Morning folks. Market looking like a strong open this morning amid strength overseas along with reaction the a.m. earnings cycle.
we are firmly still in an uptrend till this channel is broken the bulls will remain in charge
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As of right now its looking like spx 1350 is in the cards now that we have broken the key triangle resistance we should have some nice support on the daily if we need to backtest the market. So far the market is not showing signs that it wants to backtest any support the way we are working off shorterm overbought signals is by pausing the bull stampede or having morning weakness that immediately has been getting bought
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Lot of nice gappers this premarket. $nflx $miti $rnwk $lsi are of interest for intraday setups (if your not familiar on how to play momo gaps I have an education section on our site with a dozen videos on how I play gaps/earnings gaps/pr gaps. There is a specific and powerful setup we use that is very high probability
[screencast url=”http://screencast.com/t/H7Sn3Y3y” width=”” height=””] (from the good folks at trade-ideas)
as of right now..not sure what to say on pullbacks or when we pullback. We are having a run and Im just planning on riding it till the wheels fall off. Try to trail up those stops and if you hold a lot overnight make sure you have a profit cushion on the position so if the market turns and gaps down worse comes to worse you stop out even.