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For the day the SPX/DOW were +0.15%, and the NDX/NAZ were +0.10%. Bonds gained 16 ticks, Crude added 50 cents, Gold added $1, and the USD was higher. Medium term support rises to the 1680 and 1628 pivots, with resistance at the 1699 and 1779 area. Tomorrow: the CPI at 8:30, Industrial production at 8:45, then NAHB housing at 10:00.
The market opened at a new uptrend high today, pulled back a bit, then made a higher high. Just like Friday, the market continued to be in quiet summer drift higher mode. At today’s high, SPX 1685, the market came within two points of the all time 1687 high posted in May.
Short term support rises to 1680 and SPX 1658-1667, with resistance at the 1699 and 1779 areas.
The market was mainly sideways but we had some nice moves on the P&L as RVLT popped 13% on big volume. The stock had a 10% move on Friday. I took 1/4 off today for +.85c
Biotechs were mixed today after Friday’s big move, but IMMU managed a breakout and a 9% move on very nice volume.
I also made a partial sale on EVC for a profit of 18%.
Some stocks also triggered today: VOYA, EVR, OPTR, BEN AND MNKD. IRWD missed triggering by a penny, but I took a little anyway, so we’ll see what happens tomorrow.
The DOW and S&P made all time closing highs on Friday, but never got through their intraday highs. Let’s see if the bulls want to take those highs our tomorrow.
Hope you all had a profitable day. See you in the morning.
Joe