Thursday, March 29, 2012

Recap and Trading Plan for Friday, 3/30

Recap -
It was an odd day, buy the dip won out as usual. SPX getting really close to the 20d, so keep a close eye on that. Tomorrow is the last day of the quarter, expect some window dressing there after these last couple days of profit taking. Though there are not a lot of great looking setups out there, many are getting close to setting back up.

Trading Plan for Friday, 3/30
  • SWKS - Looking ok, needs to hold this trend line or it may take a while to set back up to take out this resistance. pulling back on lighter volume, which is good.
  • MCP - This one looks really good after breaking out a few days ago. Approaching this next buy/add area. 
  • VMW - Busting through this next buy/add area on heavy volume. Watch for a good FTD (follow through day)
  • ALLT - Showing some resiliency after yesterdays big red candle, keep on watch to break through that 23 area.
  • INFA - Nice big bullish engulfing candle, looking good to go higher
  • AMZN - Continuing to hold above the 200d, keep a eye on this one.
  • CRM - Continues to work well, next buy/add area when breaks out to new highs on volume
  • ZAGG - Pulling back to test the 20d, if it holds it looks good to test the 200d
  • TNGO - Massive volume today, but price action isn't following, be careful... but one could go long on a break over 20.05
  • BRCM - This one is setting up to take this resistance over 39 out.
  • BIIB - Consolidating after a nice big run, keep an eye on this one
  • NOV - Holding up after trying to put in a double bottom here. one can buy here with the bottom area as a stop or wait until it clears this descending trend line.
  • DE - Keep an eye on this one and how it acts at this support and 200d
  • ADBE - Window dressing tomorrow could push this one through this next buy/add area
  • QCOM - Holding above this support area, I think a straddle may pay off well here on a pullback
  • FCX - This one will have to commit over the next week or two, watch this triangle.
  • AZO - Watch this one as it approaches this support...
  • TS - If it breaks this support, more downside to come imo
  • UA - Broke the 20d and this next support. more downside to come imo, may stop around 89.30 or may test the 50d
  • OPEN - This one looks like it wants lower to me...
  • PEET - Ouch, massive pullback on heavy volume... Always stick to your stops, peel some off into strength, and raise your stops.
  • MOS - Breaking this ascending trend line on heavy volume, if it breaks this next support area, more downside imo...

















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