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Human error is the #1 cause of data loss. As a matter of fact, anything that has ever gone wrong with technology in my life is due to user error. Me. It’s not until you lose everything on a computer that you realize how dependent you really are on technology. Luckily, I came just short of losing everything and recovered what was important. The rest was just tedious, like reinstalling trading platforms and charting systems. I will forever backup my stuff now. It’s one of those things that you think well never happen to you….until it does.
For the day the SPX/DOW were -0.10%, and the NDX/NAZ were +0.25%. Bonds lost 7 ticks, Crude added 20 cents, Gold rallied $23, and the USD was higher. Medium term support remains at 1680 and 1628, with resistance at 1699 and 1762. Tomorrow: Retail sales and Export/Import prices at 8:30, then Business inventories at 10:00.
Short term support remains at the 1680 level and SPX 1658-1667, with resistance at 1699 and SPX 1717.
It’s tough to make a call from here, but my gut says higher even though it would be very easy for the bears to knock this thing down 50 handles from here. The bulls need a rest and are hanging out in the Hamptons. Personally I’d rather visit Yemen than the Hamptons, but some people seem to like it.
The SPX chart below doesn’t look all that bearish to me, it’s just resting and chopping sideways. Remember that markets correct either through price or time, so sideways can be good, as it rests up for the next big move.
Here are some setups that look interesting, so let’s keep an eye on them.
UVE just reported blowout earnings. The stock is currently in a bull flag on the daily chart. I would buy the 8.60 breakout level.
YELP- I don’t play earnings, but I wish I had on this one. Anyway, this has pulled back (almost 20%) since earnings and on lighter volume. It’s also resting right on the 10 rising moving average. This should see higher prices in a better market. There is a big gap to fill if things should go wrong so have your stop around the 49 level. Buy the area between 50-52.
QCOR– The top of the channel says a 75 target. Buying the 67.50 level
That’s a wrap for tonight. See you guys in the morning. Check the P&l for exact entries and stops.
Joe