Thursday Market Wrap 1/3/12 New Set Up


Today was a consolidation day for the bulls which is healthy and a good thing. At one point today though, the tape got rattled as some of the Fed governors came out with some hawkish rhetoric regarding the length of QE purchases. The market is counting on low rates to infinity, so any change to the contrary  would be viewed as bearish. The S&P lost about 5 handles on this news, so not a big deal.

Please check the P&L tonight for any stop adjustments. During markets hours today, I initiated SRPT and HOV as P&L long entries.

I also have one new long set up tonight: SWI. As you can see below, the stock kissed the underside of that white downtrend line today. If it can push through it with some volume, it could get going nicely to the upside. I would buy it around 55.75



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