Gap ‘n’ grind yesterday, the move is being attributed to bad economic numbers and Ben Bernanke’s inaugural blog post. I think we are still just chopping around the same range, the tape feels nervous and consequently there is no conviction in either direction. The Dollar is now creeping back to highs and today is the last day of the Q so I don’t think we get anymore ‘conviction’ today. I am will look to be involved in any trend days that present themselves but my bias is to the SHORT side so I will keep that in mind.
$TRIB 200 sma is at 19.38, previous high at 19.69 and the big one is 20.00. Could get pushed around a bit today with Q – end but still looks good.
$SPY gap and grind higher yesterday and looks like a gap down this am. 206.96 is yesterday’s low and an area of interest the fact we are revisiting it already tells me everything I need to know. Uncertain. NEUTRAL/SHORT
$CL_F trying to hang in needs to hold 46.67 for me. 48.00 is also a key level. An Iran deal is the major headline risk for it at the moment. LONG/NEUTRAL
$EURUSD is rolling over again a retest of 1.05 seems likely. SHORT
$GBPUSD similar to the EURUSD but weaker, 1.46 seems likely. Consensus at the moment is that whoever wins the election is bad for Cable which seems odd to me but reinforces my view that the sellers are in control until at least May 9th . SHORT
$IBB 341.49 level to watch into month end. NEUTRAL
$AAPL Still the go to asset in the market, looks like it is forming a new base (121-130) in a large uptrend. Be patient. LONG
$BABA really beaten up but trying to build a base. 87.00 is the first level to break from to confirm the base, I am looking for an entry. LONG/NEUTRAL
$CYBR is trying to setup for another move 50-55.00 is the range to watch for it. LONG
$FB held retest of the 82.00 could be just starting a larger move, may need some time but target trend days. Needs to hold 82.00 on a closing basis. LONG
$GPRO really beaten up, 44.00 a big level, has been showing signs of life in spite of the market conditions, worth paying attention to. Needs a heavy volume break to the upside. LONG
$TWTR flushed weak longs yesterday, didn’t quite close strong enough for me to consider an immediate entry. I would suspect and hope today to be inside. LONG/NEUTRAL
$TSLA ripped on new product announcement but still v weak, continues to punish anyone that presses. My bias still very much to look for a SHORT