remember to keep you stops commensurate with your own trading style and risk tolerance. today has all the makings of a trend day so far, which means that prices will likely continue to move higher into the close. however, we’re only one hour into the trading day and anything goes in the market. one thing to keep an eye on today is AAPL. it is unusual to see the NDX up so much with AAPL (nearly 1/5th of the NDX) lagging behind so much. not a big deal as this disconnect is only an hour in the making but something to monitor as any continued underperformance likely indicates distribution in the stock as the institutions are selling into the retail buying, or at least not participating (i.e.- possible buyer exhaustion as recently discussed).
the two longs that triggered today do look good and i will try to update any short trades that hit their suggested stop levels today. today’s rally is a result of more central bank jawboning and so far, has not changed the longer term technical or fundamental picture, although it has caused a breakout above the recent trading range. how we follow-up over the next few trading sessions should be telling.
