What a solid bounce yesterday for stocks off of short-term support

When you have a 15 point pullback in today’s market over a 3-day period, it becomes a ‘Generational Bottom’ or better yet, a ‘Generational Buying Opportunity’ for the bulls. Yesterday the market had a solid rally, a bit unexpected, as I didn’t think much of the market with it being a shortened holiday week. 

Nonetheless, the market moves to its own drummer, and once again, the indices led higher with small caps at the helm for once. The laggard in all of this? The Nasdaq. 

Large caps didn’t do much better, particularly the Dow 30 like Apple (AAPL), and other big tech names like Amazon (AMZN), Facebook (FB), Netflix (NFLX), Microsoft (MSFT) and Google (GOOGL) slacked off big time. 

Though if this rally sustains itself, I think the Nasdaq will take the lead role once again and the names I just mentioned will likely be the main drivers of the market rally just as they have been that for most of the past 7-8 months. 

stock market today

Some solid improvement in the T2108 indicator as it managed to rally about 22% yesterday back to 53% from the low 40’s and sub 40’s the day prior. 

VIX is back down to the sub-10’s. Further backing my theory of late that any rally in the VIX is simply a sling shot to price action to help the indices ultimately push higher yet again. 

So, despite a bad employment number this morning, the market still looks to open up slightly higher for some potential follow through. 

S&P 500 Chart

key bounce off of short term support

Current Stock Trading Portfolio Balance: 

  • 6 Long Positions

Recent Stock Trade Notables:

  • AVGO: Long at 236.65, closed at 241.15 for a 2% profit.
  • SPXU: Long at 16.60, closed at 16.98 for a 2.3% profit.
  • JP Morgan Chase (JPM): Long at 87.84, closed at 85.98 for a 2.1% loss.
  • Micron Technology (MU): Long at $29.00, closed at 28.04 for a 3.3% loss.
  • Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit. 
  • Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.  
  • Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit. 
  • Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit. 
  • Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
  • Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit. 
  • Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit. 
  • Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss. 
  • Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
  • Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
  • UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit. 
  • Murphy Oil (MUR): Long at $28.69, closed at $27.89 for a 2.7% loss.
  • Las Vegas Sands (LVS): Long at $57.24, closed at $56.53 for a 1.2% loss.  
  • UPRO: Long at $91.94, closed at $96.54 for a 5.0% profit.
  • Alibaba Group (BABA): Long at $105.736, closed at $108.22 for a 2.4% profit. 
  • Facebook (FB): Long at $134.27, Closed at $139.23 for a 3.7% profit. 
  • CDW Corp (CDW): Long at $58.65, closed at $58.91 for a 2.7% loss. 
  • Redhat (RHT): Long at $82.41, Closed at $83.53 for a 1.4% profit. 
  • Ambarella (AMBA): Long at $57.15, Closed at $55.52 for a 2.8% loss. 
  • Alibaba Group (BABA): Long at $104.73, closed at $106.05 for a 1.3% profit. 
  • Broadcom (AVGO): Long at $218.63, Closed at $222.71 for a 1.9% profit. 
  • American Airlines (AAL): Short at $44.76, Closed at $44.03 for a 1.6% profit.
  • UPRO  (Day-Tade): Long at $95.35, closed at $96.50 for a 1.2% profit.
  • OZRK: Long at $56.12, closed at $54.69 for a 2.5% loss. 
  • FNSR: Long at $34.25, closed at $34.70 for a 1.3% profit. 
  • UPRO  (Day-Tade): Long at $96.92, closed at $98.03 for a 1.2% profit. 
  • JP Morgan Chase (JPM): Long at $87.21, closed at $89.67 for a 2.8% profit. 
  • Chevron (CVX): Short at $110.03, covered at $111.85 for a 1.6% loss. 
  • Flex Technologies (FLEX): Long at $15.62, closed at $16.57 for a 6.1% profit. 
  • Baidu (BIDU): Long at $174.70, closed at $187.00 for a 7.0% profit. 
  • Ollie’s Bargain Outlet: Long at 33.20, closed at $32.50 for a 2.1% loss. 
  • Corning (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit. 
  • Illinois Tool Works (ITW): Long at $127.74, closed at $129.86 for a 1.7% profit. 
  • Marriott Int’l (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit.