Up Up and Away Market Update and Stock Scan for Oct 21

Oct 21, 2014: 1:29 PM CST

Just like the prior times when buyers intervened to force a short-squeeze, we’re seeing the same breakout into shot-squeeze outcome this time above 1,900.

Here’s our S&P 500 update and trending stock scan for the day:

After the recent V-Spike Intervention at the lows, we’ve seen the market creep like a serpent ever higher into the first resistance cluster at 1,900.

This morning’s gap triggered yet another Short-Squeeze Breakout outcome (see yesterday’s planning) and we continue to trade long with the buyers (and perversely, long with the bears/short-sellers who continue to drive price higher collectively with their buy-to-cover stop-losses).

With the market above 1,925, we aim for 1,945’s confluence target.

Sector Breadth is Bullish at the moment again:

Today’s price action – as confirmed with our Sector Breadth stock grid – shows clear bullish indications.

Our strongest sectors are all the Offensive/Bullish names while the weakest sectors of the day – excluding Health Care – are the Defensive/Risk-Off names (Staples and Utilities).

Uptrending bullish intraday candidates today include the following:

Waters Corp (WAT), FMC, Robert Half (RHI), and Equifax Inc (EFX).

Top bearish downtrending candidates include the following stocks:

Coca-Cola (KO), Chipotle (CMG), Lockheed Martin (LMT), and IBM.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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