Overall 83% cash and equivalents, 17% stocks. Mr market continued to power higher, mostly without me on board. This has been a frustrating to those of us who have kept high levels of cash. I didn't take any new positions this past week mostly due to demands from other areas of my life - okay my regular job.
Weekly range bands have now been positive for SPY for 4 weeks running. From the moving average perspective, SPY is now above its rising 50-day MA, but still below a falling 200-day MA. I prefer the range bands over the moving average because the have much less lag. For example, the range bands shown to the left look back only 12-bars. From a trading perspective, its too late to enter here for the SPY since the lower range band is too far away.
On the breakout watch, RIMM finally broke above resistance at $70. RIMM is now above both its 50 and 200-day moving average and this week got an analyst upgrade with a price target of $90. There's no resistance here until the bottom of the gap at $80. From a trading perspective, the June 70-80 call spread looks good with a cost of $4.35 (max loss) versus a max gain of $5.65. A lower cost alternative is the May 70-75 call spread with a cost of $2.50 with a max gain of $2.50.
On the performance side, my 2 accounts have now slipped below the S&P for the year as of Friday. As I mentioned above, keeping my career from blowing up has been taking a front seat to my market activities.