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Market is in a pull back… Short term but don’t count out new highs soon

First thing, This has been a very slow week for myself, The positives have been seeing the topping divergence and being able to take some hedges against my longs. I ended up taking those off on the break down yesterday. The frustrating part is my current position longs have been stale and not moving. The scalps and short term trades are nice we had quite a few nice ones this week.

SLD 4 GILD Apr1516 94 CALL 1.86 USD NASDAQOM +344.52

SLD 1 GILD Apr1516 94 CALL 1.94 USD BOX +93.53

SLD 1 CMG Apr1516 460 CALL 5.55 USD NASDAQOM + 109.42

SLD 1 AGN Apr0816 240 CALL 3.90 USD PSE +84.43

SLD 4 SPY Apr0816 206 PUT 1.84 USD AMEX + 1 + 128.89

SLD 3 SPY Apr1516 204.5 PUT 1.93 USD BOX +93.51

SLD 2 SPY Apr1516 204.5 PUT 1.72 USD BOX +20.34

SLD 4 ANAC Apr1516 70 CALL @ 1.00 USD CBOE -230.47 (took this off way to early)

SLD 3 YHOO Apr1516 37 CALL 1.17 USD NASDAQOM +47.20

SLD 10 AGN 236.32 USD ARCA +122.15

It’s not all rosy cause my current longs in

KSS

POT

WDC

STX

WFM

DIS

are under water and have negated the gains for the week..Tough week but thats what happens when you have the sell side signal we need to get through before these stocks make there move.

The other note I want to make is the majority of my holding now our those stock that trade at a much cheaper level 20-30-40 level. I always stress to trade quality. These have quality names but the price action is weak.

Next week I want to concentrate more on the short term 1-2 day trades

and the RAMBOT which combined with the Tradeometer is giving you the biggest edge in trading the futures

With he 60 Min rolling over again and the daily still moving down this puts a lot of pressure on trade for the early part of next week. Here is some targets to look for.

targets

The weekend and the Sunday night open could bring with it news that could move the markets

See the channel we are in is typical of the rising wedge breakdown that we broke down from. A new short term downtrend is in effect. The setup is bearish short term Monday-Tuesday but the big picture has us very close to recent highs and this channel can be the last pullback before we make a run to those levels

spx041116

This weeks watch list was a tough one I plan to add tot he setups as they appear this week but for now. I will be a little bit more picky on the long set ups and the short will be taken in the index ETF SPY and those associated with them.

Video Watch List can be found here

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