The market sold of on Tuesday and came right back into the key levels it broke out from, it also looks like a double top in the SPY. Sellers were active in gold and commodities with GDX selling off hard and possibly forming a buying climax, they say price precedes news and that a top is in sight when sentiment is at its most positive, that might be the case in GDX as demonstrated in the chart above. Today I'll be cautious as we are still in a bullish market and a significant move in one candle or day in the opposite direction doesnt invalidate the trend. Other then gold, silver the sell off yesterday might have signaled a top in those markets but the other sectors are still intact, it remains to be seen whether those commodities drag down the market.
Longs:
XOM: A long even after yesterdays sell of, price is still holding above 70.00.
TXN: A long that has been pausing on very small candles after the push up
ALTR: A long that has been one of my favorite stocks so far, very readable and tradable
Breakouts:
LLTC > 33.25
ADM < 30.50
Shorts:
AMGN: A sell short with room to go after it took out support. IPT 54.00
ABT: A sell short with some room to go. IPT 49.71 - 49.00
HGSI: A sell short that has room to go. IPT 23.25
NEM: My short play in gold, had a massive sell off yesterday. IPT 57.85.
MRK: A sell short that sold off on massive volume yesterday . IPT 34.50
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