SPY- UPDATE

We could go to 1156-1158 on Mon-Tue and then drop to 1130 by OPX

OSIS

Broke above the previous all time highs today. Should pullback to at least 29-30.

Reminds me of swine flu stocks like NVAX, SVA and BCRX. NVAX spiked to 7 in Aug-Oct 2009 and is currently trading at 2.65. SVA spiked to 12 and is currently trading at 6.60. BCRX spiked to 13 and is currently trading at 7.85

PCX

Short at 21.50-22.00

Exit targets-

1st Target: 19.00

2nd Target: The 20 EMA at 16.50

QQQQ

QQQQ can go up to 48.40 by end of Jan or early Feb. I will buy Mar 48/45 put spreads at 47.50, 48.00 and 48.40

X (United States Steel Corporation)- UPDATE

Currently overbought, daily RSI >80 and weekly > 70. STO is way too high.

Short at 64-65 with STOP at 65.5. If it breaks above 65, the next target is 69-70.

Exit target of 58-60

Long term, I think X will go to 75-80

IWM

Short at 66-67

SPY

I will go 100% short at 1150-1155 with exit targets of 1138 and 1130

SHLD

105-110 is a huge resistance zone. Will short 25% at 105, 35% at 108 and 40% at 110.

Pullback targets- 100 and 90

ATI

Short at 50

X

Short at 62.50-63.00

FAST

Short at 47.50

USO, XLE & OIH

USO, XLE and OIH approaching double top levels. Looking for a small pullback from 41.90 on USO, 60.40 on XLE and 131-132 on OIH. Daily RSI on USO, XLE and OIH is at 70's. I think USO, XLE and OIH might break above the double top levels after a small pullback.

TIE and CREE

TIE: Currently overbought, daily RSI >80 and weekly >70. Approaching resistance at 14.90-15.00

CREE: Currently overbought, both daily and weekly RSI >80. Approaching resistance at 60.

60-62 zone acted as a resistance back in 2000

Nov 7, 2000 open-60.16 high-60.16 low-54.00 close-55.81
Nov 6, 2000 open-60.22 high-64.12 low-59.69 close-61.50
Nov 3, 2000 open-56.00 high-61.44 low-54.62 close-59.88

MOS

Will the gap at 71 be filled? My answer is yes :)

SPY

Target 1168-1172. I will start scaling into puts at 1150.

CSIQ

Approaching resistance. Overbought with daily RSI >80 and weekly >70. Looking for a pullback to 30 and possibly 27.50

TRADES FOR TOMORROW

1. Short SPY at 1137-1138 with an exit target of 1130

2. Short USO at 40.60-40.70 with an exit target of 39.50

USO

STO is way too high. Resistance at 40-41 zone. Looking for a pullback to 39.50 and possibly the 50 SMA at 38.90

JAS

Overbought with daily RSI at 69 and weekly at 73. Also forming a bearish raising wedge (broken orange TL and the pink TL). Looking for a pullback to 20 SMA at 34, which is also a confluence of support and resistance trendlines.

MT

Overbought with daily RSI at 70 and weekly RSI at 67. Looking for a pullback to 20 SMA at 43, which is also a gap fill area.