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Breakout Signals Resumed Uptrend

S&P 500 broke out of consolidation and resumed upward trend


Editor’s Note: Filing in for Sam Collins is Ryan Mallory, founder of the financial blog Sam will return Monday, Nov. 8.

Current Long Positions (stop-losses in parentheses): TICC ($9.62), SNDK ($36.59), AMZN ($161.90), JACK ($23.16), GHL ($75.95), NFLX ($165.00)

Current Short Positions (stop-losses in parentheses): None

Bias: 53% Long

Economic Reports Due Out (Times are EST): Monster Employment Index (6 a.m.), jobless claims (8:30 a.m.), productivity and costs (8:30 a.m.), EIA natural gas report (10:30 a.m.)

My Observations and What to Expect

* Futures are up strong heading into the open.

* Asian and European markets as a whole saw gains in the range of 1%-2%.

* The S&P 500 managed to close a point above the recent highs, allowing for it to break out of consolidation and resume the upward trend.

* The S&P 500 is poised to open above 1,200, which should it maintain this price level, would drastically improve the mood of the bulls.

* Yesterday’s FOMC meeting minutes were ultimately received well by the market, and usually allow for the market to experience two to three days of rallying solely off of the news.

* S&P 500 is all clear to challenge the April highs.

* The bears should focus on breaking and closing below the 10-day moving average as well as the trendline off of the August lows that is in place.

Actions I Will Be Taking

* Took profits in ProShares Ultra S&P500 ETF (NYSE: SSO) during the Fed mayhem. SPDR Gold Shares (NYSE: GLD) was stopped out for a profit.

* Added only one additional position to the portfolio yesterday: Netflix, Inc. (NASDAQ: NFLX).

* Tightened my stop-loss in, Inc. (NASDAQ: AMZN). Expect to tighten more throughout the day on the heels of the market strength we are seeing.

* Will likely add one to two new positions to the portfolio today.

* Not hedged going into the open.

* Follow me in the SharePlanner Chat-Room today for all my live trades, including my day-trades.

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