Breakouts: JNPR>30.50 (HBO), QCOM>55.00 (HBO), ALTR>44.50 (HBO), SBUX>38.00, BBY>33.00, INTU>51.00 (HBO), C>39.50 (HBO), ,MCD>83.00, TSO>22.50 (HBO)
Shorts: CIEN (SAT@18.50), SBUX (SAT@38.00), GM (SAT)
Notes:
I remain cautious in these markets as the trend is yet to identify itself.
Yesterday the technology sector held the market and gave it a much needed boost. as the SPY failed to breach its 200 DMA and failed to take out the lows after the gap down. I expect to see some follow through to the upside which I intend on taking advantage of through my breakout plays. Should the market on the other hand saturate and resume the down move, my saturation plays should be handy. I will be observing the tape closely today to examine whether the buying we saw yesterday will resume today.
Premarket the euro is rallying after forming a higher low which is bullish.
Looking at the SPY again, the 200 SMA forced the SPY in a higher low, which is bullish.
Buy the rumor and sell the fact, www.marketwatch.com wrote that more Greece aid likely which was the main driver of the up day yesterday. When are still in rumor mode.
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