The Market’s Santa Rally came early for some. If you were in this, just quit trading for the year. You earned it.  Quick Glance at the Market Heat Map and Industries Notables: Banks and Materials provided the market support. Apple, GOOG, CSCO weighed down the tech sector. Utilities are back to their
spc 3325355 Date and Time: Â Â Â Â 3/2/2011 8:16:21 AM Machine Name: Â Â Â Â Â SHAREPLANNER IP Address: Â Â Â Â Â Â 192.168.2.3 Current User: Â Â Â Â Â SharePlanner\Ryan Operating System: Â Â Â Windows Vista IE Version: Â Â Â Â Â Â 8.0.7600.16385 Application Domain: Â Â stockFinderApp.exe Assembly Codebase: Â
Current Long Positions (stop-losses in parentheses): QID (9.99), TWM (11.39) Current Short Positions (stop-losses in parentheses): LSI (6.53), GLD (133.67), SNDK (50.20) BIAS: 28% Short (counts QID & TWM as a short) Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Wholesale Trade (10am), EIA Natural Gas Report (10:30am), Treasury Budget (2pm)
Lots of action in after hours trading with The Street frowning upon the Cisco (CSCO) earnings. Depending on how the market ultimately responds, I have for you below a few setups to chew on. Garmin Ltd (GRMN) – Broke out nicely above $32, and for the first time appears to be holding this critical
Current Long Positions (stop-losses in parentheses): TICC (10.28), NFLX (172.58), MCD (77.74), FLIR (28.18), BIDU (111.99), SPY (119.90), CTXS (64.13), MENT (11.08), MON (61.20) Current Short Positions (stop-losses in parentheses): None BIAS: 73% Long Economic Reports Due Out (Times are EST): Consumer Sentiment (9:55am) My Observations and What to Expect: Futures are down
Futures continue to deteriorate, with the market staring at a 1% loss to begin the day. CSCO earnings and what might come out of the G-20 meeting continues to push the market lower. We’re poised to test the 10-day moving average on the S&P which has continuously acted as support for this trending market.
Current Long Positions (stop-losses in parentheses): TICC (10.28), NFLX (172.58), MCD (77.74), FLIR (28.18), BIDU (107.15), SPY (119.90), CTXS (63.20) Current Short Positions (stop-losses in parentheses): None BIAS: 68% Long Economic Reports Due Out (Times are EST): None – Veterans Day My Observations and What to Expect: Futures are trading with moderate weakness
The five trade setups that I posted from 8/18-24, did have a positive edge to it this week. I avoided two trade setups to the long side, when it became painfully obvious that the market wasn’t going to be very cooperative with the bulls. The best trade you could have gotten into was KITD. The
Futures still remain up this morning, though they have come off of their highs a bit. I am likely to sell my position in QQQQ early this morning and take the profits. As for the daily setups, I come to you with a long and short setup. Though, there is a lot of short setups