The SPY was choppy yesterday beginning the day with an up move then a down move with steep pullbacks and then proceeded to retrace 60% of its down move at 3:00. I expect a choppy day to develop if we trade within the 118.55-116.72 levels. If we trade outside of those ranges then I expect a trend day to develop. Today's is also options expiration's, another reason to believe the day will be choppy and should be avoided. Ill not be active today unless the market is clearly in one direction as I don't have an edge in choppy conditions. If I do trade then it will only be during the morning session.
Longs:
MCD: It broke out of long term resistance with conviction and volume. I expect it to continue today.
SBUX: A long with room to go.
Breakouts:
TRV: > 53.75. I need to see ti breakout and hold above that level before entering.
COST: < 62.75. IPT is at 61.90 after that level.
MGM: < 11.50 would be the breakdown level in MGM. The next level is at 11.10. The only problem here is that this sector has been really strong.
Shorts:
WFC: A sell short with room to go. IPT at 23.80
BAC: A sell short with support being at 12.18.
* Few stocks make my list today as there aren't many stock in my list that look obvious at the moment.
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