Pre-market update:

Asian markets traded 0.3% higher.
European markets are trading 0.2% lower.
US futures are trading 0.3% lower ahead of the market open.

Economic reports due out (all times are eastern): MBA Purchase Applications (7), ICSC-Goldman Store Sales (7:45), Housing Starts (8:30), PPI-FD (8:30), Redbook (8:55), FOMC Minutes (2)

Technical Outlook (SPX):

SPX rose for the seventh time in the last eight sessions yesterday.
Without a doubt the market is exhausted. Yesterday marked the 11th straight day of gains for the S&P futures – that’s unheard of.
Even if the SPX can make new all-time highs here, there won’t be any buying power to support it as it will have been all used up on the rally that got us to that point.
Stronger volume yesterday than what we saw the previous three days.
A divergence in the VIX with it popping to 13.87 yesterday.
Ideally for the bears a big move that would push the market below 1809 would re-ignite market fears of a new sell-off. Maybe a break of 1825 would be enough.
I suspect that there will be some resistance between 1841 and 1850 this week.
The problem with the breakout here to new all-time highs is that SPX would have rallied 7% without any pullback and would be making brand new highs after it is extremely over-extended which is likely to lead to a pullback of some type.
Stochastics are overbought yet again.
The biggest technical support level is the strength SPX found from the trend line that started off of the August ’13 lows.
Markets don’t care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up.

My Opinions & Trades:

Closed CLR at $116.88 for a 4% gain.
Added one new position on Friday.
Remain long HAR at 105.00, MTW at 27.28
Will consider 1-2 new positions based on market conditions, may consider a short position as a hedge position.
Long 30% / Cash 70%
Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX:

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Swing Trading the Stock Market

Welcome to Swing Trading the Stock Market Podcast!

I want you to become a better trader, and you know what? You absolutely can!

Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.

That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.

Watching the dollars rise and fall in your trading account can turn a well-planned swing trade into an emotional, deeply personal decision. In this episode, I explain why focusing on price action, percentage returns, and R-multiples can help you avoid cutting winners early, holding losers too long, and abandoning your trading plan.

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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.