Nice positive move on the indexes on Friday on continued strong corporate earnings and nice trade deficit data. We finally moved above the range 149-151.40 we were stuck in for last couple weeks. We may go retest the150-151 levels again this week but for now the momentum points higher. I know there are lot of people looking for correction right now but i think this market may surprise those people atleast for a few more days if not weeks. Lets continue to play the setups while they are working. As I have stated before 149.50 is the key level, if we break that look for a larger pullback but till then buy on the dips. Keep an eye on Dollar and be mindful that is UUP breaks outs over 22.04 pullback market may be in trouble.
Resistance - , 152.35
Support - 151.40150.40, 149.60, 148.42, 147.40, 146.30, 146, 145.60, 144.50, 144, 143.06
Long - JCP (1/3), TNGO, YPF, NVDA, VALE, ARNA
Added - SHLD at 47.70
- Played EFX short ~$1 gain.
- Scalped TROX for a few cents again.
- Did a pair trade on AMZN short and AAPL long for +2.50 gain.
- New swing position in SHLD
- Entered HHS long at 7.62
New Trade Ideas
C - Nice consolidation last few days. If financials stay strong this should see 50s.
LVS - Nice setup. Play strength in Casino stocks.
MENT - Nice C&H Pattern with expanding volume.
HHS - Flag forming. Should breakout higher.
DSX - Nice pattern. Recommended by one of the blog followers :)