May 6th Watchlist

Indexes are basically flat this morning but many names remain bullish after Friday's monster rally to fresh all time highs. Spurred by the unemployment & jobs data, the markets have began a fresh rally after much of the consolidation under previous all time highs. Apple AAPL has finally joined the rally and put in a 50 point rally in less than two trading weeks. The only sector that hasn't joined the party is the Financials. We're still waiting on some bullish tape in the major investment houses.

There is no economic data on tap for today and we are lacking major earnings reports as well so sentiment for the SPY will most likely take a queue from Friday's action or we'll be looking at quite the chop session. This means traders must narrow down on specific stocks or sectors that are moving without the influence of the indexes.

Me personally, I'll be waiting patiently for my next big picture trade and trying to avoid taking losers. The object of the game for me is to simply NOT trade.

GOOD MORNING YOUNG WORLD!