S&P 500

Quadruple witching put handcuffs on the market Friday and it's anyone's guess as to which direction this market will take next week. A case can be made for both Bull and Bear with technical patterns to match. Bottom line is we are in the middle of the range and it is either going to be 880 or 1025. I give the edge to the bulls 60/40 only because the proximity to the longer term red channel bottom held this week.

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GS triangle

And the beat goes on....Which way will Goldman Sachs breakout? The intraday traders are making a fortune on this one alone.

Quadruple witching expiration is tomorrow and volatility should be high. GS is a leader to watch for market direction.

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RIMM reports earnings after close Thursday

This daily chart shows how RIMM the maker of the Crackberry has almost filled the gap down of Sept 08 from 89.75 to form a cup with a handle. The problem is the fall of the handle is on increasing volume meaning more selling pressure is probable. However, this could also be due to traders locking in profits prior to the earnings report.

Depending on earnings results an 11 point move is in the making here. Perhaps a way to play the earnings would be out of the money Options:
Calls at $90 strike
Puts at $65 strike

Bottom line is if earnings are good all those traders who took profits will want back in driving prices even higher. If earnngs are bad the door won't be big enough to handle all the traders left looking for the exit.

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$SPX

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GS

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SPY

May see a bounce off 91.50 before fall continues to 88.25.

Don't fall for the bear trap that's coming.

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XOM Quandry

Long bounce with stop below yesterday's low target of $80

or

Short with a failure of 20 day ema and back to bottom of ascending trend - target $68

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GOOG

As MSFT has a point to run GOOG may be ready for a bounce at 404.53. A paired trade may be in order to get Long GOOG and short MSFT in the coming days.

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MSFT to hit wall at 24.45

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MO Bounce?

Looking for MO to bounce with a stop at yesterday's low. However, a failure could mean $14 based on this weekly chart.

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$SPX - 900

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FSLR hit bottom of triangle

Brekout immenent. Now that energy has shown it's hand and FSLR is below the 5 & 20 Day moving averages the odds of 176.84 holding are slim. 20+ points to fill the gap back to $156.36 may be the play, but wait for the triangle to break.

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IWM

Similar pattern to the QQQQ. If this is the leadership, it's not looking so bullish. Also, IWM working on filling the gap up of 6/1 back to 50.27.

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QQQQ

H&S topping pattern?

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