Elf Strike

elves1 300x200 Elf Strike

Every time I type or say the word taper I feel sickened and dirty, so I will attribute this 35 handle sell off from the $SPX highs as nothing more than a good old fashioned case of letting some air out. The market elves have been working hard and decided to get wrecked on rum toddies in the company of the North Pole dancer girls the last couple of days. There was dwarf tossing and endless games of beer pong. Reports say they are now diligently back to work as they nurse hangovers. They have another couple of weeks to put it into overdrive, then they will go on extended unemployment benefits.

My support is now 1748-1750, 1760 in case the market elves relapse into a drunken coma.

Soon you will be hearing everyone’s predictions for 2014, their theories,  ad nauseum analysis of the “January Effect” for stocks, and the Dogs of the Dow guys will most certainly opine.

I didn’t hit mega millions last night, so I’m back to figuring or what might work over the next two weeks.

$YELP can go soon if it can get out of that downtrend channel. It’s close.

$GOOG backed off all time highs on Tuesday, if the market gets jiggy I see 1100

$TSLA woke up yesterday and could maybe tack on $6 here

$HIMX is flirting with a breakout, just needs a push.

$IBM will continue to get sold just like old tech should.

$NFLX is going to a million.

$FB is working the right side of a base on volume and can tag 55-56

$AAPL needs to retake the 10 day, then it can go higher.

$TWTR has stupid momo right now, hard to fight, and the shorts in the names have been decapitated.

Safe travels

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Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.