The S&P 500 is still holding at the support area we talked about last week (1012-1017). We also had a nice rally into the close. The S&P also closed right at the 10 day moving average. If you are bullish, you will expect this support to hold so you would place a stop somewhere below that support zone. If you are bearish, you might want to wait until the market breaks below this support zone before trading. I got burned a few days ago when I failed to wait for confirmation. The RIMM pattern moved down a bit today but it is still sitting on the support of the triangle (both the lower triangle support line and the 50 day moving average). One stock that showed up on Jesse's MuscleStocks (www.orbisadvisors.com) a few days ago was SVA. It moved up 40% today.
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