Hard to be bearish after today's action. We recouped all the losses from Monday's session and then got some before reversing a little to close the day. I must admit the sharp direction movement in the markets last couple days got me. I closed some trades yesterday expecting some more downside yet market opened sharply higher and remained very strong throughout the day.
Resistance - 150.20, 151.4, 152.35
Support - 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
Short - RKUS
Added -FDO for my IRA account.
Closed - OPEN covered at 51.05 for $2.85 gains. May have more downside but no point fighting the tape.
- JCP after opening lower moved higher. Was up over 5% at some point. I closed my second 1/3 position at 20.45. Still holding 1/3. Don't like the volatility in this stock. Will add over 21.12 if it gets there.
- TNGO VALE YPF all ended in red. Not a good sign. Time to reevaluate the positions.
- NVDA showed some strength.
- Did a few day trades on RIG, BIDU and UNXL.
Pretty broad based rally today. Techs stood out with GOOG and AAPL acting very strong. Financials weren't far behind either led by JPM.
Trade Ideas -
ESL - Nice bull flag
SM - Nice bull flag. Long over today's highs.
UNXL - WIll go long again over 15.85.