Unless you have tomorrow's financial newspaper today, there is NO better edge

This week we had great winners with COST exceeding targets, DOW hitting two targets, S hitting target 1, just to name a few.

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Quote of the week

"No one's ever achieved financial fitness with a January resolution that's abandoned by February." Suze Orman

MARKET OVERVIEW

Higher oil prices, good economic data helped the market and stocks rally this week. Friday afternoon we saw some selling but this is in part due to the fact that investors took profits from some weekly gains.

TECHNICAL LEVELS AND ANALYSIS OF MAJOR MARKET INDICES

QQQ: Another hard bounce this week from a quadruple bottom. Five consecutive green days in which the QQQ's broke resistance at $103.00 level (marked with 1 on the chart below) and showed no sign of weakness thus entering into the next tradable void with a new target of $104.60 (marked with number 2 on the chart below). So far we are continuing the trend higher and we need to remain bullish. If next week the QQQ's will push through area #2 on the chart it would give us the conformation of the break of the mini downtrend that was trying to set in since the November last year. The weakness in the QQQ's came from the three lower highs on the daily chart. Support at $100.00 price area is holding and as long as that are is holding we need to look for follow through to higher targets.

- Bias: Bullish

- Support Levels: $100.00, $99.36

- Resistance: $104.59, $105.26, $106.25

Daily Chart of QQQ below represents the ETF's trading activity until Friday's close:

SPY: Pushed hard last week and gained strength and momentum making it possible to break $206.00 area of resistance and thus entering a tradable void that gives the ETF plenty of room to run into the nest resistance area of $209.00.

- Bias: Bullish

- Support: $198.68

- Resistance: $209.00

Daily Chart of SPY below represents the ETF's trading activity until Friday's close:

MAJOR EARNINGS FOR THE UPCOMING WEEK

Monday

Before Market Open: CAN, DO, HAS, L, SOHU

After Closing Bell: CSC, RICK

Tuesday

Before Market Open: CDW, CVS, DF, KKR, MWW, REGN, SAVE, HOT, UBS

After Closing Bell: AKAM, GNW, LOCK, WU

Wednesday

Before Market Open: AOL, ARMH, FSRV, LO, MDLZ, MOS, OC, PEP, TWX, ZTS

After Closing Bell: AMAT, BIDU, CTL, CAKE, CSCO, FEYE, MET, NTAP, NVDA, PNRA, TSLA, TSO, TRIP, Z

Thursday

Before Market Open: AAP, ANR, APA, AVP, CS, DPS, IFF, JAH, SNI

After Closing Bell: BYD, CBS, GRPN, KRFT, SFLY, SON, TIME, WWE

Friday

Before Market Open: DTE, EXC, SJM, TRW, VF

MAJOR ECONOMIC RELEASES FOR THE UPCOMING WEEK

Monday

12:30 am TD Ameritrade IMX

Tuesday

Auto Sales

8:20 am Fed's Lacker Speaks

10:00 am JOLTS

10:00 am Wholesale Trade

1:00 pm 3-year Note Auction Results

Wednesday

7:00 am MBA Purchase Applications

8:00 am Fed's Fisher Speaks

10:30 am Oil Inventories

1:00 pm 10-year Note Auction Results

2:00 pm Treasury Budget

Thursday

8:30 am Weekly Jobless Claims

8:30 am Retail Sales

10:00 am Business Inventories

10:30 am Natural gas Inventories

1:00 pm 30-year Bond Auction Results

Friday

8:30 am Import & Export Prices

10:00 am Consumer Sentiment

Remember as always that you should not risk your own money unless you understand and are comfortable with the position and you have a full understanding of the risks of trading securities.

Good trading everyone,

Anka Metcalf

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