SPY: The key level I am watching in the SPY is the 129.50 level and whether it holds. Yesterday we say an up gap day that was on below average volume, not a very bullish sign. If the market fails to hold above the 129.50 level my bias will be bearish for the day as I expect the market to cover yesterdays gap and head south.
ETF: The strongest sectors yesterday were commodities as they kept the market up after the gap. Technology was also strong and held well during the day, my only concern with the rally was the weakness demonstrated by the financials which could halt the market rise today.
Breakouts:
TSO<26.00
SUN>44.50
JDSU (ID)
CNX(ID)
CHK(ID)
SBUX(ID)
NVDA(ID)
Shorts:
ORCL
AU
Saturation shorts:
SLW
CDE
DOW
HON
KO
MET
SWN
ETF: The strongest sectors yesterday were commodities as they kept the market up after the gap. Technology was also strong and held well during the day, my only concern with the rally was the weakness demonstrated by the financials which could halt the market rise today.
Breakouts:
TSO<26.00
SUN>44.50
JDSU (ID)
CNX(ID)
CHK(ID)
SBUX(ID)
NVDA(ID)
Shorts:
ORCL
AU
Saturation shorts:
SLW
CDE
DOW
HON
KO
MET
SWN
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