Longs: JDSU (50 DMA confluence with flag resistance trendline confluence)
Breakouts: SNDK>38.00,AXP>50.00, SBUX>39.50, XOM>74.50
Shorts: MS (16.50), C (29.00), HON (48.00), UNH (48.00), COST (81.00 Fade), DD (48.00), WLP (64.50) & Deathcross, ABT (52.50)
Notes:
The market seems to be drying up on its up move, with the QQQ's and DIA rising at a slower pace than the SPY on declining below average volume. The SPY also climbed on below average volume and out performed the duo due to the strong day in the financial and energy sector yesterday, both being on average volume. XLV the healthcare ETF has some serious resistance (50 & 200) DMA and advanced on below average volume should merit some attention today, however, should this market sink, XLV is not the best sector to short due to its defensive nature.
The open will be crucial today, the market will do one of several things, it will either open higher and come in, or open inside yesterday and attempt to take out the highs and fail, if it succeeds I dont expect the move to continue and if it does continue in the same manner as the previous 2 days then to me the market is a sreaming short tomorrow. Other scenarios can occuer making premarket assessment crticial.
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