FIG, NFLX

NFLX looks like its setting up to move higher. FIG is a sell at the 50 sma.

Persistent Buying in Oil

Oil is rallying after an inventory report this morning. It was definately not like the typical pops you've seen lately in oil--the ones that pop and immediately reverse and head lower. This was much more persistent and has really changed the trend in oil for at least the short term. After consolidating for a bit oil slowly started turning upward leading to a solid buy point around 99.13. It has since raced much higher (now 101.16).

The XLF has really faded on the day. After double topping early on, it came down and filled its gap. It made a lower high at 21.16ish and has come up a bit higher now. The move has the potential to push it back to break even or more on the day.

Otherwise, FIG has continued to be a monster stock--you just can't hold it down no matter what the XLF does. It's still moving higher here up 4.5%. I'd be a buyer on a trading basis. NFLX has continued to be weak (good sell on the open as recommended). GOOG is weak as well. It was acting terrible a few hours ago and really struggling to stay positive when most others were clearly in the green.

Sell

I'm not liking how this market is acting right here. Financials pushed a bit but nothing's following. I'd start selling all the trades including BNI, ESLR, FIG and NFLX. It's better to take gains (especially after yesterday) than to let them run against you. The big gap up just increases the risk.

Market Set to Pop

It does not look like there will be a dip to negative territory today. The S&P is up strongly in the premarket after a strong ADP report. Some enthusiasm has probably carried over from yesterday's rally as well. ESLR is coming on especially hot right now in premarket. I think you can take some off as the stock moves up although I'm eventually looking for a pop to 10/10.50. I'd look to take BNI off into strength today as very solid gains have been made in that stock. I want to see how NFLX acts today before saying to sell out completely. The chart reminds me of how STJ looked before it really broke out, the stock has shown excellent relative strength over the past two days, and it moves very well in general.

Oil is up slightly but we'll probably see that fade a bit more today. It's been acting terribly lately as I've noted several times on here. A strong dollar, re-allocation of funds out of commodities and into stocks, and the deflation of the market's momentum have all helped bring down that market. It's going to be hard to get it started back up after this dislocation. So while the trend stays down and commodities continue to act this way, you won't see me getting long for more than a daytrade.

Consumer Confidence Boost Stocks

A stronger than consumer confidence number provided a significant boost to the market today. Financials led and the action looked pretty strong in all corners with the exception of oil and health care. Standouts in my book today were BNI which basically just went up in a 45 degree angle, FIG which was just getting bid up unrelentlessly, ESLR which had a solid trend and was a great trade on pullbacks to the trendline and NFLX which acted bullish yesterday as well. That stock just flew a la ZMH and STJ, two other stocks I've point out on here recently.

This rally could very well flip tomorrow but at this point I'm leaning to more upside. All else equal, I'd look for any shallow weakness we may have tomorrow to firm up leading prices even tomorrow. I'll re-evaluate on the open and post again.

FIG, BNI, NFLX

FIG, BNI, NFLX are all looking good and showing strength after the consumer confidence number turned things around. You should've already bought BNI on the mean reversion trade. FIG and NFLX are just busting out. Buy them on any dips as they are likely to trend higher.

Midday Update

The market has fallen off strongly with the financials leading the way. LO continues to hold strong but there is no upside to the trade right now. BNI has come back and looks decent based on a short term mean reversion trade and a relative strength basis. Otherwise, nothing seems to be able to push to new highs at the overall tone is negative. Oil's still weak, but I'm not touching it short or long yet.