Monday, February 27, 2012

Trading recap and plan for Tuesday, 2/28

Today was an OK day. Took a new position on SODA, went with a strangle (calls and puts 2:1 ratio) since earnings are coming up and it dipped back below the 200d. But at the end of the day it held its own, so should see higher from here. Still holding NOV and VXX. As always, the weekly list is the go to, this is just my top few for tomorrow.

Overall I am seeing a lot of basing going on, a few breakouts, and a few failed breakouts. This tells me the market needs a rest. If it doesn't take a rest here a future pullback will be much deeper

Alerts that went off today:
CF     - Acted like it was going to break out, but failed to. Maybe tomorrow
CVX  - Poked through resistance but ultimately failed
UA     - Broke through resistance and held, watch for a good FTD (follow through day) and add
KFT   - Broke down through a trend line from September, closed back above, more downside IMO.
SODA- Gapped up over the 200d (buy point) then consolidated all day, healthy, but earnings Wednesday.

Stocks on watch for tomorrow:
PPO  - 41.00 - looks poised to break this, but if it fails could make for a good short
WFC - 31.25 - This was a short candidate, but bounced hard off of support at $30, may break resistance.
SINA -  L/S   - Looks like it may have put in a short term bottom, long above $65, Short below $60
CRR  - 96.10 - Made a bullish piercing line candlestick formation, go long over $96.10
NTAP- 43.85 - Building a base on light volume, go long when it breaks downtrend (43.85) on volume.
GS     - 117.75-Keep a close eye on this one, if it breaks this resistance on volume, go long.
VZ     -  L/S    - Still in this triangle, when it breaks either way it should be trade-able
INFA - 50.80 - Another one building a base below a resistance line.
ADBE- 33.55 - Just over resistance, so long as it holds its buy-able
LVS   - 54.00 - Another one basing just below resistance
BRCM- here   - I missed a good short opportunity on this today, resistance at 37 and 37.30
WDC  - 38.77 - Could be good for more downside, broke ascending trend line today if it breaks 20d, short

Only a few charts worth posting tonight:





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