Futures are down to start the day… It’s 6:22 a.m. Central right now and SPY is 155.48 as I type. Just a continuation of the choppy action we have seen lately. If this dip gets bought and we return above 1560-1563 then I am anticipating a red to green move and possible all time highs today. I expect volume to be similar to yesterday which is on the light side…but remember, light volume has been bullish for the markets. So today I have a bias and it is bullish. I want to see SPX hold the 1550′s today in order for my trading plan to still be valid. This is my feeling going into today…of course this could be wrong so i’ll be on my toes and have clear levels to trade again to minimize and manage my risk.
GMCR: I am long overnight the 55 weekly calls. There are so many eyes on this one. I will be looking for strength early in the day to continue to hold this. Must hold 54.80 level of support to continue higher. My target for this long trade is 57 test.
FSLR: a recent dip has brought this one down to support in the 27-27.20 area. It bounced off that level yesterday towards the end of the day. I like FSLR for a potential bounce to 28.50-29 range. Must hold support area mentioned above for further upside.
My LNKD and FB ideas from yesterday’s post still stand… So check that out if interested.
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