Swimming naked across the Amazon.......

J.R.'s Weekly Wrap....I've got a feeling.....

....that's right! I've got a feeling, it's called an assumption. But I am not going to tell you what it is because I would not want to bias you on yours.  Everybody has an assumption even if that assumption is that there are no assumptions to have. And I want you to find your own. But having an assumption is only worth having if you act upon it. So what's in your wallet? Trade to trade well with patience, persistence and passion. J.R.

Summary:
Daily: the SPX jumped up 13 points through the week but the last two days action only netted a one point gain since my last wrap. all else looks the same.
Weekly: the momentum shown by the MoBo is still green and the action is riding on the top rail but that one point move almost gave us a doji. Feel some hesitation?
Monthly: still have a full figured body on this candle but have a nice size wick on the top. If that gets lit that candle could melt very quickly.
Weekly VIX:  kissed into the sweet sixteens but also smacked its head on the 20. Any action above the 20 could start a much needed correction for the more recent rally to keep things in perspective.
Targets:
TR1 1345
TR2 1370 - 1381
TS1 1300
TS2 1260
POI 1313

J.R.'s Weekly Wrap

Hope everyone's log sheet posted profits for the first expiration of 2012. 

Starting with this post I am going to change the weekly wrap a bit to give it a little structure. I have realized I am getting close to 100 hits a day and several of you have began to ask questions as to whether I am bullish or bearish or just crazy. Neither of which should be relevant to your trades as you must trade your money with your strategies and  with your bias.   What I will try to give each week are some primary and secondary targets of support and resistance that I see and use in my bias. I will continue to give a brief summary of each SPX and VIX chart I use. With that let's roll. 

Daily: This week the SPX took out the 1300 and closed at 1315.  It has yet to put in a test for conformation. note all the oval areas I have on the chart, they are all gathered around a point of interest I call the 1313 which I refereed to many times the first half of last year.

Weekly: I look at the weekly to confirm what I see on the daily but mostly I look at momentum here. Currently I am using a MOBO which is very simple and easy to read. It has turned green a few weeks ago thus the intended direction is bullish for now.

Monthly: I look at the monthly for historical direction and where the SPX is in relationship to where it has been. I like using the FIB retracement to show this when it is below it's all time high. Note the strong candle for January with no wicks. Could it be looking for the 78% fib line?

Weekly VIX: Has dipped down into the teens for the first time since last July. I don't use the VIX as a directional measure but I do use it as a fear and greed indicator. More importantly I use it as a gauge for selecting the best strategy to get the best bang for my buck.

Targets:

TR1=1345

TR2=1381

TS1=1300

TS2=1260

POI=1313

Enjoy the video, these pups are great, good to know there are some in the new generation that appreciate real music,,,,trade to trade well with patience, persistence and passion.  J.R.

J.R.'s Weekly Watch List

The market presents us with many stocks reporting out their earnings this week.  Most notably the are Financials. Here is a list I am watching along with a few of the more traded stocks in general. If you have a bias one way or the other a vertical spread might reward you with a big move in your favored direction. If you feel you know what the expected move might be then lock it in with an iron condor and if you are really confident then just strangle the SOB.  Either way trade to trade well with patience, persistence and practice. 

J.R.'s Weekly Wrap...streaking out of 2011....

Well as anticipated the Daily SPX headed up towards the 1300 this week but couldn't quite get there. It brushed up against the 1297 but fell away on Friday. Looking at the daily chart I still see the shaded oval area as a playground this coming week, again somewhere between the 1260 and the 1300. If the reports due out this week are manipulated by the news media as being over positive we could see the 1300 flirted with if not actually taken out. The weekly is in it's second week of the glow of the green lantern and riding on the upper band.  On a long term note the monthly so far is making a higher low and has made a higher high for the first time since October.  Old Mr VIX still refuses to close below the 20 mark on the weekly and is setting a firm bottom in place over the last few weeks. So where am I this week? The market has had a nice run up since entering 2012 and I will be watching for some pullback but as a whole I will stay neutrally bullish.  What the heck is that you say? Selling a lot of iron condors with a lot of extra puts that may be in need of a clothing store.  Trade to trade well with patience, persistence and practice.....J.R.