The Wrap 11/1/4/11



The S&P is now range bound in a tight little box. Considering the sate of the world things could be much worse.  The “box” represents roughly a 70 handle range on the S&P.

The yellow line is the 200 day moving average and that needs to be eclipsed with some actual volume. Although the market was down today, I believe it was down on the lowest volume of the the year. Buying opportunity or shorting opportunity?  Not so sure, so we have  little of both. I think we will get some closure this week.

I will leave the P&L as is tonight, as the patterns listed look good. I took PANL off because it moved to far from the trigger. I didn’t trigger ISRG because it gapped up through the trigger, I tried a day trade on it, but lost a little later on in the day. In a better tape I like the name and I will probably get long through that 443 level, maybe by tomorrow. I also covered another 1/3 OPEN for a couple of bucks today so 1/3 remains. DLB also triggered short today.  It broke trend line support today and the sell side volume was very good.

Tomorrow I would keep my eye on DPZ and SNA as they both showed good relative strength today.

Crude (below) acted didn’t give back much today even with a strong dollar.


The financials held trend line support today and the volume was light, but they could be close to breaking lower.

The Financials
The Financials

Good luck tomorrow and I will see you on the chat room in the morning.

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