Last week I sent out an intra-week alert suggesting we would start issuing
long stock recommendations more often, until the uptrend was broken. The stealth
rally did occur and appears to be leading the way upward.
Note: Thank you to all of you who responded to my intraweek alert. I received
mixed responses from subscribers who welcomed the idea of some short term
trades, and others who were happy that recommendations weren't being made
with the thought that it is better not to trade, than to trade and lose.
I will try to satisfy both by wading into the long trades slowly to minimize
risk of a sudden downturn.
I also suggested the markets might move to the downside Thursday morning,
and they did. However, resistance has been broken, first yesterday with the
QQQQs moving to a new high for the year, and today with all major indexes moving
forward. The bulls are willing to commit the capital and keep buying into this
rally. We need to look for momentum plays until this rally breaks, rather than
pure reversal plays.
With that said, I was going to recommend a long entry into QCOM this morning
but for the immediate equity market sell-off at the gap up open. In hindsight,
it would have been a great entry point, but alas...
We need to exit our SPY position tomorrow as the strong volume today indicated
this break through is likely to continue. This level ($139) is likely to act
as support as it acted as significant resistance for awhile. An exit at around
that price would be desirable. I am also going to look for a long trade entry
to recommend as well.
Please feel free to send emails with any questions you may have.
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