Monday's Game Plan

The SPY traded on another below average volume day on Friday which was the day of the NFP  report release. The day saw the NASDAQ or the QQQQ's ETF lag before the SPY and DIA. That sent the market slightly downward at the open as the divergence played its toll on the markets for about an hour until the market formed a bullish U turn intraday. What was notable was that when the QQQQ's caught  up the entire market followed as all the ETF's were in sync and pointing up, the market rallied as a result.
Looking at the daily SPY, theres still room to go with the next major resistance level being at 117.50, however the QQQQ is still in consolidation. Its 49.80 level was tested and rejected again. If we manage to take out this level then expect it to be a bullish day as the QQQQ's are the lagging ETF out of the three and if it rallies then the market should follow. Should it fail to take out the highs again expect it to drag the market down again which would result in choppy action.

Longs:

MGM: Major up day on Friday on this stock where it went up 15%. The stock has room to go and I expect follow through to the massive up day. My first IPT would be 14.15 then 15.

DOW: A long with room to go after it too out its 29,85 resistance level. IPT at 30.85

UAL: A long with room to go. Ill look for a preferable r/r entry in this stock.

SUN: A long and finally broke out with conviction on Friday. I expect follow through if the market is strong. IPT is at 40.80 which is a 1.57 dollars away.

TXN: A long and is another strong SMH stock that followed through. It took took out its pause on the daily timeframe after it broke out of a significant level. Looking at the weekly chart the stock took out its 27.50 level with above average volume and that's what you want to see in a breakout. Next IPT goes back to July 2008 at 29.40.

ABX: A long on this gold stock. Holding well so far after it broke out of its historical highs and has alot of potential. First IPT at 49.00. then it has alot of room after that level.

EMC: A long that formed both a swing low and bullish reversal at the same time. Has alot of room to the upside with the next IPT at 20.45.

ORCL: A long that closed at the highs after it broke out of its bullish flag. I cant find the next IPT on the daily and weekly so I used the monthly went back to 2002 where the IPT was at 30.60. ORCL has potential.

NTAP: A long that formed a swing low and a bullish U turn on the daily. IPT at 51.00 which is a long way from where it is right now.

DD: A long and a stock that has been showing consistent strength.

KLAC: A long that traded on ultra high volume on friday. The stock formed a massive daily bullish U turn.

ALTR: A long and another stock that formed a bullish U turn. ALTR bounced off of support which was previous resistance after it broke out and has alot of room to go to the upside if it can clear 29.60

Breakouts:

SNDK: > 39.90 is the level. Should it take it out the next IPT is at 42.00.

HAL: Another strong day for this strong XLE stock. The stock is already an A long with major resistance at 35.20.

KSS: > 54.40. The stock is already an A long and if it takes out that level its next resistance is at 56.65 which is 2.25 dollars away.

SLB: > 63.70 on this A long. IPT 64.50 then at 66.00.

HPQ: A breakout candidate as it has been in a tight range for 6 days now. An explosive move is expected. If it breaks up then 43.00 is the next IPT. If it breaks down then 39.00 is the next IPT.

HON: > 45.85 with the next IPT at 46.60.

MCD: > 76.25 on this A long.

BBY: > 41.30. A long with room to go.

Shorts:

MS: A sell short with the next IPT being at 24.55.
After analyzing my stocks I found that tech and SMH stocks are rather strong and if they continue to demonstrate strength on Monday then ill trade them. I have no shorts for Monday as the market is giving us a direction and most stock are either strong or about to break out and become strong. Ill be watching the QQQQ's early in the day to assess the tech sector's strength. Ill also keep an eye on SMH on XLK.