Good Morning!

Friday’s price action kept us above the 50 SMA on both the SPY and QQQs. That will be the key area to watch today as we look to push back to new all time highs as we move deeper into fall. Futures are pointing to a flat-to-red open, and our opening ranges will be very important today. Travel stocks continued their rally on Friday, and continue to be a sector with a  lot of value if the bulls retake control. But if we’re going to head back to new highs by Halloween, it’s going to have to be the blue chips that take us there. Names like AAPL, AMZN, MSFT, etc, will need a sustained rally to see the SPY retake that all important level at $450.

SPY needs divergence from 50 SMA to carry momentum to $450

QQQs have $375 on deck as next level to the upside.

Gold has not had much loving lately but looking for a good possible entry on AU  ( Anglogold Ashanti Ltd) If the stock is below $15.50  I will be STO 15 put and BTO 12 put spread expiring Nov 19 and should receive around .60 cent credit which is a potential 20% return . Risk is the $300 less premium received .  Come check out our trading room to see how I defend these trades.

I discussed today a stock which returned more than 189% in the last 52 weeks and 14.75% in just one month.  Svb Financial Group $SVB, is a diversified financial services company, as well as a bank holding company and a financial holding company. The stock is on a bullish momentum with RSI and Stochastic rising for the last few days. In Bollinger Band chart, the price has crossed the upper band and still bullish. It would be interesting to watch the company, how the price reacts in the channel setup. There is no agenda in the short term.

On the contrary, when the volume start to get thinner in the next few days, it could dip back to the short term support level of $600 or so.

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