$SPX Daily: We have cluster resistance @ 1,220, but price could easily make another push higher next week. Or, a couple weak days then a push higher. We still don't have bearish price structure yet.
$SPX Weekly: RSI almost at 70 and price is stalling below the upper BB. We could be close to a top.
IBM: MACD trying to turn up, maybe more upside on IBM. Nothing bearish so far.
JNK: Maybe it scratches a new high and makes a bearish divergence.
$VIX: BBs very tight and the RSI and MACD are trying to head higher.
$COMPQ: Divergences on the MACD and the RSI with price trying to roll over.
AAPL: The MACD is making a wedge on the weekly chart. This could be a bearish clue if it rolls over!
AMZN: The stock is building divergences on both the RSI and MACD on the weekly chart. There's enough structure up for this move to finish soon.
My Watch List: Still keeping the list short.
URZ: The stock is right at resistance with plenty of room on the RSI to move higher. MACD is heading higher as well. BBs are starting to widen. If it's higher we go, we should know very soon.
From My Trading Desk: Friday was a very busy day. We closed a long on NEM for a tiny gain, we closed our short on RL for a tiny gain, we scalped a gain on a short of AMZN and scalped a small loss on a long of WYNN. We also closed our long on URZ for a very nice gain.
Some of those trades are what I would call testers. I was trying to test the market by placing a few trades. There still isn't a bearish pulse yet. We took the gain on URZ on top of the rest to move as much to cash as we could.
Next Week's Game Plan: Still keeping it light for now. I'm looking for a top in January or the 1st quarter 2010. We could be very close but there's no reason in jumping the gun, so I want to keep it light if I can.
Happy Trading.
J.D. Rosendahl, Rosey