"Be so good they can’t ignore you.” Steve Martin
The weekend ended up getting away from me and I ended up not being home so no report but the good news is stocks are acting great after last weeks mixed action.
We’re seeing some nice strength now as we move off relatively oversold levels according to my overbought/oversold indicator.
This should be a strong week and we may be able to lock in some gains later in the week according to my day-count tool.
That being said, setups are looking like this move has longer than this week to go so only time will tell.
Acacia Communications Inc (NASDAQ:ACIA) bounced very well off the $100 level and members were well advised that $100 is an important level to watch to add or begin a new position and the stock has turned up perfectly from there already.
Many other stocks, including many mining stocks, have also tested and held key support areas.
Fine action from SPDR S&P 500 (NYSE:SPY) which remains in this long flat channel which is a great setup for continued upward action.
I’ve still got a 10% weighting from 202.
219.50 is the breakout level.