A big day for the markets today as institutions started putting money to work on the long side after the better than expected initial jobless claims. After today's broad based rally, the NASDAQ is retesting pivot point resistance at 2550. The mini H&S topping pattern has been wiped out.
I see an inverted H&S bottom on the 15 min. which is good for another 20-25 pts. Jobs data before the bell will set the tone for tomorrow's trade.
AAPL basing at key pivot point ahead of annual WWDC on Monday.
4 comments:
A well laid trap, especially in the NASDAQ/Q's. The relative weakness in the S&P and DOW was a big clue. The contrast between yesterday and today highlights the advantages of day trading.
TBSI was a sweet short going thru 46.20 intraday support. Financials - wow - throw a dart. Have I ever mentioned that I love big down Fridays.
I was mildly surprised by the over-reaction to yesterday's initial claims. It destroyed my bearish H&S top on the COMPQ. But I was very happy to take money out of the market.
Today's numbers tell the real story and it's not pretty.
TBSI better than the two shippers I traded. I was half asleep taking two setups that were heading into round dollar numbers EXM ($50)and DRYS ($90).
Jamie,
Here are a few interesting charts from my weekend scans:
DISH, CME (consol just under $400), MYGN, VRTX, APOL (recaptured 50MA, convergence of MAs), BWEN, MR, MBT
Thanks Jim,
Also like GRMN here. It breached $50 Friday afternoon and buyers came in strong as price quickly rallied back up to $52.50. Could set up a target trade back to $55.00 and then hopefully, later on B&B, to next resistance level at $60.00.
Post a Comment