Actionable Items For This Afternoon
The market was on hold for most of this morning as Colin Powell presented his case to the U.N. The market rallied when the presentation began, and reaction from other countries is now coming in.
Afternoon Ideas For You
Two 1,2,3s provided nice short entries on the SPX today, and now we’re trading in the vicinity of the .618 retracement of yesterday’s rally.
Two Longs And A Short For This Afternoon
For the most part, traders are waiting for the State of The Union address tonight, and further UN/Iraq news. The market is attempting a rally on the heels of several CVR buy signals last night. We’re pretty oversold, but also overshadowed
What The Market Is Looking For
War jitters is the overriding theme of the day, as Hans Blix gave his report before the United Nations urging more inspection time. Tomorrow night, we have the State of The Union address. And don’t forget the two-day Fed meeting that starts tomorrow. Lots of reasons to be careful in this environment. Colin Powell is speaking at 3PM today.
This Is The Real Reality Show
Despite hitting significant volatility band levels, the market still looks pretty weak going into the afternoon. The SPX and the SOX are below their 2.0 vol bands, and the NDX is trading just above its 2.0 band. The E-minis are
This Is What Needs To Happen…
The E-minis are trading in a channel near their lows, with support near the 876 area. Resistance is 880. On the 30-minute chart, we’re in a channel. We’ll need a break above this channel
What Will This Stock Do Ahead Of Earnings?
The E-minis have rallied of a complex double bottom off the S1 pivot and are now in the green. We’re slowing up here as we approach the intraday highs, which may be taken out later. If this happens, the .618 retracement of yesterday’s high to today’s low is the 896 area and yesterday’s high is 905. These are possible targets.
Is The Stage Set For A Rally?
The E-minis have made a second bottom, which may or may not turn out to be a double bottom. Thus far, the low of the day is 892.50, which is just below the pivot of 892.67. The 1.0 volatility band on the SPX is 891.1, so we’re in the range. The TRIN, however, isn’t acting too bullish at 1.70. After four down days, the odds are we rally tomorrow; we’ll see if we get any strength into the close.
Will They Come Back For These Strong Stocks?
Mercury Computer beat estimates and guided higher, and the stock rocketed up this morning. The stock has been pulling back in what could be 1/2 a saucer pattern. It is currently trading near the .618% retracement of the intraday range, and may be a good play later. The saucer may bottom, or we may see a Slim Jim, but in any event, it is possible
Two Possibilities For The Minis Later Today…
Yes, Intel beat the estimates yesterday, but in the same breath said it would cut its equipment spending. The result is that the S&P and the SOX are trading down to their 1.5 volatility band levels
What Will Intel Do Ahead Of Earnings?
Intel will be active in advance of its earnings report after the bell. Look for either a run up or sell off in advance, but be careful not to jump in when it gets overextended. FYI the Street is looking for .14 and 6.64B in revenues.
Here Are Some Ideas For This Afternoon
The e-minis are trading at the 50% retracement of the intraday range, and may pull back here.