Wednesday, March 7, 2012

Recap and Trading Plan for Thursday, 3/8

Recap -
Today was a good little bounce day, had a few big winners. SINA alert went off about 30 minutes into trading. rallied about $3.50 from there. PETM broke out at eod, so we'll see where it goes tomorrow. VZ broke out and pulled back. NFLX went off, but held the 20d, still looking to short. CRR went off at 92.50. closed at 98.28 on heavy volume. AMZN broke out. So lots of good setups out there today.

I think this was a relief day, futures are down confirming this. I think we need to test the 50d after this big of a run without any rest. Also, we are getting toward the end of Q1, so the fat cats will be looking to book profits for  quarterly reports throughout this month. That being said, play the reaction, not the prediction. Now on to the trading plan for tomorrow.

Trading Plan for Thursday, 3/8

  • CRR - 100.00 - If you're not in this one already I'd hold off for the $100 break.
  • SINA - 77 - Should have bought this one today on the breakout
  • ALLT - This one is holding up well, if it breaks the upper channel of the handle it's a good buy.
  • BRCM - This one bounced nicely. If it holds above 33 cup w/handle still intact, but keep on watch
  • FIRE - 46.45 - Recovered from the big down day it had yesterday, buy when clears this resistance on volume
  • UA - 92.27 - This one is holding up well, getting the rest it needed when it gets back over this resistance, go long, look for 100.00
  • GS - 117.64 - cleared back above 20d today, go long when clears this resistance area
  • APA - 108 - held the 200d, next buy is when it clears back above the 20d on heavy volume
  • CRM - 146.60 - Channeling here, wait for the break and go long.
  • VMW - Held this ascending trend line, one could buy here with the TL as a stop, or wait until it breaks the resistance at 102.
  • QCOM - 63 -Rallied hard today, when it breaks through 63 on volume, go long. (took a needed rest)
  • AMZN - Broke this descending trend line, but closed below it, keep on watch.
  • PETM -  56.79 - broke out to new highs through resistance today, look for this one to make more.
  • SHLD - 76 - Keep a close eye on this one, it's making an odd little flag formation and a golden cross happening, could break higher
  • NVDA - 14.50 - when it breaks this ascending trend line, good short candidate imo
  • VZ - 39 - Tried to clear this resistance, but failed, watch for the break on heavy volume
  • BEAM - 54.50 - Double bottomed, but still ugly. Watch for it to take out that bottom or this descending trend line before going long/short accordingly.
  • NFLX - 105 - This one sold on heavy volume, if it gets below the 50d and holds, great short setup imo.
  • LNKD - 88.70 - Nice cup w/handle forming, keep on watch. One could buy on when it breaks this upper channel of the handle, or wait for the 94 break for confirmation.
  • DMND - Broke this small ascending trend line today, but light volume. Earnings AH tomorrow, so anything goes. Things to watch for a re the double bottom at 21.41, or the break below. Or if it can get back above this ascending trend line at 25.84. Any of those moves post earnings should be reliable.










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