Yesterday the SPY had a strong day closing strong but the volume on the rise was below average with 141 million shares being traded. The rise came with the strong rebound in the XLF sector after it probably had some short covering. XLK also had a good day closing above its key resistance level. If the SPY opens above yesterday and holds ill be agressive with my entries entering after 9.45. However, if the market starts coming in ill be cautious and ill look for a trade in my short list. If we open inside yesterday ill wait price to determine where it wants to go before entering, my target will be the high or the low of yesterday. My third scenario is if we open below yesterday, Ill be looking to buy if we come back into yesterdays range and Ill be looking to sell if we hold below yesterday targeting 116.80 as the next support then 115.65.
Longs:
AMGN: A long that again makes the long list today after a massive rally yesterday. IPT is at 58.35.
TRV: A long. IPT at 54.85.
HPQ: Strong stock that took out its key resistance level at 43.15 yesterday and held. IPT at 43.80 then at 46.00.
DD: A long that took out its range for the past 8 days.
BRCM: A long with room to go. IPT at 38.50
Breakouts:
ADM > 33.60
BBY> 42.65, IPT 44.20.
TJX> 45.40.
Shorts:
AKAM: Bearish flag on the daily and closed weak yesterday. A move below 45 could spark some selling.
LOW: A sell short with room to go. IPT at 20.45
WFC: A sell short as long as it remains below 25. Yesterday we might have seen some short covering in the rally but this stock is still weak and should be only be looked at as a short.
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