Market Update and Some Ideas I'll be Addressing

I've been going through several watchlists and have picked up on several things from intraday to short term (longer than intraday) to intermediate term positions that look really interesting, I'll try to give you a list and then try to address each individually as to what we'll be looking for, but they really do look good, not just "Well... if this happens, then maybe", they look like "this" will happen.

As far as the market so far, there's some pretty decent intraday strength, either a peg/pin or a reason for wanting to be in this area (I can't quite say "Close" in this area" yet).

Here's a visual of the gist of what I mean...

 SPY intraday went from leading negative on the open, it did what it was expected to in bouncing (off support from Wednesday's close), but it did that on 3C "improvement", not a positive divergence, not even intraday. Right now I have a green arrow that signifies "in line" or 3C price/trend confirmation, but in reality, it's not confirming yet if you compare where price and 3C are right now vs the highs near the EOD Wednesday. So there's some short term "steering" it seems, but...

 On a 2 min chart there's no migration of anything positive which is not surprising as the 1 min chart never went positive.

The open was leading negative, the entire day so far is leading negative, but if I were to zoom in really close, even closer than normal intraday charts, you'd see 3C and price moving together at the green arrow, however this is still not "in line". So it seems that there's some influence being exerted to keep the market around this area, whether that's a Friday pin or some other reason, I'd guess a pin, but we wouldn't know that until after 3 pm.

 The SPY 3 min chart shows no migration and the concept is the same as the 2 min above so I didn't draw on it so you can see the chart without distraction.

The VXX trades opposite the market/SPY and early today when it was at its intraday a.m. highs, I said I thought it needed to pullback at least one more time today just for the reversal process to be symmetrical, that post would have been at point "A".

I also pointed out the likelihood of there being a move below intraday lows, a stop run or head fake and we see that at "B". Again, in this case 3C is leading positive (opposite the SPY)  and like the SPY, intraday 3C is moving with price (green arrow) so they are virtual mirror action of each other as they should be.

 The 2 min is the same concept with a leading positive as we'd hope to see at the break below a.m. lows

The 3 min chart is in leading positive position so from the looks of these, VXX and SPY are opposite each other in almost every way and that's pretty good confirmation.

Now what I want to see before I'd consider pulling the trigger on any position is for 3C to make some vast improvements in VXX at this level, that is what a head fake move is for and that's how we confirm one. I don't know that we have to go all the way out to the 15 min chart above, but if it did (15 min) improve with a leading positive new high, that would be very good trade/position confirmation.

For now I'm just waiting to see which way it will go, so far it has done everything posted ahead of time, so we'll see if it continues to do such and open an opportunity.

Some others would include GDX/NUGT for short term moves.

USO looks like it will come down at least intraday, I'll be watching to see if three's a bigger trade than just intraday there.

SLV is starting to look really interesting too as a long (gap fill? More?) Again, I want to be patient and have a high probability position, not just a higher probability of one outcome over another.

Some positions that look like they are setting up to be stellar out performers on a market move higher and perhaps even before the market, GS looks really interesting, GOOG looks interesting but a bit shorter term and not quite there, IOC looks like it will set up to be a longer term solid out performer on an upside move, AAPL also (which would be a continuation), UNG and URRE but in this case very long term like primary trend.

TLT which I talked about Wednesday as being on my list, but at a much lower area made a big concession today so although the charts were pointing to that and I was hoping to see that, the move is right along the path expected, but much quicker so far so that will be another.

I'll keep watching and let you know of course if there's any high probability positions and to show you some of the above mentioned so you'll know what we are looking for (just as I told you above what I'm looking for in VXX today) thus you know and understand some of the concepts, plus get a feel for what kind of upside move we may be looking at, especially GS's case.