Another down day but strong pullback in last hour. Market sold off early part of the day but we got a bounce off the 20sma on SPY. We closed above 154.20 so difficult to predict the action next few days. Still difficult to be Bull or a Bear in this market. Continue to watch the action closely. UUP is forming a nice bull flag on the daily. I expect it to break the flag and move towards 23 area. Meanwhile, GLD continued move higher. My target on GLD is 158 area which coincides with the top range of the channel. Copper continued its slide which does not bode well for equities.
Some charts and levels to watch --
Resistance - 155.30, 156.09, 156.70
Support - 154.20, 153.60, 152.92, 151.40, 150.45, 149.60, 149
Long - ARNA, 1/2 VXX (23.70), BBRY (13.15/14.78), AAPL 1/2 at 428.8, FSLR (27.08), DOG (30.94), CWH (22.10)
Added - 1/2 AAPL at 449
- 1/2 SRPT at 34.25 (+3.50)
- MELI at 95 (~+5)
- BIDU long at 84 (loss of 2)
- Stopped on CLF at 21 (-3.50)
- Added 1/2 VXX in the morning and sold it at 22.53.
- AMZN covered 1/2 at 254.50 (+5)
Trade Ideas -