It’s been a solid morning so far for stocks as we continue to chug along on the value train mountain ride.  The question is are we about to begin a descent ala Thunder Mountain or will the engines continue to power higher using banks and Apple as fuel?

The morning offered me one setup that earned a single ES point.  I’ll take it to start the week.  The primary feature of the morning was a solid five handle rotation higher that buoyed many stocks along with it.  It filled the gap and now we’re watching the market consolidate so far above value.

It will be interesting to see if the market can hold onto this strength through the lunch hours.

I took some profits in YELP and BBRY this morning but still hold 2/3 positions in each.

I started a new long in ANGI, again.  Third time is perhaps the charm?

Expectations today are rather simple.  We have a large three-day value development occurring at these highs.  From Wednesday-Friday the market worked a value area with the control level between 1626 and1627.  Three VPOCs are stacked up at these levels.

Overnight we put a high in at 1627 in near-perfect confluence with the above value area.  Where we trade in relation to this level for the remainder of the day could be very telling of the market tenor for the week.

The overnight session started with a gap lower and thus far has been unable to recapture.  The action resulted in three rotations and a balanced session occurring almost entirely within Friday’s value area.  This tells we we’re still in balance, for the most part.  If the market continues to build acceptance below the value area, we could expect the next exploration of price to be lower, in search of buyers.