Life In The Fast Lane with Fastenal

We have been trading $FAST all week. 34.00 is solid support, and looks poised to break over 34.85 and into the “Kirby©”. During some of the intraday sell-offs we have had, this one held up great. Classic residual strength. First target is 35.50, then 36 as a daytrade. The next resistance is up at 36.50, and could easily tag it. The way the market looks to me, we could swing this one looking for a breakout over that 36.50. All time highs are at 37.78, and with 11% of its float short could happen quickly in a market ripper. Stops at losing that great 34.00 support area.

CXO looks ready to go

$CXO  held up great yesterday. Closing pretty close to its highs. Long term resistance at 86.10, good volume recently, and no real sellers, since the correction began. Really like this one. On my radar today for either a dip buy or a trade over the highs of 86.85. First target is 89, then that 200sma at 92.66. Next major resistance comes in at 94.70. Max pain stop at losing yesterdays lows of 84. The weekly has a good look to it as well.

SPY Read of the day

We have captured 122.08 which is MAJOR support. This all about the “Kirby”. We have  a gap to fill overhead starting at 123.98 and fills at 125.32. The next major resistance comes in at 126. If we lose 122.08 then I will look for 121.35 as 1st target, then 120.88. The trading world is full of permabear’s, it’s only prudent to fry them all on option expiration week. The dollar is a touch weak this am, 77.50 is huge resistance overhead with support at 76.35. The 200ma is at 76.72. I am looking for the weakness to continue. 75.70 is the next level of support under 76.35 and is my target.

“New traders have got to stop trying to make money. Trading is about skill development and discipline. Great traders make money because their trading playbook is stacked and they are constantly expanding and improving it. Money, P&L, is just an outgrowth of a killer playbook.”

Abercrombie & Fitch setup for today

68.60 is long term support on $ANF and it has been riding it for 4 days. If yesterdays lows of 68.44 is lost, I like it short with stops above 68.60. Looking for 1-2 points on this. Now if 68.60 refuses to break, then I might grab it long if the market warrants it.

SPY Read for the day

We have lost 122.08 on the $SPY which is MAJOR support. Sizable gap down this morning with a low print of 119.15 so far. The 200ema is located at 118.12 with a gap to fill starting at 117.67 and it fills down at 115.71. The next shelf of major support is sitting at 115.77. For upside look for the 50ema at 120.57  then the 20ema at 120.90. The dollar is on a tear so far. Up over the 77.50 support area.

SPY Read going forward, Recent run is all about the “Kirby©”

Just a very brief update here. I have been battling a very bad cold as of late, and will not be here most of today. The next resistance is at 122.08 on the $SPY. The market has been digesting this power move well. Bottoms are events whereas tops are processes.  Over 120.50 is a huge vacuum which lasts until 124.60. The “Kirby©” Get more power over 122.60. Would like to see more “digestion” today, but the dollar is rolling over, next support is at 76.35. We see that and we will fly.

The ATR is just starting to roll over, I am expecting it to continue lower. Sending us higher via slow melt/drip higher like last year to the tune of +40-60 point DOW days. Looking for the dips to be shallow and bought going forward.

Huge gap up today, to the tune of +16 ES points. The 20ema is at 120.19 and the 50ema is at 119.47. If for any reason we saw weakness, I believe a dip to the 20 will be bought just like yesterday. Also a gap to fill at 120.51. There is also a gap down there from 117.67-115.71.

The NYMO is +54.35 going into Today. Over +50 is considered overbought. Would love to see digestion today to help work it off.

The bond stock ratio is rolling over again. Now I don’t expect it to be a straight line back under the 65ma, but when this does cross back under strap in for a huge rally.

On the WTIC , 87.75 resistance with support down at 79.25. No reason to think this can’t hit 99.05 with a little time.

Just like last summer, no one believed that the market could fly from 1039 to 1370. Not calling a rally like that, but honestly believe we break new 52 week highs with a little time.

 

A plan to short Wynn Resorts

I am already short some  at 130.41 and decided to keep it because of how extended it is. We have the jobs number tomorrow, and if we spike on the SPX to the 50Ma at 1180 it will probably fail. $WYNN will more than likely spike up close  to the 200ma as well at 134.66. The easy trade here is wait for it to lose the highs of 132.71 and short it with a 1-2 point stop. The first target is LT support at 129.55, but can fall much harder depending on the market. I will probably add to it up at that 200 if it gets there, giving me a 132.50ish average. There is also a gap on this one from 123.65 to 119.94 to fill.

SPY Read of the day

Awesome rip on the $SPY to close out Tuesday with a +3.43 blast off in 30 minutes. The dollar lost 80.06 and it was off to the races. What helped this move intensify was a “Vacuum” from the lows of 107.43 all the way too 112.58, the highs on that rip. No surprise to me what stopped us dead in our tracks! I see us retesting the 20ema at 110 which is also the 50% retracement of that last 30 minute move. If we blow right through these highs and start running to the next resistance up at 115.77 then we may have something to get excited about. It’s early, one day at a time with baby steps.