This is my first foray with auto supplier Magna International (MGA), hence due to that factor plus when I bought the stock the S&P 500 was being kicked in the groin on a daily basis I started off with a modest position of 1.3% or so.  The stock held up really well (versus my purchase point in the $74s) during the remaining days of the selloff, and bounced smartly the past 2 days.  It is now back to the old highs so either its going to face some resistance here or break out to new highs.  I will cut the position in half with a 11.5% gain in just a few days.

September S&P E-mini Futures: Today's range estimate is 1055-1070. The ES is making another attempt at an upside breakout from its recent trading range. I think it will succeed and if it does the market will be headed for 1140 and higher

QQQQ: Headed for 47.50.

From a pure price standpoint, as I highlighted recently in the post “Pure Price Levels to Watch in the NASDAQ, Dow, and S&P 500,” the levels I highlighted came into play in a major way on Friday, with the market sell-off stopping in its tracks at the key test of the 1,040 level in the S&P 500.

Specifically, buyers rushed in again to scoop up shares/contracts there – creating the fourth such major bounce off this level in 2010.

Google Inc. (GOOG) will be on my watchlist tomorrow for a short term one or two day trade. As you can see in the above daily chart, GOOG is in a downtrend and is now consolidating. This is the tightest 3 day range we've seen in awhile and should trigger a  large range day once the stock breaks out. This stock also put in an inside day today which  adds to the potential for a large range breakout

My recent live interview with Charles Kirk generated quite a few questions. A number of them we were able to address during the chat, but many went unanswered.