Wednesday Wrap…..New Set Up

{+++}  $SPX 1628 pretty much held and we caught a decent bounce, but it gave back six handles from the highs for the day. Not bad, better than getting hammered though.

For the day the SPX/DOW were +0.30%, and the NDX/NAZ were +0.40%. Bonds lost 14 ticks, Crude gained 40 cents, Gold was flat, and the USD was higher. Medium term support remains at the 1628 and 1614 levels, with resistance at the 1680 and 1699 levels. Tomorrow: Q2 GDP (est. +2.1%) and weekly Jobless claims at 8:30.

Please check the P&L for any changes if your’re playing at home/

I added NFLX as a long today at the 181 level. The stock looks great.

Tonight I’m adding a new long:

Nooldes & Co……. NDLS

I’ve had my eye on this one since it went public back in June. Volume is picking up and MACD is turning up which is very bullish. I will buy this in the morning. I would buy in the 44.50-45.50 range. Put stop at the 43 level.