Pre-market update:
- Asian markets traded -0.6% lower.
- European markets are trading 0.2% lower.
- US futures are trading 0.2% lower ahead of the market open.
Economic reports due out (all times are eastern): Consumer Credit (3)
Technical Outlook (SPX):
- Excellent close by SPX on Friday to finish the day a new all-time closing highs.
- The dip buyers came in at the late morning hour and pushed the market higher with authority.
- Strong possibility we see another leg higher on SPX here as price has managed to get out of the recent consolidation area.
- This week should be a quiet week on the scheduled news front. The Apple conference is this week though, on the 9th.
- SPX slightly outside of overbought conditions. .
- Gap ups have been very difficult to hold from an intraday perspective. In fact the best market for trading has been when there is a slight gap down at the open.
- VIX droped 4.4% down to 12.09.
- SPX 30-minute chart looks choppy still.
- If SPX dips below 1990, the likelihood of the market rolling over dramatically increases.
- Right now is not the time to get short – wait first for SPX to break a key price level.
- At the moment there is little to no fear in this market. That can always change, but no major themes in the market that can cause problems for it right now.
- A lot of nontraditional traders are starting to get interested in this stock market which usually starts to show that there is too much “froth” in the market.
- The market doesn’t care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up.
My Trades:
- Added one new position on Friday.
- Did not close out any positions on Friday.
- Remain long CTXS at 69.96, TJX at $59.65, FB at 75.65, MAS at 23.72.
- Will look to add 1-2 new long position today.
- 50% Long / 50% Cash
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
