Good jobs data, retail data, and more calming in Europe created a perfect storm for a morning equities gap-up. The SPY didn’t move much today after the initial boom as all of the news was early this morning. Have we created a new base over 135? Is it time for a real breather and gap fill down under 134.40? It’s hard to say… one thing is for sure, it has been quite a month and you MUST watch your positions closely. Tomorrow’s data could gap us down just as much as today’s gap to the upside. Scale in, scale out. Also, don’t forget that earnings season kicks into full gear on Monday. I tend to hold fewer stocks overnight in that environment.
Update from the Swing Watch List:
Only one active swing stopped out today and that was HUM (1.81% loss). I love this stock, but money was clearly rotating out and into retail and others related to consumer spending.
Stocks Still actively swinging:
ENDP up 3.31%
FTK up 4.82%
MDR up 4.88%
BCR up 2.09%
CFN up 2.55%
CAT up 5.31%
SRCL up 3.33%
ITW up 4.18%
HAL up 4.42%
ARAY up 1.22%
BAX up .76%
COV up .94%
MCK up .86%
No new picks for Friday.. not after a Thursday gap. I would like to see what the Friday data brings and then setup some new swings for Monday.
