Tuesday Market Wrap 2/5/13

{+++} Well so much for the Nasdaq breaking today. If ypu look at the chart I posted i this mornings blog post you will see that there is still a potential right shoulder, but that will be invalid if the QQQ can break above the 67.80 level. If AAPL & GOOG can continue to act well, then that bearish possibility will become less likely.

I took a little off AMWD today and took a stop on ELLI. PIR also triggered today. If you are following at ,home check the P&L every night because the higher the market goes I am raising stops.

The last three trading days have been interesting. The DOW was +130 Friday, -140 from top to bottom yesterday and today +100. This is a sign of indecision on the part of the market and implies that something will be resolved soon, either a big breakout to the upside, or the start of a pullback.  Either way, the action has been great.

See you on the chat in the morning.