$SPX 60 Minute: Showing two charts on this time frame, because today felt like a wave 3, so I'm showing what the bearish and bullish count might look like.
$SPX Daily: Price looks unfinished moving up. It's likely the next stop is 1,307.
IBM: Pushing higher off the up trend line. Price might continue if the MACD can turn up.
AAPL: Price is once again in this sport where it should fail or gap higher.
My Watch List: I have several long candidates, most of which we traded today. Not shown but just as worthy are CAT, SLB, and MCK.
DE: Stock gapped above the downtrend line and pushing the upper BB. RSI has plenty of room to support a push to the 200 day MA.
SCHN: Bolts higher on huge volume. Pushed right to a resistance level. This might need a day or two of rest.
JDSU: Price at the downtrend line. Above that would be interesting!
EEM: It consolidate right on top of the first down trend line and then sprinted higher with price pushing the upper BB.
CGEN: I haven't put this up in a while, but we still carry a long on this one. Price is trying to push out of a wedge structure. I'd like to see this get above $4.50 to increase the bullish view.
AA: Big gap up on strong volume pushing the upper BB.
From My Trading Desk: Another wild trading day. When the market opened big, our long on CAT was up big so we closed it for a very nice gain. My short on HANS was looking stressful, but the stock faded hard, and when the gain on CAT was comfortably more than the loss on HANS we closed that short.
We scalped a nice gain on a full long of DE and a full long on SLB.
We opened fractional long positions on JDSU, AA, and EEM, and full long positions on SCHN and IBM. And we put a fractional long back on for DE.
Today felt like a wave 3, and in either the bullish or bearish case we should push up to the 1,307 level. Since I have a handful of positions on the long side, if I have an opportunity to close a couple for gains going into the weekend, I will.
Happy Trading.
J.D. Rosendahl, Rosey