AMZN - Looking like AMZN is gonna break through all-time highs tomorrow. I would love to buy a gap down tomorrow and target a r/g move. Support it must hold is 280. If we see a flat open then the level to me to watch is todays high of 282.91 because if it breaks that then the next level is all time highs at 284.72
GOOG - Didnt breakout today like many thought it would but its holding in there very well. Above its 8/21mas again and tomorrow we are going to see the 8ma cross over the 21 for the first time in June which is a bullish signal. Watching for an 890 break tomorrow and then Ill target a move to 900
BIZM ($3.70): BIZM once again managed to hold its initial 15 min low. That is, BIZM never went below its low after 9:45, something I pointed out in my video outlook as having bullish implications. The result was the stocks best day in the last 4 sessions. Important support becomes $3.50, not only from a psychological perspective but also because an afternoon pullback found support right at that level on Monday. BIZM closed on highs, when that happened last week the next day saw a gap and run. A gap higher that breaks and holds $4.00 could see another parabolic day.
Today’s action in the market looks about as good as Friday’s did bad. My point is is that this action is really much ado about nothing. SPY is still volatile, and it still hasn’t moved out of its recent channel between $161-$165. One curious note about today is the action in the VIX, which is only down 1.4%. This strikes me as very similar, except in the opposite form, of last Thursday. On that day, the VIX was down 8% but the Dow was only up 70 points or so. As the day wore on, the Dow ended up ripping 200 points and the VIX sank 11% by the time day was over. Continue reading
SPY has spent the last few sessions in a volatile channel between $161-$165. I wouldn’t expect anything directional to change at the start of the week unless there’s a breakout above $165 or a breakdown below $161. For my full analysis on this channel, and where SPY can go if it does breakout or breakdown, watch this SPY video watchlist (start at the 30:00 mark).