Stocks finished up for the most part today as the Bulls won out over the Bears. The Nasdaq (QQQQ) was the exception today as it closed down .4%. The S&P 500 (SPY) closed up .4%, the Dow Jones Industrial Average (DIA) popped .7%, the Financials (XLF) also popped .7%, and the Russell 2000 (IWM) finished up .94%. The TRIN was neutral for much of the day, while the TRIN/Q stayed bearish. The TICK and TICK/Q corroborated the moves in their respective indexes. The VIX dropped 3.27%. The broader market indexes actually look bullish on the daily time frame. The Russell 2000 (RUT) is reaching the apex of its symmetrical triangle, so it is due for a breakout in either direction soon. The formation on the Russell 2000 could also be considered a bullish pennant because it formed at the top of a rally. The Nasdaq, S&P 500, and Dow Jones Industrial Average are all in high base formations. The Dow Jones Industrial Average is actually testing its highs and appears to be poised for a break out early next week. The Financials have pulled back harder than the other indexes, so the index is relatively weak, but if it breaks above its downward sloping trend line starting in the middle of October, that could be bullish. I took four trades in the past two days. Two of them are high base breakouts, and the other two are plays on the stock's bounce off of a lower trend line/support line. The stocks mentioned are Starbucks (SBUX), Big Five Sporting Goods Corporation (BGFV), NetFlix (NFLX), and HMS Holdings (HMSY). Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately. Happy Trading, Jason
Post Market Analysis, Friday December 11
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