Intraday market notes & observations – May 31

11:40am ET: Beware today’s large topping tail in Coleman Cable (CCIX)! The stock has been a stellar performer, rising over 140% (from $6 to $14.50) in four months.

Although stock is trading higher, it looks as if profit-taking is setting in. If you’re lucky enough to hold positions in this stock, look to lighten up as there are no options.

11:25am ET: Intraday support/resistance:
SPX 1329/1335–typo! Should be 1329/1345. Corrected at 1:55pm ET
DTX 538.5/548.5
DJIA 12445/12575
Nasdaq 2805.5/2827.5
OEX 590.75/596.75
VIX 15.1/16.9
Trin range: 0.80 – 1.20
Average VWAPs: 32/-79 (bearish)

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