The market on Friday was weak with the SPY closing down. On the daily time frame the SPY failed to take out its key resistance level at 122.00. and came right back in. The XLK closed at its key level and is yet to breach it. XLF on the other hand has already sunk back into its previous range on average volume. Technically speaking, we are still in a bull market and this short term decline could only be a pull back in the big picture. The SPY and QQQQ are still comfortably above the 50 and 200 SMA and the volume on the down days have been either average or below average signaling that a top is yet to form.
Longs:
DIS: A long that saw some massive volume right below its key resistance level at 38.00
JNPR: One of the strongest stocks from the tech sector on Friday after it closed at the highs and taking out its former range on above average volume,
VLO: A long the a demonstrated relative strength compared to the market on Friday.
XOM: A long that is still going strong.
HAL: A long that should only be looked at if its above 36:00
Breakouts:
TJX> 46.00
LLTC< 31.00
AMGN<54.00
JNJ<63.30
USB< 24.50
Shorts:
BMY: A sell short, this stock is also a stock in the weak XLV sector. IPT at 25.65
ABT: A sell short that sold off on decent volume on Friday.
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