{+++} Hey guys, hope you had a great day, I suffered some minor chin scrapes and paper cuts, but nothing lethal. I tweeted that I felt “off” today, as a result of that “feeling” I traded small which is what I always do when I feel that way. Today was a rebound day for the financials, the fertilizer stocks exploded and the materials were up slightly.
The indices had a snapback session from a technically oversold condition, and rallied back to resistance but rolled over in the last hour and took back a chunk of the gains. However, they still ended positive on the session.
The day started out with a gap up and then a pullback. However, they did stair-step their way higher for most of the session until about an hour to go when they reached their session highs near 1370 NDX and 898 SPX, both clear resistance levels. A sharp late pullback brought them substantially off the highs.
Net on the day the Dow was up 46.43 to 8331.32, the S&P 500 up 9.15 at 893.07, and the Nasdaq 100 up 19.84 at 1359.67. The Philadelphia Semiconductor Index (SOXX), however, was up 7.58, or 3 percent, at 244.13.
The technicals were positive by 2 1/2 to 1 on New York and a little better than 2 to 1 on Nasdaq. Up/down volume was nearly 4 to 1 positive on New York on total volume of 1 1/2 billion. Nasdaq traded nearly 2.2 billion and had a better than 3 to 1 positive volume ratio.
I have some meetings in New York tomorrow so I won’t be trading, but I will do a post before the open as usual and one after the close. I won’t be on Twitter as much but will be checking the market and if I see anything thaT we need to move on I will do my best to tweet it. Twits, tweets–what the hell is happening to me? lol
If your still holding some VCF or MTB make sure to protect your profits and always raise your stops when price is moving in your favor. I have two names that look nice. I don’t want the pipeline to get too full and would llike to get it narrowed a little but we’ll see how she goes. The ones that don’t trigger are still good so keep them on your watchlist, if they become dead, I will let you know.
