With such a horrible GDP today why aren't we down big time? Because we are in an up is down and down is up environment. Bad is good because? Print baby print says Janet, and that keeps the drive alive as they say. Still though what's more important is that of the charts and where support and resistance are and whats building out.  

Yesterday I said:

As for the daily index charts? Seems to be more of a chewing around here all the while we'd like to see an "Alright Already Let's Get This Over With" Flush. BUT the market is the boss not us and its going to do what IT wants to do and could care less what we'd like to see. When I look at the NASDAQ I can see a trend within a trend forming and its a POH (Pullback Off Highs) in the short term. Which means we COULD make a run higher here yet still. If the SPX goes for a run it ought to drag this index with it.

When I look at the NASDAQ I see two things. A bullish scenario and a bearish scenario

The bullish is that off the lows we staged a First Thrust Up POH pattern. What would that look like in the chart?

The bearish is we retest the lows in which case one best be considering buying issues that look like it or are tagging support zones. Keep an eye on GOOGL and BIIB at that time. Those names are big index names and are commonly used to drive the indexes when need be. Think tape painters due to big percentage weightings in the indexes.

Yesterday I said:

As for the SPX? It too is just chewing here deciding whether or not it's going to take another look at the highs which is resistance, even if we do (with a breakout into a new high) its probably going to be on the order of a shake and bake suck in the emotional little guy shake out high anyway. Keep in mind what a break into a new high also is its that of the program trade robots popping stops on anyone who has a hard order in to cover a short sell just above the markets -- they know where those orders are.

A move like that could also be considered a double top should it tag those levels and ultimately fail. I just bring this up as a potentiality to be aware of so as to not get sucked into the hoopla but to be on your toes in the event it does occur but for now we are struggling and even if we do make a run on the SPX upside is limited there too. From what 1876 to 1895 or even a little more? Its just one big gap up day the way these markets trade so its really no big deal and nothing to get distraught over if you have short exposure.

4-30 Notice the inability to get killed in here the last few days? We'll find out after the fed meeting once Janet talks. To print the same or more or to print less is the question. up is down and down is up folks. not that it matters as we know where resistance in the SPX is and its not far away.

So from here we'll probably want to look at things from a selectivity standpoint when it comes to individual stocks. We can use weakness in a few names to establish a few positions on the long side then let trade size risk management take over and bend in the wind like a willow tree.

On the long side the names that get my attention here are (on weakness because weakness gets bought) are FB, QIHU and GLOG and now SYRG.