Still on track for higher

Over the weekend, I called for the Dow to go higher today and sure enough, we got a nice 96 point advance. My long hat fit quite nicely today.

Because of the dramatic decline from last week, I added the Fibonacci retracements to today's chart. Notice how the Dow advanced to the 0.618 Fibonacci retracement literally on the dot, at 12,235, the high for the day, before closing at 12,226. There was also some minor resistance at this level the last time we encountered it (on February 8th) but this time we're not nearly as overbought as we were then so I don't think that's going to present much of an obstacle tomorrow.

Then there's our friend the VIX. It continued its decline today and shows no sign of reversing just yet. Plus tomorrow is the first day of the month, traditionally a strong day. The Dow has been up 9 of 11 on March 1st from 1996-2006, according to The Stock Traders Almanac.

Finally, given the fact that all three futures are up convincingly right now (1:30 AM EST) with the ES leading the way up 0.34% and no new catastrophes out of the Middle East, I'd say we still have room to run tomorrow. And since today's green candle was entirely outside the descending RTC from last week, I'm going to put the green swing trend arrow back up.

Trades

I unloaded my Intel today at 21.43. On a day where the rest of the market was up, INTC was down. I don't particularly like its daily chart so I decided to take some profit rather than holding out for more and ending up with nothing. I just wasn't feeling the love.

My new spec play WIN meantime continued its advance on higher volume to close at 12.54 in the regular session and then popping to 12.70 in after hours.

I finished February with a decent 5.48% gain. I'm actually happy to see anything north of my long term average of 2.5% per month. We'll see if March can roar in like a lion.