Daily Analysis -
No cracks in the market yet. The range widened with a big gap down which was quickly bought and the SPY closed in green. Action overall was bullish but signs of some exhaustion. What we need to watch for is a sharp move up and quick reversal for a true reversal sign. For now I'm fairly neutral on the market having closed most of my swing positions earlier in the week. I'll just be looking for very short term positions for now, waiting for more directional movement in the market.
Resistance - , 152.60, 153
Support - 151.40, 150.40, 149.60, 148.42, 147.40, 146.30, 146, 145.60, 144.50, 144, 143.06
Coal stocks got a nice bounce today. ANR BTU WLT JRCC all looking ripe. Watch KOL to move to $26 resistance level, till then you can use 2-3 swings in these stocks.
Long - YPF, NVDA, ARNA, MHP
Added - None
Closed - JCP, TNGO, SHLD, VALE, C
- Entered NILE this morning for 30.40 and sold it late in the day for 31.25.
- Closed my UPL position from yesterday for 0.50 loss.
SINA - Nice looking pattern. Next resistance is 58.
REXI - Huge volume today. look for continuation.
WLT - Nice basing pattern. Could be a good swing.