Tech Tock, Tech Tock

Is it finally time for tech to take a breather? After hours traders appear rather indignant that Intel won't offer any Q2 guidance. Ah but alas, Obama Von Spendthrift and his tax evading cronies did not give the chip-makers permission to cook their books...only the banks. This lack of guidance may become popular during earnings.
Intel was being looked to for reassurance that the economy was in fact healthier than ever - big surprise. If you believe the tide is turning, at least temporarily, take a look at AAPL and GOOG, who conveniently happen to be up against resistance (which will allow for a low risk entry).
AAPL

GOOG


I will remain patient and see how this week's earnings go. The last 27 days have, for good reason, made me more cautious than usual. The short term trend is still up but it is clear that overhead resistance is taking its toll due to the rounding/topping shape of the SPY. It doesn't mean we don't go higher but it may indicate it's finally time for that pullback.
SPY


Here are two short suggestions:
XLU

XLB

Unfortunately, the options on these kind of suck but fortunately, they are cheap enough to short outright.

Confirmed breakout......or not

SPY - confirmed breakout?


SPY - Or not?
In either case, given the extreme overhead resistance, favor the downside over the intermediate term.


RIMM - potential low risk setup


XLB - trading range

Serenity Now

As difficult as it will be for me to tear myself away from this brainless market... the next seven days for me will be spent in the Yucatan talking to the fishes - perhaps acquiring Zen-like clarity of all things trading.

Given what I know today (i.e. strictly based on the charts), I will be favoring the downside over the next several months.

Le Resistance

SPY (10 yr)
Notice how the market 'bottomed' in 2002... same pattern appears for '33, '42, '87, etc. The likelihood of a v-bottom here is also highly unlikely so I will play the odds. To understand why this happens, go review market psychology of bottoms, support, resistance, etc. - long story short, there are very good fundamental reason for why and how these patterns are created.




SPY - looking for the underside of this channel to get kissed before heading lower




















BNI - trading range




















MON - gap fill - that was quick




















X - if you're looking for a follow through day, X has some room to run




















XLP - look for 26




















XLB - If XLB has the audacity to climb its sorry ass to 34....




















AAPL - low risk setup developing...




















COST - low risk setup has arrived.

Materials - XLB

Further retracement back to the low 34s could present a good opportunity to get short.....if of course everything weren't batshit crazy right now.