r="0" alt=""id="BLOGGER_PHOTO_ID_5221055491999114594" />
We are more or less flat and seeing a bit of consolidation after yesterday's big gains. Semi's are struggling the most on the CISCO "misinterpretation." Yesterday's call worked out unexpectedly early, though I wish we hadn't closed on the day's highs -- too tempting to fade in this market. To be clear, it was just a short to intermediate bounce call (of stronger magnitude than we've seen of late) and the stars just happened to align, so consider employing stops.
Stocks are back to oil correlation mode and Iran is up to its shenanigans, so keep an eye on it. Right now USO is +85bps. Hopefully we'll see SPY support today at the flattened 5-day MA/ pivot (about $126.30). I'm updating my charts on the new machine, so if they look like work in progress, they are.
12:00PM PST UPDATE: Broke right through the pivot on the second attempt. Trin is all the way up to 1.94 -- Tech and Financials just could never get a foothold. USO is back down so that may limit losses, but I wouldn't get in the way of this through the close.
12:45PM PST UPDATE: OK - No fun going into the close and we are far off of any action related to the original "Consolidation" title of this post. Nonetheless, I have noted relatively strong relative Cumulative Tick for what we are getting in price action. Lots of individual stocks triggered sells this morning by surpassing their intermediate moving averages, as did the major indices by hitting RSI's in the upper range after yesterday's (too?) big up move... long way of saying this could be as much technical selling as yesterday was short-covering. And as of now we are still logging a higher-high and higher-low on the day, if not slimly so. Old habits are hard to break. So I'm not giving up on this, but do have stops just a hair below my entry points from yesterday and will trail them upward on any bounce.
NEVER INVESTMENT ADVICE
Did you like this article?
Submitted By 
's
