Monday, December 17th Recap
Today was not a day that you want to miss, to say the least (unfortunately for me I was on the road all day and missed 95% of the day). The banks lead the charge from the get go, as the SPYs briefly paused at 143, and quickly made a move toward 143.80. As we stated in yesterday's Weekly Watch, our main focus was on the banks - namely FAS, BAC, C, WFC, and GS.
After days like today, it's very probable that we see a gap up in the open. Before the market opens it is imperative to have high level stops in your "runners" left from the prior days' trade. There is no sense in getting greedy after such a huge day the day before. That being said, my goal over night tonight is to find stocks that are still tradeable into tomorrow, and/or may possibly be playing catch up.
For starters, AAPL had a huge move off of its pre-market lows of 497. The gap to 525-530 looks like it will get filled tomorrow, but seeing how it acts there is very important. AAPL has the ability to make a run to 540 this week, or to 480. The key here is being on your toes at all times, having a plan, and having defined hard stops at ALL times. I am currently long weekly options, which I am holding against the 510 area of support.
All in all, there were hundreds and hundreds of great moves today. The goal the rest of the week is find the leaders, the ones that hold-up well and don't sell off. Look for your picture perfect bull flags, and trade on volume.
Some other notables that I still think have room to run after today are mentioned below:
LNKD - thru 115 I think we see 118
AMZN - 254 is resistance for now, but 260 isn't too far off
WYNN - building up momentum, tradeable thru Thursday's high
MGM - looks VERY good and ready for a move to 13
LVS - may take some time to let the averages catch up, but still looks great
MCD - I'd like to see it base above the 200-day, but it looks great for higher prices
CRM - still holding up well, may take some time
CAT - very strong after holding the lower 80s; 200-day is resistance
XHB - had a rough week last week, but look for continuation tomorrow
After days like today, it's very probable that we see a gap up in the open. Before the market opens it is imperative to have high level stops in your "runners" left from the prior days' trade. There is no sense in getting greedy after such a huge day the day before. That being said, my goal over night tonight is to find stocks that are still tradeable into tomorrow, and/or may possibly be playing catch up.
For starters, AAPL had a huge move off of its pre-market lows of 497. The gap to 525-530 looks like it will get filled tomorrow, but seeing how it acts there is very important. AAPL has the ability to make a run to 540 this week, or to 480. The key here is being on your toes at all times, having a plan, and having defined hard stops at ALL times. I am currently long weekly options, which I am holding against the 510 area of support.
All in all, there were hundreds and hundreds of great moves today. The goal the rest of the week is find the leaders, the ones that hold-up well and don't sell off. Look for your picture perfect bull flags, and trade on volume.
Some other notables that I still think have room to run after today are mentioned below:
LNKD - thru 115 I think we see 118
AMZN - 254 is resistance for now, but 260 isn't too far off
WYNN - building up momentum, tradeable thru Thursday's high
MGM - looks VERY good and ready for a move to 13
LVS - may take some time to let the averages catch up, but still looks great
MCD - I'd like to see it base above the 200-day, but it looks great for higher prices
CRM - still holding up well, may take some time
CAT - very strong after holding the lower 80s; 200-day is resistance
XHB - had a rough week last week, but look for continuation tomorrow