Market Looks Excellent .... Higher We Go

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

 

Everything is lined up for DJI and SPX to set new highs this week.

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New Highs for DJI and NDX Very Likely This Coming Week

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio


The 3.7% sell off in SPX last week didn't seem to be anything other than a garden variety bull market correction which was healthy and needed.  There is a good chance that we see new highs in DJI, NDX and possibly SPX next week.  Those new high must be confirmed by new highs in RUT and TRAN in a reasonable time period (3 to 5 trading days).

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RTS Selling FCX and Buying TSO - Market Looks Excellent

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

In RTS 20110103 Long Portfolio, RTS is selling FCX and buying TSO in its place on Tuesday 2/22/2011 at the open.

New closing highs in all major indices including TRAN prior to a 3 day weekend! That is bullish.  Market looks excellent and rally should continue.

Happy President's Day, I'm taking the entire next week off.  No trading, blogging or FB for me next week.  Good Luck.

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Long Term - Market Looks Fantastic

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

Believe it or not, as of close of today RUT is only 2.7% (22.46 points) away from its historical high (856.48 on 7/13/2007).  RUT reaching and exceeding its all time high would be extremely bullish and the likelihood of this bull market that started on March 6, 2009 continuing for another 2 to 3 years would be very high.  Of course there would be bull market corrections along the way, but this is one market you would not want  to short in the intermediate or long term basis.

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New Closing Highs For All Major Indices, Leaders and Followers

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

I think it's time to stop chasing this market and scale into long positions.

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A Retest of 13D EMA for SPX Very Likely Now

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

Today all major indices closed in red with lower highs and lower lows.  That increases the odds for a sell off tomorrow.  I expect SPX to test its 13D EMA, currently around 1316, either tomorrow or on Thursday.  I believe that would be a good point to scale into long positions.

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Closing Highs For Nearly All Major Indices

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

I'm still waiting for an entry point.  Odds are good for a minor two day sell off starting as early as tomorrow.  SPX 1316 is a good target for opening new long positions.  We might see that on Wednesday.

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All Major Indices At New 52 Week Closing Highs

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

All major indices except for TRAN set new 52 week closing highs on Friday.  SPX broke out of a 3 day bull flag formation with good volume and breath.  That's just f*cking bullish no matter where you're coming from. 

There is a chance that we see SPX coming back and back test the upper channel line of that 3 day down trending price channel (bull flag formation) around 1325 and even possibly go lower and test the lower channel line around 1315.  Both dips are definitely opportunities to open new long positions.

I am buying tomorrow in my IT (first buy of 4) and LT (first buy of 3), hopefully as we pull back to the Immediate Support levels.  My plan is to buy:

In my IT: DIA, QQQQ, SPY and IWM (equal $, first of 4 buys for Feb 2011)

In my LT: DIA, QQQQ, SPY and IWM (equal $, first of 3 buys for Q1 2011)
Also in my LT: CIEN, RVBD, SWKS, PCX, TSO, NOV, MEE , JBL, NFLX, and BIDU (equal $, first of 3 buys for Q1 2011).

I'll post on FC Wall and Twitter as soon as I decide to buy.

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Once Again It's All About Egypt - Risk Off The Table

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

Heads we go up, tails we sell off.  It all dependends on what happens in Egypt tonight.

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CSCO Disappoints, Back Testing of SPX 1300 Very Likely This Week

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

Retest of psychologically support levels is very likely tomorrow or on Friday.  Those levels are SPX 1300, NAZ 2750, DOW 12000, RUT 800 and TRAN 5000.  I don't expect selling go behoynd those support levels.  I am planning to buy that dip in my IT and LT.

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A 2% Sell Off Very Likely Sometime This Week

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

Major indices are setting new 52 week highs, but broader market is lagging behind.  In order for the bull run to continue, major indices must halt their advance, retreat by selling off 1% to 3%, and enter into a 2 to 5 day consolidation period to let broader market catch up.

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Some Profit Taking Very Likely This Week

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

All major indices, expect for TRAN, set new closing 52 week highs today.  That is very bullish and indicates that the bull run is intact and Market will continue climb higher.  I, however, believe before Market goes much higher than current levels, it needs to do a "sanity check" by retreating to back test some key levels.  Those levels are SPX 1300, NAZ 2750, DOW 12000, RUT 800 and TRAN 5000.  I think there is a very good chance we see some if not all of those numbers sometime this week.

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Market Looks Excellent .... Higher We Go

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

As DJI, SPX and NDX set new 52 week closing highs on Friday, NAZ also joined the party and set a new 52 week closing high.  RUT will very likely set a new high tomorrow as Market rallies higher.  Any sell off at this point is a definite buying opportunity.  We might see a sell off early tomorrow to SPX lower 1300's and possibly to SPX 13D EMA around 1295.

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A Rally Very Likely Tomorrow, RUT And NAZ Need To Set New Highs

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

Market very likely will rally to set new highs for SPX, DJI and NDX tomorrow.  What bulls love to see is that NAZ and RUT follow suit and set new highs as well.  I think chances are excellent for that to happen tomorrow.  Poor bears, they have to take yet another shellacking right before the weekend.

The only wild card is Egypt.  Thing are turning from bad to worse.  It's early Friday morning (Muslims' day of rest and prayer) there. Today things might get totally out of control resulting in 100's of deaths.  Market would sell off in that case and we could possibly see SPX testing its 13D EMA around lower 1290's.  I think that would be a good oppertunity to scale into long postions.  I would buy that dip, SPY, DIA, TWM and QQQQ.

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Once Again The Fight Is On Tomorrow - Bulls Very Likely Winners Again

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

Once again the fight is on.  If bears can't muster up a good sell off tomorrow (at least 1% down), then they're going to get crushed once again. A market that can't be pulled down will go up.  It's really that simple.

What bulls need urgently now is for NAZ and RUT set new 52 weeks highs if DJI and SPX rally again.  Also, number of individual issues setting new 52 week highs both in NASDAQ and NYSE must start to increase again as indices go higher.

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Leaders Need To Follow Suit And Set New 52 Week Highs

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

SPX and DJI set new 52 week highs today.  What we need now is leaders, NAZ, RUT and TRAN, to follow suit and set new 52 week highs too.  Very likely we'll see RUT and NAZ doing that tomorrow, TRAN still needs a few more days specially with oil also at a new 52 week high price.

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