4-19-2013 mid day comment

Today's bounce is on volume a bit less than yesterday's thus far.
This helps with conviction to stay in my short positions ALXN and ULTA. I shorted ALGN today also. ALGN is in the right hand structure of a H&S pattern and advanced into the 50 and 200-day and possibly is stalling. I will treat the high of today as an exit point in the case that I am wrong.

Just in case the FED liquidity causes the market to continue up, I see CELG acting well and I entered this on the long side. Essentially I am reentering a position that I closed out last week at the same price.

If the market reverses upward here, today is day-1 of a possible market advance. We look for a day-4 or later to confirm market direction with a follow-through day so the earliest confirmation would be next Wednesday.