"Book 'Em While You Got 'Em"

Don't leave profits out to dry in this tape

Technical Edge — 

• NYSE Breadth: 26% Upside Volume

• NASDAQ Breadth: 57% Upside Volume 

• VIX: ~$26.75

You can tell that the VIX is coming down, because our individual stock trades continue to perform well. That doesn’t usually happen when the VIX is $30+

UUP, DG, MRK, AAPL, GOOGL, etc. have all been trading exceptionally well lately. In this kind of tape, it’s important to “book ‘em while you got’em” because the ranges are simply too wide to mess around. 

I have gotten used to taking ½ off at the first target, then moving to ¼ targets from there. With an opening bid this a.m., be sure to check out the Trade Sheets down below for managing the open positions. 

Game Plan: S&P 500 (ES & SPY), Nasdaq (NQ & QQQ), DLTR

S&P 500 — ES 

There was a lot of volatility in Wednesday’s session, but so far the bulls are keeping things “bid.” However, as my good friend Danny Riley said it best yesterday: “The ES has been susceptible to some decent downside raids.”

It’s quietly working on its fourth straight up-day. Last week, the 21-day moving average stopped the ES in its tracks. It wobbled there yesterday too, but is pushing higher in the overnight session. 

Daily-up over 3875 gets us 3900. Above that and 3920 to 3950 is back in play, along with last week’s high (3950). 

On the downside, only two zones matter: 3800 to 3810 and 3740 to 3750. 

Cash flow idea: