Monday Market Wrap 3/4/13

{+++} Guess what? The S&P cash (SPX) closed right at 1525 and SPY closed right around 153.  And they say it ain’t rigged. LOL

As you can see in the chart below, the $SPX has been holding that mini white uptrend line that I drew, It also did a nice job today of taking back its 10 and 20 day moving averages today. You can click on the chart to enlarge. We’ll see if we can take out that 1530 high tomorrow that was put in on Feb. 19.


Five stocks triggered from last nights new additions: AGN, ROVI, JAZZ, FXE and NXST.

Unfortunately we got stopped on NFLX today, but I am seriously thinking about reentering soon, if not tomorrow. I lowered the stop from 180 to 179 thinking they may just hit that 180 round number, shake out some longs, maybe overthrow it a bit and then run higher. It did rebound a little, closing the day down eight bucks, but not after it went down an hit the 176.60 level. I will let you know on the chat room or by email if I think its a good idea to get back in.

Watch PCYC tomorrow as it is really close to that 91.60 level.

When I first started in the business, centuries ago, there was a very well known and respected technical analyst by the name of Harry Laubscher. He had the rule of 91.50. What he meant, was that if a stock closes at 91.50 for the first time, it has an incredibly high probability of moving on to 100 then 110. So watch PCYC. Obviously this doesn’t happen overnight, but it sets the stage for an intermediate move higher.

See you guys tomorrow and check the P&L tab tonight for any changes.





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