My Trading Recap

EGLE – (buy $4.77, exit $5.30, profit 10% before commission)
Entered as it moved through resistance trendline.  If you notice, there is a messy horizontal resistance line near $5.05.. not coincidentally, where it finished the day.  I made a point to take profits when EGLE started to return back to its comfort zone ($5.05) off the day’s highs.

If it uses $5.05 as support  on Tuesday, there is another possible long play up to resistance trendline currently at $8. Probably not, however.

FAS – (buy $2.74, exit $2.92, profit 6% before commission)
I bought this one early looking for a run. Enterend at $2.74 with volume and exited as the price bounced between $2.90 and 2.96.  Just wasn’t confident that it would keep going.  Ended up being a good call as I exited near the high on the day.

CLR – (buy $15.00)
I’ve traded CLR numerous times and it has treats me well.  I went long after it proved it could hold horizontal support just above $14. Not sure how this one is going to play out (still holding) – I would like to have seen more volume.. tight stop.

No other trades – got that day job thing.

Few notes from today’s additions to the Watch List:

• As anticipated, GLD went down today on lower volume.  Folks losing interest in putting their money in a safety net? Hmmm. Maybe investors are ready to put their money back in the market.. lol – way too soon to call that.  Play what the chart gives you.  I’ll post another note on GLD soon.
• $WTIC&p=D&yr=0&mn=6&dy=0&id=p62919039403" target="_blank">Oil looking bullish – so keeping an eye on the leaders to establish direction – XOM, CVX, HAL charts catch my eye.
• MCD still not interesting enough for me to have conviction one way or another. Watching.
• GE looked good today. I’m interested above EMA13 – needs to prove itself.
• Still watching for possible BMC short under $28
• CAB at a critical point.  Can it hold $7.5? If not, short time.
• MS – Ready to go long Thursday
• Looks like I called the ASCA short setup.

Tags: ASCA, BMC, CAB, CLR, CVX, EGLE, FAS, GE, GLD, HAL, MCD, MS, XOM

Looking Back

A look back on a few stocks from my watch list last week (had two lists – one Monday night and one Thursday night).

DZZ was a winner with the fall in gold!  The $100 ceiling on $GLD was just too much this week.

FAS continued to make me profits – (note – starting to sniff around FAZ now).

AMAT was a big winner – I left a lot of profits on the table, unfortunately.  Chart is still setup, however, so it might be worth a continued long look at resistance trend line. Look at that volume!

DV didn’t hold the support I was looking for – now a possible short.

CLR was a great play this week.  I enjoy CLR because it has great intraday moves – check out Thursday. Now testing resistance.

HLTH never broke long this week, but did bounce nicely off of support on Friday. Might be worth a long play with a very tight stop.

ACS is holding trend line with crazy volume.

NDN had a nice Friday, but I’m concerned with the top bollinger band touch reversal.

RAH holding trend line support. If long, must set tight stops below trend line.

Tags: ACS, AMAT, CLR, DV, DZZ, FAS, HLTH, NDN, RAH

Frisky Friday

Some Thursday night opinions:

• Hard to imagine financial sustaining this upward move on Friday. Monday night, I offered my opinion on FAS, BAC, and C.  It looked we were at a temporary bottom and a little bounce was due – way too oversold, too quickly. However, a look at the chart shows a few ominous signs for the this group tomorrow.
  • The candles show a pressure to sell and possible direction change.
  • BAC, and C are all at the top of their trading channels. Might be some short interest in these Friday.
  • FAS hit against EMA13 and turned south.. not bullish. C has struggled two days in a row and still hasn’t made it through EMA13.
  • quick note… I mentioned Monday night that FAS might make it as high as $7 this week.  Well, I think it needed to happen today. $7 is the bottom of the gap-fill, so if it does happen, a quick run to $7.5 is likely.
• I called the colapse in gold this week (corresponds with the run in financials).  However, with financials testing resistance (failed today) and GLD possibly at support levels around $92, I believe it is time to eyeball this one again.  A fall heavy through $92 might offer a short, but my guess is a short-term long position might be in order if the market is unable to hold.
• I fear for the $SPX">SPX… it is that elephant in the room that traders are watching with their finger on the ‘go short’ button.  If we fall through that, time to go the fear route – in other words – gold.  We will know in the next couple of days – even possibly tomorrow – a test of 741 is likely.
• I really wish i would have held on to AMAT . I had it played right.. just exited too soon.
• I think DIG anywhere near $20 is a good buy (but not below).
• CLR, one of my favorite trades, is off to the races again.  Will need oil support.  DXO is another enjoyable oil play.
• A little consolidation in MBT – watching.
• ACS – bottom of channel with strong volume
• NDN – EMA4 crossing EMA13.  $8.5 resistance.
• If gold moves, GG looks interesting.
• RAH – another bottom of the channel stocks – can play long or short depending on the move.
• NFLX is holding on for dear life – looks like a short possibility to me.

Chart of the Day

Tags: ACS, AMAT, BAC, C, CLR, DIG, DXO, FAS, GG, GLD, MBT, NDN, NFLX, RAH, SPX

My Monday Market Watch

Last week was all out wacky as financials got destroyed and investors ran to the comforts of gold.  The sky is falling! Well, not like.  However, last week was evidence that we are experiencing some very real issues in our economy and the general public is panicking at every opportunity to do so.

The question now is if the reverse will happen. Often times, bear markets are interrupted by quick and substantial bull moves.  This week, maybe?  After taking out November lows during lunch on Friday, the trading world calmed down and actually showed some sings of bottoming.  This is not to say that we’re definitely there, but maybe it is bull rally time (Mon – Tues).

So, if the bull does wake up tomorrow, here is what I will likely participate in:

DZZ – Back on Feb. 9th, I made a an incorrect call with GLD. I assumed that we were going to retest the mid 80s  before heading back up.  Not only did GLD not test 86, it is now attempting to test $100.  HOWEVER, I’m back to say that I think gold has found a temporary ceiling and unless Obama announces nationalization of banks, I think DZZ is in play for Monday/Tuesday.  WSJ video

FAS – My buddy FAS.  I’m looking for a strong bounce back up early this week in the financials – BAC, WFC, and C will likely lead the way and FAS is my leverage.  Great intraday play, but extremely risky to go to bed with.

Scan results (possible long in the morning):

CHCO – (thanks @tickerville)

NEM – IF continued gold move

AMAT – bottom of channel reversal – target $10.55

DV if it holds $52 support levels.

CLR – runs well when oil moves up.

SWIM over $8.5

HLTH – over $12 – might struggle with $12.5, however.

BRCD support at $3.

Tags: AMAT, BAC, BRCD, C, CHCO, CLR, DV, DZZ, FAS, GLD, HLTH, NEM, SWIM, WFC

Ready 4 Oil Trade

I’m preparing myself for a quick scalp Friday morning based on earnings reports from XOM and CVX.  If the reports are positive, I’m looking at XCO or CLR. I’m just comfortable with these and they have strong intraday moves.

If negative, I’ll probably look at DUG.
What the charts say:

Looks like DUG is turning bullish – meaning tomorrow’s report from Chev and Exxon would be down. But, the possible bullish moves is part of a larger bear move in DUG.  That, to me, could imply that oil is about to head up.  Yes, I’ve supported both sides.  That’s why I have a play for both sides of the coin.  DUG for downward pressure and CLR or XCO in a long direction (maybe DIG).

Tags: CLR, CVX, DIG, DUG, XCO, XOM