Wednesday, 11 March 2015

We got the move yesterday that everyone (well certainly I) was expecting on Monday, the good old gap ‘n crap. It shouldn't have come as a surprise we have broken all the accelerated trend levels and are now moving back to test more substantial areas. One day the narrative will change and that could well be this time but until we break the 6 year ‘bear killer’ trend, shorts are only to be rented and not owned. That being said I don’t think this is the area to begin buying the $SPY in the ST strength is being sold although some areas are holding up remarkably well. Until the $IBB breaks it is hard to imagine us having a genuine correction, dips continue to be bought.

$TRIB is holding in reasonably well would like to see it through 20.00 soon.

$SPY the hi-lo yesterday was 206.81-204.93, the futures are pointing to a green open but the ST trend is to the downside I am very suspicious of any rally. I think we are heading to test 200.00 and potentially the 197.86 low.

$IWM did hold 120 yesterday and if it can consolidate in this area is a potential leader if we start going back up .

$CL_F 54.24 - 46.67 is the hi-lo to watch, I am becoming more bearish here I have to say. A trip to the 30s is v possible IMO.

$AAPL IMO there are quite a few ‘bag carriers’ trapped in this one, it has had a fantastic run and the LT trend is not in danger however I’d like to see it at 120 or continue to build a flag.

$AMBA strong in a weak market yesterday, ideally it will continue to chop above 63 for a few sessions but I am watching for a break to be involved. 67.00 and then 68.50 the levels to watch.

$CYBR consolidating. There is no trade here yet, a test of the gap (52.30)  is possible if it can hold it then could continue.

$EBAY something is going on here but it is too extended to be involved, I am watching it though.

$FB back to the middle of its range. After 4 weak days a flush of 77.55 may present a good L opportunity otherwise leave it.

$FEYE still drifting would like it to hold 40.00

$IBB took out the highs and lows of Monday yesterday and closed well considering the market, needs some time but is the ultimate leader at the moment!

$GILD until it clears 105 I am sceptical, watching 95.81 – 107.31. Is over-owned IMO but it is in a red hot sector so take care.

$JAZZ choppy and thin. I am waiting for a break above 180 with volume to be involved, or a heavy volume move to 180 to start a position.

$JUNO a new issue I am watching on the long side

$KRE v weak day yesterday not ready yet. I am watching 41.00 for the break and 39.00 for support

$MYL needs time but is on my watch list for a potential large move, needs to get above 58.00

$NFLX short-term extended to the downside but still not a lot of support.

$SHAK new issue which was strong yesterday despite the market, need it to tighten up a bit. Sometime above 45 needed and a break of 48.00 what I am looking for

$TSLA is very weak IMO, I think a trip to 120 is v possible. 180-185.00 is HUGE. Unless it retakes 225ish don’t trust rallies

$TWTR at a LT DTL, needs time, but I am watching for high volume days

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