectors-Agribusiness) Bearish candle followed by inside day-also could be ominous.XLE (Energy) as well
TBT (Ultrashort Lehman 20+ Year Treasuries) I still am looking at the bottoming formation potential.
Longs: Positive Floor Trader Pivots=PFTPs. Always on Friday good to review the picks of the week, many of which I repeat on the honorable mention list.
UPS Congesting around the 10 DMA with PFTPs at 76.92 and max risk under today's low. Not a big ATR so patience is required. If can get going, looking at 2006 high 83.99 with all time high made in 2004 at 87.70. Day to Swing
CREE 2 inside days with a DOJI today. Holding above the 200 DMA and max risk under 29.80. PFTPs at 30.48 and once this clears at 31.50, should be good to 33.10 the 80 monthly moving average or better.Day to Swing
WLL Inside day and on the 10 DMA so max risk under today's low. PFTPs at 59.29 and would like to see today's high and R1 clear at 60.15 for a return move to recent highs at 63.97 and beyond. Day to Swing
JCP (oversold on the 2 DAY-RSI) Touched down near the 50 DMA 38.08 now max risk provided it first clears the FTP at 39.08 then R1 and today's high 39.65. 1st target the 10 DMA 41.25 and above looks good. Day to Swing
SLB PFTPs at 78.22 and max risk 77.50 after inside day. Its 65 weekly moving average is 80.00, with room if market stays good, to 95.00. Day to Swing (APA similar)
Honorable Mention: Must Clear: ONXX (38.29) FDX (91.87) Positive Pivots Opening Range Reversal: GOOG (inside day) SLG BIDU WFM PRU TROW HLF TSLA CE
Shorts: Remember I started the week recommending VHC with 21.15 as a target. Met today with 20.52 low. If you took and stuck with this short, please let me know. I want to hug you.
PPO Negative Pivots at 41.02 and cannot clear today's high. Also like to see it break S1 40.30 for a continued move to next support 36.80 area. Day to Mini
WLT Been on list and had a good move down yesterday. Now, with negative pivots, looking for follow through provided it does not clear 65.85. Then could see 56.25 next. Day to Swing
AMZN It goes up it goes down. If you are not short from the break of 195-when it first appeared on the list and looking for re entry, perhaps we should wait for it to break 176 once and for all. But, it has negative pivots and should not clear 181.50. Day to Swing
Honorable Mention:PANL (Must not clear 41.27) CNX (Must not clear 35.90)
Goodnight!