Market Shuttles Past the Shooting Star

The preponderance of Economic Reports this morning have managed to keep from damaging trader's expectations. None of the reports came in catastrophically bad, and the Philly Fed actually beat expectations a little. I'm not looking for the Moon out of the current upswing, but it may hold for another day or two. Still, I'm scaling out of some of my positions as this swing continues to fight along.

11:40 am MT: I stopped out of the GS calls for a 35% loss. I took some more profits on the FWLT calls, which are a 31% gain so far. I am looking to some of my profit on COH if it hits 38.00, and NYX and VZ look pretty good so far. STP is a little fussy, but I have seen these kind of breakout tests before, as long as it holds support I'll stay with it. I did pick up a half-size position on AXP when it crossed the 50.20 area. Since then it has collapsed back down a little. I will only pick up another half on a close above 50.50 - 50.75.

1:45 pm MT: I took some more profits on the FWLT calls, which are now a 42% gain so far.

7:15 pm MT: The market overcame the Shooting Star sell-off from late in the day yesterday. This is a nice little bullish sign for the next several weeks. It may mean that we still have a day or two in the current upswing, and that we may get a higher low on the next pullback. There was no single catalyst for the buying, which is actually a good thing. Traders are staying bullish, and therefore the market is staying Intermediate Term Bullish. High Energy and Commodity prices may eventually catch up to the market, but traders are buying for now, which means that they may keep buying on and off throughout the next several weeks.

I am looking at calls on all of the following stocks for tomorrow: LUK (breakout), RIG (bounce), and DO (bounce). In addition I am going to pick up NOV if it bounces, and I may pick up one or two of the following: JCP, VMW, and FMCN. I don't want too much stuff at one time, but I want enough in case this swing goes another day or two.