Daily Analysis and Stock Ideas for 3/11/2013

 Daily Analysis -
We continue to move higher slowly and steadily. Even the bad economic news from China last nigt wasn't enough to dither the indexes moving higher. SPY seems to be headed for new all time highs at 156.70. Its possible we may see a small pullback soon but we should definitely see new highs soon. I have high side target of 158-160 on SPY. Also watching the ascending trendline on 10min chart. Break of this could trendline could bring meaningful pullback but till then good idea to continue to play longs.  Meanwhile, AAPL seems to have found a bottom. We broke key short term 435 resistance level. I have a short term target of 20sma on AAPL, which also coincides with the top end of descending wedge we've been in this downtrend.

Here are some charts and levels to watch --

Resistance -   156.70
Support -  155.20, 154.65, 153.25, 152.86, 151.40, 150.45, 149.60, 149, 148.42, 147.25, 146.30, 146, 145.60, 144.50, 144, 143.06

Holdings
Long -  ARNA, VXX (23.70, BBRY (13.15), MBI (12.45), MCP (6.01), CLF (24.50), MELI (90.10)
Short -NFLX short 181.40.
Added - AAPL at 428.80
Closed - RKUS stopped out 22.60 (-2)


Trade Ideas -
ENOC, GMED, MDRX, POWI, SRPT, TTWO

SPY - Are we there yet?

Daily Analysis -
Apologize for not posting last few days. Haven't been the best trading days for me as i was caught holding shorts expecting a deeper correction but market has been on a run. I was stopped out on most of my shorts, just holding VXX long. Added a few longs today but timeframe is very short. So where do we head next? I think the chart i posted back in early Feb on SPY roadmap is still in play. We have SPY all time high level of 156.70 in the range now and also measure move to about 158 level that could work out. Dollar continues to hold strong and could push higher to 22.65 level.  Commodities are also in bearish pattern. With all these divergences, I'm still of the opinion the upside here is pretty limited so continue to hold very small positions.

Here are some charts and levels to watch --

Resistance -    154.65, 155.20, 156.70
Support -  153.25, 152.86, 151.40, 150.45, 149.60, 149, 148.42, 147.25, 146.30, 146, 145.60, 144.50, 144, 143.06

Holdings
Long -  ARNA, VXX (23.70)
Short - RKUS (Holding from 20.60)
Added - BBRY (13.15), MBI (12.45), MCP (6.01), CLF (24.50), MELI (90.10)

Trade Ideas -

GLD - looks ripe for a  bounce
SPWR - Bull flag - entry over 12.69
AVT - Entry on strength/volume
VCLK - Watch for breakout