A snow storm has dumped 16 inches of snow on my area of NJ and left my house powerless, and the office without internet connectivity. While I can't say this is as interesting as the market condition right now, it does handicap my ability to get the commentary to you so I'm going to get the list to you without much commentary.
Fortunately it is easy to fall back on our short term rules for direction, and with break away gaps in the DIA, SPY and IWM our key reference points for a bullish bias (FTP, S1 and Prior Day's low) are going to be very important levels. Friday was an inside day in all 4 markets watch charts so the bulls should lean on Thursday's low for support as well as Friday's.
One huge piece of the bulls resolve will be the leaders ability to hold up now. If they falter again, it could be trouble. It is more important than ever to be flexible and let your key reference points guide you.
Last weekend I said don't let the divergence scare you from trading the long side. Now all the markets are in gear. I wouldn't call conditions "perfect" quite yet, but all 4 market watch charts look very strong. This is why it is now time to let them tell us if it is time to consolidate, correct, or grind higher. Be prudent. Don't let any fear of missing a move higher dictate your trading.
Longs
AAPL
GOOG
QCOM
YUM
LULU
LO
Oversold and interesting:
AVP
Reversals
BIDU
CMG
ALXN
ABT
Shorts
SINA
CMA
STJ
VRTX
FSLR
CREE
MCP
