{+++} Circle SPX 1576 this week. That is the all time high set for the S&P cash on October 31, 2007. We already closed above the closing high for that day on Friday, which was 1549.38. It was just a few months after we made that all time high, that a monumental can of whoop ass was unleashed on the market. Is this time different? I sure hope so.
Maybe this is the week we pull back a little, it is surely overdue. The 1537 level will offer up first support. In the meantime, here are some long setups I will be watching this week. Until things crack, we’ll continue top play it long. I still urge smaller positions up here at these levels and keep your stops tight.
MITK– broke out Thursday on good volume and closed basically flat on Friday. It may start a two or three day sideways move or just breakout higher tomorrow. I like it when they flag for four or five days as a rule. Anyway, you can buy the breakout are at 5.02. If you go back to May 2012, you will see a gap that may get filled up at around 5.50
FLIR – had a big high volume breakout and has pulled back on light volume, however it started to make another move late last week. I like it through the 27.16 level.
FTI– Also had a nice breakout back n mid February. It is digesting that gain and looks like it may be ready to make another move higher. I like the the 52.40 area.
See you in the morning.