Video Watchlist for the week of June 17, 2013 : Continue reading
PCLN - If the markets trend higher this week I think PCLN could really rip. Theres some pretty big OI on the 840 strike and that could act as a magnet. Will watch for a break above 818 then trade accordingly. Will keep this on my trading plan for the entire week if it acting well. On the daily we have another little channel that if it gets above 818-820 itll breakout
Around 1:45 the Dow was up only 80 points when the VIX was down about 8%, I wondered why the Dow wasn’t having an explosive day with the VIX being down so much? Well, I guess the answer was just wait, because the Dow exploded a full 100 points higher from the time of that writing. Not only did the Dow reclaim a solid position above the psychological 15,000 level but SPX catapulted back above 1,622 as well. Continue reading
The indexes are rallying today but they are not up as much as I’d expect given that the VIX is down 8% here at 1:45 pm est. What’s more, the S&P500, while up modestly with the other indexes, is doing a backtest of the 1,622 level. This is important because 1,622 provided support when SPX was above it. An inability to really push thru 1,622 and reclaim that support level would have the ole’ adage of previous support turning into new resistance coming into play. Continue reading
The set up was simple and the results are unsurprising.
“Below today’s low and I can’t rely on the similarities from that late Feb pullback to guide my outlook on the market now, other than knowing it’s immediate term bearish.”
-SPY Fillls The Gap, Now Needs To Hold 6/11/13
Hold the low SPY did not and immediate term bearish it was. This is a classic example of key support not holding and then resulting in a continued move lower. Continue reading