Fridays Gameplan

Longs: NTAP, GG(46.50), JAZZ (48.50), AMGN (66.50), DNDN (14.50).

Breakouts: ANR>23.00, UNH>53.50, COF>49.50,AET>46.00, AXP>52.50,JDSU (NR7 R=14.00 S=13.50), KSS>50.50, UAL (NR7 R=24.25 S=23.50), JNPR>23.50, LOW (NR7 R=27.01 S=26.75), HON (Double IDB R=60.00 S=59.60), MOS (NR7 R=56.50 S=55.90).

Shorts: SBUX (49.50 its a saturation idea because volume has been expanding while its daily range has been also expanding on volume that is below the 50 period ATR, this idea is risky and an RDR trade is favorable in this scenario), QCOM (RDR contracting range on accelerating volume).

Notes:

IBB is at its 10 EMA and is saturating on below average volume and range, it also formed an inside day yesterday and is forming a triangle at the same time on the hourly (JAZZ AMGN).

The VIX is up 2.59% to 18.63 while the SPY is also up .13% to 135.36 - Quantifiable Edges say this is bearish.

Tech strongest at the moment (QQQ)

As for economic indicators, we have Trade Balance - Prelim UoM Consumor Sentiment and Bernanke speaking at 9.30 (GMT+4).

Given the above, we are on a Friday, I expect the morning to be quite and choppy as traders will wait for Bernanke at 9.30 which will be when most traders will have already gone home. The lower open in the Futures is tricky, a push lower will most probabily be met by buying while a move higher will be met by selling causing our choppy day. I will be trading on momentum today, booking what ever comes along as the environment calls for it with a slightly bullish bias.