Market Notes: Option expiration is today and the markets are closed on Monday so I will not expect to trade much beyond noon today.
Long Focus:
APC: Big volume daily breakout.
- Trade OR Breakouts over FTP 80.16
- Trade OR Reversals over S1, 79.16, but would prefer it to be over FTP
RAX: Nice daily flag into support on daily and the 60, but I’d only buy strength. It also has 2 inside days, but the pivot ranges are not stacked so the best scenario is buying over the prior day high, 39.22. Note which also lines up with R1 of 39.22
- Trade OR Breakouts over FTP, 38.75, but best over prior high 39.20
INTU: Earnings are gaping it over a major swing high. Watch R2, 51.22 and R3, 52.16.
- Trade OR breakouts over the swing high of 51.10.
IBM: Rallied nicely off the 20 day MA yesterday closing above the 3 day pivot high for the first time since the highs. An OR breakout over yesterday’s high,164.67, is a 3-day pivot confirmation.
- Trade OR Breakouts over S1, 163.76. note 163.60 is big intra-day support.
- Trade OR Reversals over S1, (see above)
Other Long Charts of Interest: VFC, BTU, BIDU, RIMM, CMG, GOOG, X, NUE, GILD, FSLR, LDK, TSL, FDX, CAT, DE, DECK, WYNN, NVDA, WFMI, NFLX
Short Focus:
Nothing today.
