Thursday, February 23, 2012

Recap & Trading Plan For Friday 2/24

Edit: This is starting to look like a short term top for the market, make EVERYTHING get confirmation before going long. Also, be very cautious with anything that is breaking out while in overbought territory today.

It was a solid day today, a few good breakouts, some follow through, and some consolidation. Got a lot of options to choose from, and many charts. Here's what we are looking at tomorrow:

Also, let me know what you think, do you like the old charts better or the newer ones?

NOV - held the breakout, good consolidation day on lighter volume
IBM - 200 - finally broke this base its been building, if you bought today good, otherwise wait for 200
EBAY - Watch for FTD (follow through day) tomorrow. Broke out to highs on STRONG vol.
SODA - 42.70- Broke out today on OK vol, watch for an FTD. Could buy here, but best to wait for 42.70
CRM - Big breakout after earnings, let it digest tomorrow and we'll know where to go from there
PANL - 47.00 - Its got a ways to go, but keep on watch
ADBE - 33.10 - Broke through resistance today, vol was a little light REQUIRES strong FTD
QCOM - 64 - 64 is the next buy point, one could also buy on a pullback as long as it holds 63
NTAP - 43.50 - this one is basing just below a descending trend line, when it takes the next step, be ready
BBBY - 60.50 - this one is breaking out, but needs to get back over the 50d at 60.50
CME - 297 - basing here for a breakout
GS - 117.75 - building a nice handle to breakout above this resistance. get your trigger finger ready
INFA - 49.40 - next buy point when cleared on volume, heavy resistance ahead, keep close stops.
OPEN - 48.50 - this one is trending below an old descending line, if breaks, 50 is next resistance
VMW - 100 - keep an eye, this one wants to break 100.
MOS - 60.50 - this one broke out on Tuesday, next buy area when clears 60.50 on volume
GOOG - 616 - still basing in this tight channel, when breaks 616 on vol, buy time
POT - FAIL - may try again, but notice that the volume on the breakout was weak, always need FTD
WYNN - 118.13 - holding above descending trend line, needs to get back above 100d on vol



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