Complete Tuesday Game Plan

Markets were slightly bifurcated to begin the week with the S&P 500 up, and the Nasdaq surrendering a 1% advance intraday. The S&P 500 hit a brick wall at the round 1700 figure, but still managed a decent .6% move higher. Volume was soft, but the price action on the Nasdaq was anything but. It closed off almost 40 handles from its opening highs. AAPL certainly had something to do with the composites decline as it pierced its 50 and 200 day SMAs Monday. After last weeks bearish outside week where it slumped almost 7% on big trade, it looks like a trade can be entered on a dead cat bounce into the the 457 area. This is welcome news to the S&P 500 which can possibly gain some momentum and cut into the tech benchmarks 5% YTD lead. Energy, transports and industrial groups would need to start displaying some muscle. A UNP close back above 158 with volume could kick start it. XOM above the round 90 number would go a long way. The XLI last week took out a 46.12 flat base trigger on 9/11. It showed excellent relative strength Monday following through handsomely with another strong volume move. PKG played a starring role on Merger Monday with an buyout of BZ in an all cash deal. As is customary over the years both the acquirer and aquiree were both up nicely. In fact BZ took out a 9.53 flat base trigger on 9/11 in gigantic trade. Things that make you go hmmmmmm.