Finally got volatility back in the market on Cypress news. While the futures were down big last night on the news, the day seemed more bullish to neutral. Market still is acting very resilient. After a huge gap down in the morning we basically followed a gradual grind higher again before the last hour minor selloff. Hard to be bull or bear in the market for next few days. The levels I'll watching closely are 154.20 (low of the day) and 156. If we close below 154.20, we're likely to see more downside to fill the gap at 152.92 and over 156 we may renew the grind higher to new highs. What worries me little bit is move in Copper (JJC) today. It had a 3% down day to close below last September lows. Copper is usually a leading indicator but this could be yet another anomaly of divergences we've been seeing since early part of this year. Dollar continues to act strong with renewed concerns in Euro zone. GLD and SLV safe haven trade may be back in play. Finally, AAPL had a nice run today clearing the 452 resistance. It now has potential to run up to 50sma at 466 and over that to January lows of 484.
Some charts and levels to watch --
Resistance - 155.30, 156.09, 156.70
Support - 154.20, 153.25, 152.92, 151.40, 150.45, 149.60, 149
Holdings
Long - ARNA, VXX (23.70), BBRY (13.15/14.78), CLF (24.50), MELI (90.10), AAPL 1/2 at 428.8, FSLR (27.08), DOG (30.94), SRPT 1/2 (30.75), CWH (22.10)
Short - AMZN short at 259.20, looking for 255 level.
Added -BIDU long at 86.10
Closed -
Trade Ideas -
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