Friday's Game Plan

The SPY was choppy yesterday as it gapped up to close slightly below its open. In the big picture the SPY is in a bullish pause as volume on the two down days was below average, this lack of selling indicates that the bulls still believe in the upside. However todays NFP news release will surely mix things up. We should have some volatility today that should shed some light in the upcoming move. XLK is pausing right under its 23.40 level and is still in a bullish flag while XLF declined on below average volume yesterday. The QQQQ are similar to the XLK with it pausing right below a key level. Meanwhile the DIA is holding above its key 109.50 level. Ill be watch the reaction to the NFP today and wont trade till 10:00 a.m when the market settles in a little bit.

Longs:

DD: A long with room to go after taking out yearly highs yesterday and holding above resistance. Ill be looking for a continuation of the move we saw yesterday.

SUN: A long that is holding above its 38 key level. If XLE is strong ill consider SUN.

ALTR: A long that held at support again yesterday. Ill be looking for a preferable r/r in ALTR.

DOW: A long that tested its 28.50 level yesterday after it broke out the day before. Ill be looking for a continuation.

ORCL: A long that finaly held above it broke out yesterday. It formed a melted candle right above previous resistance on the daily. On the hourly that daily melted candle looks like a pause and a reason to be long ORCL.

TXN: Tested the day before yesterdays lows and bounced. It is forming a clean daily flag and should it bounce again then ill be looking long TXN as its an A long.

Shorts:

COF: A short if it goes below yesterdays close. Has room to the downside with the next resistance being at 38.50. This stock is also a financial and that reflects the XLF's weakness.

NUE: Double top on the daily. This stock will turn into an A sell short if it trades below yesterdays close which bounced right off the 50 SMA. We could see similar action to AKAM if we break.

MS: A short that formed a swing high on the daily. It has room to go to the downside with support being at 24.70 then 24.30.



Breakouts:

BBY: Again failed to take out 41.20 yesterday after it tested it for the forth time. If this level gets taken out ill be long BBY as long as RTH is strong.

HPQ: Another inside day yesterday. If the NFP has an impact on the market today we should see HPQ break violetly in one direction, or both.

MET: Another Inside Inside Day pattern in this stock.