Hello All,

Let’s run through it…

IBM powered right through the 200 SMA and has made another new recent high today.  It’s up nearly $5.00 since it was officially spotted and finally moved past our resistance level.

NBL hung in there and didn’t close below the $30.04 level but we still wouldn’t give it too much rope to…unless it starts to perform again at which time we’d be more reserved with it.

CSCO triggered late yesterday and is moving up so far today.  Hopefully we’ll get good follow through on this one..
MSFT has yet to break above the flat line cluster highs we need for it to close above.  It’s close but nothing there yet.
NFLX is trying at the moment but we can’t yet say it’s done playing games.  It just has a lot of room to move if it decides to do so.
CTSH is about back to where we spotted it.  It may need more time or may not try.  We will see.
MOMO is still not trying and that’s no big deal but it would be nice if it made an effort since it could have a nice % run.
KBH, LEN, PHM, the housing group remains disappointing and as we noted yesterday, our “gut” said to avoid them and we wish we had.  They didn’t come close to triggering so there’s no issue there it’s just that we wish we hadn’t wasted the energy on them!
LNG is still trying to work but has a concerning candle at the moment.  Keep a close eye on it if you’ve decided to become involved there.
CRC still has the look but has continued to dawdle.  A late move will be better than no move.  There’s still time.
CAH and PAGS both moved up nicely yesterday and stopped right at our levels.  They’ve been solid little movers but with more push they could deliver a lot more.

To conclude for now, here’s yesterday’s blurb on DIS and STX:

Finally, we wouldn’t play around with bear names DIS and STX from last week for too long if anyone became involved.  Why?  They were on their way south but were saved by the market’s strong rally.  They’re being saved again today.  We don’t want to swim against the market’s tide.  We’d rather wait for weakness in the market and revisit those names then to see if they still appear technically vulnerable. 

Our concern with both was that they could get caught up in a wave of buying after being pressured downward for so long.  A relief rally essentially.  We hope that readers opted to reload for another trade down the road potentially rather than try to wring out more from these which wouldn’t fall as the market rallied.

We will keep you posted with any future updates when warranted.

Thanks,

Wayne