SPY: Another directionless day in the SPY in the previous session while it also slowly creeps to the upside. The rally that commenced on the 16th is by no means strong as volume has been below average and every move was initiated through a gap. The levels I am watching at the 133.50 & 134.50 to act as resistance and 133.00 and 132.50 to act as support.
Sectors: Lately there has been a notable divergence in the market internal ETF's with the DIA,IWM and EEM being stronger then the SPY and much stroger then the lagging QQQ the NASDAQ ETF. This tells me that all is not well in the market and that this rally should be treated with extreme caution unless the QQQ catches up with the rest of the group, its lagging action will hold this market down.
Longs: WDC, ORCL, WLP, ABT, PCAR
Saturation Longs: KGC, BRCM
Breakouts: INTU>54.50, HD>37.90, TWC>72.50, ADSK>44.40, RCL<40.50
Volatility: UNH, VLO, XOM. TJX
Shorts: LEN, BRCM, JDSU
Saturation Shorts: HIG, WAG, INTU, COST
Sectors: Lately there has been a notable divergence in the market internal ETF's with the DIA,IWM and EEM being stronger then the SPY and much stroger then the lagging QQQ the NASDAQ ETF. This tells me that all is not well in the market and that this rally should be treated with extreme caution unless the QQQ catches up with the rest of the group, its lagging action will hold this market down.
Longs: WDC, ORCL, WLP, ABT, PCAR
Saturation Longs: KGC, BRCM
Breakouts: INTU>54.50, HD>37.90, TWC>72.50, ADSK>44.40, RCL<40.50
Volatility: UNH, VLO, XOM. TJX
Shorts: LEN, BRCM, JDSU
Saturation Shorts: HIG, WAG, INTU, COST
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