I thought yesterday the market could rise by another 5 points, but taking into account the after-hours action it's already done a bit more than that. Until the S&P breaks the prior day's lows, this can continue. Interestingly, the market nearly broke through the highs from last November. This price level may prove as significant a level of resistance (even after it's breached) as the January highs, which ultimately produced the June pullback.
I continue to err on the side of caution: recommending tighter stops and fewer dollars at risk per new idea. We sold KBH for a loss today; the sell-stop I had was just too tight.| Current Holdings | ||||||
|---|---|---|---|---|---|---|
| Ticker | Basis | Closing Price |
Perf. | Sell-Stop | Addl Exit Guideline | Chart |
| TQNT | 7.11 | 7.01 | -1.4% | 6.77 | N/A | Chart |
| COF | 30.81 | 31.50 | +2.2% | 30.49 | N/A | Chart |
| CWTR | 6.87 | 7.24 | +5.4% | 6.99 | N/A | Chart |
While I'm not terribly bullish at this point, today's action produced a lot of setups across various charts. The dollar has been very weak, so tomorrow's long ideas are from the inversely-related basic materials sector. There's also a short idea in QID as a bit of insurance, as technology has been the laggard among the leading groups.
| Ticker | Entry | Exit A | Exit C | Chart |
|---|---|---|---|---|
| ABX (Barrick Gold) | 36.68 | 35.49 | N/A | Chart |
| UCO (Ultra Crude Oil) | 13.31 | 12.68 | N/A | Chart |
| SWC (Stillwater Mining) | 7.16 | 6.71 | N/A | Chart |
| QID (Ultrashort QQQQ) | 26.61 | 25.86 | N/A | Chart |
Please refer to "How To Trade The Ideas" (right-hand side) to read this table.
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