On Tuesday, the S&P was in the process of forming a triangle.
Well, it has broken out to the upside today on a print above 1290.
It appears that there is no major resistance until about 1380.
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In other news, the Dow has broken a spread triple top today at 11,700—a very bullish pattern (chart unavailable. Will update later.)
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Mr. Market is busy at work this morning, confounding, confusing and embarrassing even the most skilled traders and investors.
Oil is down and the dollar is up against all the major currencies.
Fannie Mae [[FNM]] is surprising me. I thought it would do the down 20% thing. Last I checked, Freddie Mac [[FRE]] was actually up a little over 2%. What happened to the meltdown?
If you haven’t figured it out yet, I’ll tell you now. We may have seen a bottom to this thing. Not saying all the troubles in the economy are over. There will be more banks failing and CEOs looking for jobs on monster.com.
However, keep in mind that often times, it’s not the content of the news that’s so important, but the reaction to the news that will tip us off as to the direction of things.
If you’re a trader, it behooves you to follow the tape right now, and turn off CNBC.
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I liked the way Apple Inc. [[AAPL]] traded throughout today, so I bought shares near the end of the session @ $163.45.
Disclaimer: Carefully research this stock before buying it. Steve Jobs may not be as smart as he thinks he is.
Comments »This morning, I sold shares of Petroleo Brasileiro SA (ADR) [[PBR]] , @ $52.74. Stop loss triggered on this “fuckus” stock.
I will post an update on that group of stocks later today.
******************************UPDATE********************************************
Re: The Most Egregious Stocks on the Planet, aka “Focus Stocks”
(AGU: 82.13 -1.57%)@86.26
(BIG: 31.31 -2.37%)@ 29.05
(CLF: 90.74 -4.60%)@89.40
(CNX: 65.53 -0.43%)@91.41
(FDG: 85.85 -0.49%)@69.30
(FLS: 121.63 -1.53%)@121.10
(POT: 178.39 -1.20%)@199.26
(WFT: 38.79 +3.00%)@41.99
(WLT: 88.26 -4.90%)@83.87
Top three winners:
MEE +49.60% (realized)
EAC +26.67% (realized)
CLR +26.58% (realized)
Top three losers:
PBR -21.33% (realized)
GLW -11.98% (realized)
POT – 10.81% (unrealized)
These stocks don’t get kicked out until they individually experience a 30% drawdown. Otherwise, they are free to roam.
Still looking for a slot to fill to round out the group at 10.
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Raised the stop on Genomic Health, Inc. [[GHDX]] to breakeven, $21.77. Trailing 10% stop loss in effect.
Comments »Bullish triangle breakout on the Dow
A print of 11,700 will set up a move to challenge resistance at 12,000. Dow holding above 11,450 is key.
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1290.00 is the number to watch on the P’s. Potential bullish triangle breakout.
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2360.00 on the Naz breaks a double top. This index has already traded through the bearish resistance line which was at 2300.00.
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Look at the bullish triangle starting to form on the Russell.
725.00 breaks a double top. Already trading through the bearish resistance line.
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Lastly, market sentiment…….Bull is confirmed
NYSE bullish percent is at 40.38%, and approaching mid-field.
Stocks, in general, are not even close to being overbought (70% level), so put those fears aside for now.
It’s time to take the offensive and score some points. Get out of your inverse ETFs, bearshitter. If you wait until it “feels good”, the Dow will be back at 14,000—you know it, too.
Disclaimer: Trading involves risk…yadda, yadda, yadda…
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