Hello Everyone,
Quick comments: The SPX continued higher today (3rd day up) and closed just below its 20 day MA. After the close, the index moved higher on the heels of some big tech positive earnings reports (GOOGL and AMD were standouts). For most the day, the SPX consolidated the previous gains and morphed into a textbook triangle pattern (continuation pattern) that we posted on the blog just prior to the the final hour push. The pattern measured to approximately 4570 which was nearly reached in after hours. Continue to trail up stops on new longs in accordance with your plan and be on the lookout for a pullback soon. The nature and extend of that pullback could be quite telling for the coming weeks.
I have added a few new longs setups but focus on the standouts and be cognizant that the market has already had a pretty good rally - thus manage closely if you get a trigger and don't hesitate to lock in some profits along the way.
Administrative Note: I had a follow up with my ENT doctor yesterday and I will be having surgery on my vocal cords next Tuesday and will not be able to even talk for at least 7 days. So please take note.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more.
Please take a moment to look at the trade ideas.
