Sitting on the Sidelines

As an optimistic swing/day trader, I tend to look for technical setups that are ready to move to the upside.  So, on days like this, I sit on the sidelines and watch. I learned a long time ago (and still get hurt by it on occasion) to not chase stocks when the majority of the market is down.  It’s tough to sit, I know.

On that note, let’s see what’s going on.. first, from my Watch List… I doubt we’ll see much, but maybe there are a few stocks still setup that are worth watching IF we rebound back up.

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Tags: ALD, BZH, CAEI, CI, CPBY, DCT, DNN, EGT, EROC, FIG, HOV, KFN, LINTA, MRVC, NOVL, SNV, SQNM

The Daily Scan

Let’s get this party started… first, I must say that my gut says that it might be a tough week for the bulls, but I’ll be ready just in case I’m wrong..

A few stocks I mentioned last week are still interesting to me for short term long plays. These include:

• $KFN – per @ kunal00.Volume is up and a move in financials could push this one strong through MA50
• $CPBY seems eager to push through MA50. I”m already in and ready for the move.
• $EGT continues to tighten up the bollinger bands. I’m interested above 22.5
• $DNN sitting on horizontal support on descending triangle. Looks more like a short than a long opportunity, but worth watching either direction.
• $FIG is ridiculous.  Could it tighten down more on MA20/50/200?  I will play a breakout.
• $NOVL – testing the hell out of MA200
• $BZH – tightening triangle on MA200.  Careful, looks more bearish than bullish here.
• $HOV – descending triangle sitting on horizontal support ant MA50.  Must hold here, or it is a short play. Of course, I would love a triangle breakout to the upside.
• $ALD – chart shows tightening bollinger bands with improving Full Sto.
• $SNV  – I like entry above MA50 if financials move.  chart
• $DCT – looking for MA200 breakout. chart
• $EROC – interesting trading lately after large gap-down. Eyeballing for move over 3.75. chart

That’s enough for now.  Watching too many charts can do more harm than good.  I’ll try to keep an eye on these with a constant ear on what’s buzzin on Stocktwits.

Tags: ALD, BZH, CPBY, DCT, DNN, EGT, EROC, FIG, HOV, KFN, NOVL, SNV

Today’s Watch List Update

WOW. Just look at today’s watch list (below).  There were some big winners and a few that just didn’t setup right…

BIG DAY FOR BPUR!!!

Let’s start with what didn’t work:

DNN – Never broke through MA20 with volume, so why enter?  Still holding horizontal support so worth watching.

NOVL – Same story – light volume and didn’t push through MA200 like it meant it.  Still worth watching, but not interested until there is a volume move through MA200.

ALGN acted like it was going to move higher, but just gave up.  Good news is that it held MA50 support.

QTWW – I wasn’t sure what to make of this stock.  It shot up early and probably took some long traders on a ride back down.  Watching, but I really didn’t like the high sell volume today.

NEXM – I was fooled this morning – I thought we had a runner, but it quickly reversed.  I didn’t play, but would likely have stopped out on the move back down this afternoon.  Still worth watching, but might be harder to find an entry now.

NFLD – This was somewhat of a gut call.  I keep thinking it is going to breakout through MA20, but it never does.  I’m losing interest quickly.  I’ll watch for the remainder of the week, but that’s about it.

IMOS – I’m not interested.  It might make more moves to the upside, but it isn’t setup to my liking, so I’m moving on.

CSAR – Yet another that wanted to breakout (through.10 resistance), but just couldn’t do it.  Weakness in the market pulled this one down, too. I still think this one has a chance.  Who knows.

Now, what DID work:

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Tags: ALGN, AUO, BCON, BPUR, CAEI, CSAR, DAN, DNN, FLEX, IDTI, IMOS, NEXM, NFLD, NOVL, NWD, QTWW, VRNM

The Daily Scan

I added a stupid number of stocks to  my Watch List for tomorrow.  I’ll try to add details later – off to watch the basketball game.

AUO – testing trendline resistance on narrowing bollinger bands and improving Full Sto.

ALGN – bounced nicely off MA50 with volume. Full Sto looking to bottom out. Looking for trade back up to $12.5.

CSAR – Consolidation after very large gap down. Yes, very risky, but I like the volume.

NFLD – Just feels like it wants to break out to at least .20.

NWD – Coming off consolidation base similar. I like the Full Sto and RSI14.  Looking for entry under MA50 with move up to .20.

NEXM – Opening bollinger bands on great volume.  Up big Tuesday, but might be able to get more out of this. A run to recent highs would be great (.52)

VRNM – Opening bollinger bands and now at horizontal resistance. Full Sto is strong and RSI14 is touching 70. Would like to see a move to MA200.

QTWW – Tried very hard to run, but just couldn’t do it.  I’m not sure what to make of this stock, but the volume has me interested.

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Tags: ALGN, AUO, BCON, BPUR, CAEI, CCO, CSAR, DAN, DNN, FLEX, IDTI, IMOS, NEXM, NFLD, NOVL, NWD, QTWW, VRNM

Cinco de Mayo

Happy Cinco de Mayo to you all… I hope it payed you mucho dinero.

Portfolio Update:

CPE – I went ahead and sold CPE today for a nice gain (9%).

CIM – I took my stop order off the table this morning and managed to sell at $3.69.  Made a few pennies.

CNO – Bought today at $1.83… a little upside down right now, so we’ll see what happens tomorrow.

UCBH – Bought at $1.48 – a little bottom feeding here. Looking for swing long. Watching MA50.

VRNM – Bought at .478 and sold at .51.  Nice return on a fast scalp.

Overall good day!

New Stuff:

ACTC – Just waiting for a move up or down out of this tight consolidation.

VSTN – consolidating down with trending up STO and RSI(14) 50 bounce.

NOVL – still watching against MA20 and sitting on MA50

FCEL – testing resistance at $3.4

PNX – interesting consolidation – will play up or down.

I’m tired.  Talk to you all later.

Tags: ACTC, CIM, CNO, CPE, FCEL, NOVL, PNX, UCBH, VRNM, VSTN