US Equity and Options Markets will be CLOSED on

MONDAY February 16 in observance of President's Day

Normal trading hours will resume on Tuesday.

Quote of the week

"In investing, what is comfortable is rarely profitable." Robert Arnott

TECHNICAL LEVELS AND ANALYSIS OF MAJOR MARKET INDICES

QQQ: Accelerated gains for the QQQ's this week with five consecutive green days and a new yearly high set on the last trading day before the long weekend. Last week we were looking at the possibility of a continuation with a measured move into $104.50. The QQQ's not only continued to erase the first area of resistance but went ahead and traded through the secondary area at $105.26 and $106.25 resistance peek that was set back in late November of last year. As far as what is next for the QQQ's - we need to remain bullish although the move is a bit extended it might continue higher. Further projected targets: $110.00, $125.00 for medium and long term. This move can even ignite a rally, this being the first breakout off a major time frame chart (weekly, monthly).

- Bias: Bullish

- Support Levels: We will look at prior highs as possible areas of correction: $$106.25, $105.25, $104.50, $103.21

- Resistance: $109.77 and void into $120.00

Daily Chart of QQQ:

SPY: Strong move for the SPY last week with five consecutive highs that clear a multiweek resistance. The spike higher can set the stage for more bullish action in the following week.

- Bias: Bullish

- Support: $204.00 and previous highs will also be considered areas of minor support $209.00, $206.25

- Resistance: $215.00

Daily Chart of SPY:

MAJOR EARNINGS FOR THE UPCOMING WEEK

Monday:

Markets CLOSED

Tuesday:

A.M. - GT, MDT, MGM, PES, USAT, WLT, WWW

P.M.- A, ADI, CF, FLS, FOSL, JACK, LZB, NBR, PBPBRAX, TEX

Wednesday:

A.M. - ANGI, CNK, DVN, DUK, GRMN, HLT, NI

P.M. - ACT, CAR, DRYS, EOG, FLR, MRO, MAR, SCTY, SUN, Z

Thursday:

A.M. - BCC, DAN, DTV, DISH, GG, HRL, IMAX, PCLN, WMT

P.M. - BRCD, CROX, FTR, INTU, JWN, MRVL, NEM, TSR

Friday:

A.M. -DE, IRM

MAJOR ECONOMIC RELEASES FOR THE UPCOMING WEEK

Monday:

None - U.S. Markets Closed

Tuesday:

8:30 am Empire State Mfg. Survey

10:00 am Housing Market Index

12:45 pm Fed's Plosser Speaks

4:00 pm CT Treasury Intl. Capital

Wednesday:

7:00 am MBA Purchase Applications

8:30 am Housing Starts

8:30 am PPI

9:15 am Industrial Production

2:00 pm FOMC Minutes

Thursday:

8:30 am Weekly Jobless Claims

9:45 am PMI Mfg. Index - Flash

10:00 am Philly Fed Survey

10:00 am Leading Economic Indicators

10:30 am Natural gas Inventories

11:00 am Oil Inventories

Friday:

9:00 am CT - Atlanta Fed Business Expectations

Please feel free to send any comments to info@TradeOutLoud.com

Good trading everyone,

Anka Metcalf

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