by Ryan Mallory

Few Setups to take a look at today. 

Long: Owens Illinois (OI)

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by Ryan Mallory

Economic Reports Due out (Times are EST): MBA Purchase Applications (7am), ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Existing Home Sales (10am)

Premarket Update (Updated 9:00am eastern):

• US Futures are slightly weaker heading into the open. 
  
• Asian markets traded higher - ranging from 0.3% up to 1.1%
  
• European markets are trading lower by about -0.5%.
  

Technical Outlook (S&P):

by Ryan Mallory

Fairly quiet day in the market today, nonetheless, it's probably a disappointment for most bulls that we didn't blow through that 1370 level today as they had hoped for. For the bears, anything in the red, at this point, will do. 

Here's my market wrap up video, featuring Apple (AAPL), Oil (USO) and Gold (GLD).

by Ryan Mallory

The news today, beyond the faulty assumption that Greece banks is once and for all saved, and we no longer have to fret about their future, the other piece of news is Dow crossing 13,000, which defintely holds some psychological importance for the market - careful it could also be that level where the sell programs kick in - who knows. 

With the market continuing to march up, and everything else beyond price action pleading for a sell-off, I present you another assortment of long and short setups to swing trade. 

LONG: Broadcom (BRCM)

by Ryan Mallory

Economic Reports Due out (Times are EST): Chicago Fed National Activity Index (8:30am)

Premarket Update (Updated 9:00am eastern):

• US Futures are slightly green heading into the open. 
  
• Asian markets were mixed in trading.
  
• European markets are trading lower by about -0.5%.
  

Technical Outlook (S&P):

by Ryan Mallory

I came across a Flash-Crash video on YouTube, and of course I couldn't help but watch it - (it's chicken-soup for the bear soul). In lieu of today's "Important" Greece "Agreement", I thought I'd post this video, not so much for the sake of watching the flash-crash unfold (though it never gets old), but to see what was at the forefront of that day (HINT: Starts with a "Gr" and ends with "eece"). 

I mean "C'MON MAN!" its  been more than 2 years we've been dealing with this and how many agreements later? So why in the world would we think that today's newest agreement will do anything to fix the situation in Greece, and much larger issues among European nations?

by Ryan Mallory

How much more can we expect from news in Greece to continue juicing this market? Some will say that it's not all about Greece - it's about earnings too. Wrong! Take out Apple (AAPL) and earnings season was quite dismal to say the least. I will say though that AAPL has helped the markets aside from Greece, particularly the NASDAQ and the NASDAQ 100. In all honestly, I'm just trying to get through this post without using the words P*r*b*l*c and T*P since it seems like you can find a million other posts on the web stating the same thing. Be cautious though because the markets are closed tomorrow, and there is another "important" Greece meeting among the European countries which requires another agreement, that technically has yet to be agreed upon (I can't keep up with all the agreements that has to be made). But there is a chance that this agreement doesn't go through, and as a result Greece would start down the path of default. With the market closed tomorrow it could create quite the quagmire for equity longs if this were to happen, because we'd likely see a nasty market sell-off (assuming rational market behavior of some sort). 

For those of you who are not familiar with the SharePlanner Reversal Indicator, here's a quick tutorial...

The Indicator uses the advance/decline ratio with a stochastics overlay. The bottom half of the chart is the weekly candles of the S&P. The chart itself goes back two years. Some folks have criticized me for posting this chart in the past saying that it isn't 100% accurate - but if it was, as some think it must be, then I wouldn't be posting it - I'd save it all for myself and make an ungodly sum of money off of it. But it isn't perfect and there is always a level of error that you can expect from it. But overall, it is fairly accurate, and when the indicator hits certain extremes on the stochastics, it is often a good time to start hedging positions that are going against the direction of the indicators, or start loading up on short or long positions in-line with the direction that the indicator itself is pointing to.

Remember to pay the closest attention to where the %K & %D lines cross (i.e the red and green lines). This is typically where we begin to see changes in the behavior of the market - not always but quite often enough, to warrant our attention. What this tool is best for, in terms of what I use it for, is market timing and position building. When there is a crossover that goes against the positions in my portfolio, I, often times, look to take profits in those positions or at least hedge against them

Here is the SharePlanner Reversal Indicator.

by Ryan Mallory

Since the open we've seen selling pressure come across the market, and logically speaking, I'd expect it to continue through the day with it being a 3-day weekend (markets closed on Monday for President's day) and a very important meeting (yes another one of those) on Monday while the markets are closed concerning the bailout agreement. The bulls have banked a lot of profit at this point, and it would seem silly to risk it over this weekend. But hey....what do I know!?!

LONG: L-3 Communications (LLL)

LONG: Chesapeake Energy Corp. (CHK)

SHORT: Progress Energy (PGN)

SHORT: Frontier Communications (FTR)

by Ryan Mallory

Economic Reports Due out (Times are EST): Consumer Price Index (8:30am), Leading Indicators (10am)

Premarket Update (Updated 6:30am eastern):

• US Futures are slightly green heading into the open. 
  
• Asian markets closed 1.3% higher.
  
• European markets are trading 0.5% up to 1.4% higher. 
  

Technical Outlook (S&P):

by Ryan Mallory

LONG: Samson Oil & Gas (SSN)