(7:47 ET): The overnight range is 1089-1094. A tight range. The recent high on the ES is about 1099 so we’re in striking distance of taking that out.
There are a bunch of earnings reports out. No economic data.
AMZN is looking very interesting right here. The stock is trading at $108 in the [...]
The main index I am following is still the Nasdaq and specifically the QQQQs. Technically, everything looks great and the QQQQs are holding support over the October gap.
RSI is going sideways at about 70 meaning there could still be room to run on existing positions but I wouldn’t want to add to my long QQQQ [...]
This week, many of the major indexes are right at resistance or support. We definitely want to be prepared for action this week and all of the potential permutations of how things could play out.
We are all waiting to see if the January and February highs at 880 ($88 SPY) will be a breakout or [...]
Tonight’s post will be short. I’ll be working on fresh ideas over the weekend as well as discussing taking action on some of the ideas discussed previously.
- My call on BAC this week was spot on. I am patting myself on the back. I added a UYG position in the pre-market this morning. That performed [...]
Continue reading about Friday Evening Update – Patting Myself on the Back
I traded in a little of my short SPY hedge in for a 2% short position in AMZN. It is hitting upon resistance combined with the fact that momentum is near its high (which I give more credence to in a bear market compared to in a bull market where RSI can stay high for [...]
