SPY: Prices gapped lower then rallied during yesterdays session taking out and holding above the pivotal 125.50 level. The next major level ot watch will be the 130 level and whether the SPY holds above it or fails below it. volume on the previous days has been below average signaling indecision. My bias on this market is neutral as it could easily go either way. I plan to book profits when I come across them as continuation in minimal under such circumstances.
Sectors: The strongest sectors yesterday was the commodities sector which was led by the gold and silver industry. SMH was also strong yesterday, this suggests that some of the tech stocks at this point might be oversold which could prove to be good saturation plays. The financial sector also caught my attention yesterday as they rallied in the afternoon session after selling off in the morning to close positive for the day, if buying continues in financials today then we could have an up day in the SPY today.
Longs: SLW, SBUX, IAG,GG,ALTR,SUN
Saturation longs: JDSU,CIEN,TGT,CCL,UAL
Breakouts: CDE>35.50, VLO>29.00,RCL<40.50
Shorts:
Saturation shorts: SLW,GG,KO,SWN,HPQ,PM
Sectors: The strongest sectors yesterday was the commodities sector which was led by the gold and silver industry. SMH was also strong yesterday, this suggests that some of the tech stocks at this point might be oversold which could prove to be good saturation plays. The financial sector also caught my attention yesterday as they rallied in the afternoon session after selling off in the morning to close positive for the day, if buying continues in financials today then we could have an up day in the SPY today.
Longs: SLW, SBUX, IAG,GG,ALTR,SUN
Saturation longs: JDSU,CIEN,TGT,CCL,UAL
Breakouts: CDE>35.50, VLO>29.00,RCL<40.50
Shorts:
Saturation shorts: SLW,GG,KO,SWN,HPQ,PM
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