Longs: IAG 18.50, SBUX 36.00 & 200SMA, KLAC 37.00, ABT 50.00 & 200SMA, NTAP 33.50
Breakouts: UNH <41.00, JPM<28.50, EBAY<27.00, TRV<26.50, WFC<22.65, KSS<47.50, COH<50.60, WAG (IDB R=33.10 S=32.50), SLW <29.00
Shorts: CIEN, C, AET
Notes:
Market could be getting oversold at this stage, however, it is important to note that we are in a bearish market and any longs taken should be taken with extreme caution. Longs should only be considered on sectors that are demonstrating relative strength and on stocks that form a bottoming out pattern.
Strongest sectors: XLU - XLK - XLV
Weakest sectors: XLB- XLF - XLI
I expect to see noise at the open again today, as bears and bulls fight it out. Clean moves have tended to occur after the hour and a half of trading.
Premarket everything is down, except for the EUR which is slightly holding above yesterdays low at 1.3150. AUD being hit hard, and gold holding up the 1650 level.
HKHS down 4.38%
VIX about to take out previous highs at 48.00
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