This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stock Market Price Action Should Be Higher Early This Week

Stocks in this article: SPY CLVS PCLN

NEW YORK (TheStreet) --

"My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style."  Maya Angelou

It was a pretty quiet Friday all in all as the market continued to consolidate recent gains.

There has been some great action that should lead us nicely to the upside again, and by midweek or so we should see some new buy levels appear.

We didn't do much Friday, but I did add to Clovis Oncology (CLVS) and also tried a bounce trade in Priceline (PCLN) that showed me a small loss so I was out.

Let's move right to the charts.


The SPDR S&P 500 ETF (SPY) is so far holding the $193 level I talked about, but I think a little more downside looks to be in order.

$192 would be a nice level to test but if that fails, then we should probably move back to fill the gap near $190 and that would be fine as well.

This is a good example of what I mean when I talk about the great swing trading environment we are in at the moment.

We saw a nice breakout in SPY at $190, then it hit $193 and then $196 level I've talked about before it reversed.

Had you held you'd just be giving up recent gains, so why not book gains once we reverse from a resistance level and then reload as we move off support?

I did not take this trade, but we did the same thing in several leading stocks.

At the time of publication, Bevan was long Clovis.

Fusion-io Soars Following SanDisk Buyout

3 Big Stocks on Traders' Radar

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs