Positive day today for the stock market!

Well the DOW broke 10,800 and managed to close above this mark we are now thinking bullish again as long as it can hold above this mark tomorrow and Monday.

A couple of interesting items

NFLX - After earnings and such a postive bounce I am going to hold and watch this stock . It did not manage to break the resistance at $30 so I will wait and see what direction it takes. After a really strong day for the rest of the market I would have expected a break through this resistance but no. I will wait and see.

APPL - is fast approaching support at $70. What will happen? If a break through this support then a bear call spread may be in order a bounce and a bull put spread. We shall see by Monday.

PLCE - OK what a roller coaster, after placing the trade and the stock plunging down below the 200dma it has made some strong moves in the last three days to bounce it up above the 200 dma. It currently sits just below the resistance trend line. A couple of days will determine its course. I still think that it will be difficult for this stock to maintain its momentum to break my bear call spread at the $50 mark but MACD and Stoch are now on the rise.

Chart provided by BigCharts

The two parallel lines show the bear channel this stock is in. Will it have enough momentum to break this channel? I do not think so and if it does not then my trade is still in good shape.

CVTX - after some strong moves has bounced off resistance at $27. Still in good shape on this trade.

MGM - could be setting up for another good bear call spread for the $40 strike.

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