Strong like Bull this week!

It was a very impressive week in the markets with the Russell 2000 leading the way. Looking at the indexes I think we may be getting a little long in the tooth with the markets looking overbought on the stochastics, as well as piercing the upper bollinger bands.

As you can see we are getting a little stretched I don't see a huge correction coming but I would like to see a pause to refresh. Earning season should really be kicking into gear next week and it will no doubt determine the mood of the markets moving forward and regardless of the markets, there will be opportunities in individual names that have better than expected or disappointing earnings results. I am lightening up on some of my swings as they have hit my targets and building that cash position again into the strength of this rally. It never hurts to take some profit.
$UPS just lowered guidance, usually not a good sign. Take a look at that daily chart it is also due for a pullback. $UPS is considered one of the companies that has their finger on the pulse of our economy and growth. Here is the quote taken from Reuters " United Parcel Service Inc (UPS), the world's No.1 package delivery company, estimated second-quarter profit below analysts' expectations, hurt by overcapacity in the global air freight market and a slowing U.S. industrial economy" Just another clue that we could have a pullback in the works.

Morning movers and other stocks that caught my eye

$AMD continuation, $BPZ continuation, $DSS still stalking it, $RSH bounce back play, $SCMP  testing 20 day, $HALO testing that price resistance I talked about in this weeks video,$GGS hot daily thin stock      $BSDM one more push?, $BIOL possible reversal testing 20day, $DSCO kinda hot just cleared moving averages, $LYV hot bull flag working off overbought condition testing 52 week high, $VVTV hot daily, $ZIXI still hot lookin, $ZN 20 day caught up to the price looks hot, $MEET continuation, $MNKD 7 dolla holla?  

Seeking Alpha

Today's Markets:
In Asia, Japan +0.2% to 14506. Hong Kong -0.8% to 21277. China -1.6% to 2039. India +1.4% to 19,958.
In Europe, at midday, London +0.5%. Paris +0.4%. Frankfurt +0.9%.
Futures at 7:00: Dow flat. S&P flat. Nasdaq +0.05%. Crude -0.15% to $104.75. Gold -0.3% to $1276.30.

Today's economic calendar:
8:30 Producer Price Index
9:55 Reuters/UofM Consumer Sentiment
2:45 PM Fed's Bullard and Plosser: U.S. Economic and Monetary Policy
5:15 PM Fed's Williams: 'A Defense of Moderation in Monetary Policy'

Notable earnings before today's open: INFY, JPM, WFC

Briefing.com

Page One 08:59 ET UPS Warning Tempers Market Enthusiasm: The stock market's taper tantrum is over thanks to Fed Chairman Bernanke, who got tired of >> Go to full Page One Story Stocks® 08:48 ET Unexpected Spike in Gasoline Prices Leads to Big Increase in the PPI: An unexpected increase in energy prices in June caused the largest increase in producer prices 08:22 ET Wells Fargo shares higher by 1% following beat on earnings (WFC) : Wells Fargo (WFC) reported second quarter earnings of $0.98 per share, which was better than Earlier today on Story Stocks: JP Morgan shares fall 1% following in line revenues; originations fall 7% QoQ 07:30 >> For all of today's stories, go to Story Stocks Up/Downgrades Today's Upgrades: Company Ticker Brokerage Firm LG Display LPL Bernstein Prudential Plc PUK Nomura Rose Rock Midstream RRMS Robert W. Baird Quality Systems QSII Robert W. Baird Franklin Resources BEN Susquehanna Xilinx XLNX Citigroup Regeneron Pharms REGN Lazard F5 Networks FFIV Piper Jaffray Valeo SA VLEEY HSBC Securities Today's Downgrades: Company Ticker Brokerage Firm Torchmark TMK Sun Trust Rbsn Humphrey Ascent Capital Group ASCMA Imperial Capital RealD RLD Dougherty & Company Spreadtrum Comms SPRD Needham Discovery DISCA B. Riley & Co. Kroger KR Goldman SodaStream SODA Oppenheimer Alaska Air ALK Morgan Stanley Ceres CERE Raymond James Ceres CERE Piper Jaffray Pfizer PFE Jefferies Bristol-Myers BMY Jefferies Triple-S Management GTS Citigroup

Good luck trading today!