Tuesday Market Wrap-One New Stock

{+++} The buls put another good one together today. Short term support is now the 1901 and SPX 1891, with resistance at the 1929 and 1956 levels. Short term momentum hit extremely overbought.

We may need a little breather here as the bulls have made their point for a few days now. They don’t want the market down.  That’s a good thing and so far it looks like we may get a nice low volume summer rally.

Today we saw triggers in NBG and DOW, unfortunately ISIS gapped and we didn’t get the chance. I adjusted the P&L so you can buy the pullback. I also added FB during trading hours at 62.75.

Biotech was clearly the leader today, + 2.7%, most ETF sectors weren’t up 1% today.


As you guys know, I’m a sucker for a nice falling wedge.

IACI, Barry Diller’s company, is down from $80. It successfully held the 200 day moving average and MACD is crossing positive. It may have double bottomed Friday and had a nice follow through day today. Buy 63.75-65.00 level


See you in the morning.

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