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Trading Snips

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As long as I use disciplined stop levels, I can play all I want!

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  • The Pfizer (PFE:NYSE) news is boosting the pharma sector. Remember PPH 80 (pharma HOLDRs) was a breakout on point & figure.

  • Catch-22 for the bears: There are a ton of breakouts on the charts -- but they knew (felt) that the technicians (along with everyone else) had to endorse the rally before it failed.

  • The TRIN fell to .48 yesterday. Since the start of the bull phase in March, there have been six occurrences of a TRIN closing below .50 and every time it happened, the subsequent session was +/- (consolidation). Thanks Clyde.

  • S&P 1007 (the previous Friday's exhaustion high) can be used as a long-side stop for aggressive day traders. NDX 1230 is initial support for the techs.

  • I haven't seen blind optimism like this since the bubble days. Could this be Bubble II: Revenge of the herds? Maybe -- in a much smaller way -- but maybe.

  • There's a huge Microsoft (MSFT:Nasdaq) call buyer out there (again)

  • The OSX false breakout is a textbook example of the caveats associated with trading pure technicals. With that said, the PPH "shook out" the weaker holders as well.

  • Everyone (and I mean everyone) I speak with thinks they rip 'em higher. While I'm the furthest thing from a pack rat, I'm using an S&P 1011 "stop" on the lone furry appendage as a function of discipline.

  • There's no such thing as a "sure thing" in this business.

  • In an environment ripe with performance anxiety, the master beta names (homies, bios, tech) often serve as financial Viagra into quarter end.

  • I still think we see a major top this summer.

  • Daily tells include Microsoft, breadth, our levels and the biotechs.
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position in spx, qqq, msft, oih
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