Monday, March 5, 2012

Recap and Trading Plan for Tuesday, 3/6

Today was a good rest day for many of the stocks we had on watch, and many broke support allowing us to short if we wanted. Got stopped out of BIDU, but that's what stops are for. I think BIDU only pulled back because of the market, if the market gathers its strength, BIDU will still be a good play imo.

Lots of breakouts from last week failing, always take profits and raise your stops. There is no point losing money! That being said, one day doesn't make a trend and overall, many of the big down stocks were WAAAYYY over extended. Remember, ALWAYS stick to your stops... always.

Trading Plan for Tuesday, 3/6

  • FIRE - I didn't put this one on the weekly watch because I let my own interpretation get in the way, you shouldn't do that, nor should I. Watch for and buy a good FTD (Follow Through Day)
  • HFC - 34.60 - Broke back above the 20d on solid volume. Poised to take out the resistance at this 34.60
  • BBBY - 63.00 - This one may be setting up to make new highs, next buy area is when it clears 63 on heavy volume
  • VZ - 39.50 - This one is working well since breaking out last Thurs/Fri. Next buy area is when it clears that next resistance area
  • XOM - 89 - Bouncing off the 20d, next buy area is when it breaks out to new highs.
  • AMZN - This one could try this descending trend line this week, if it clears on volume, go long.
  • ALLT - 19.00 - Keep this cup and handle on your watch list, go long when it breaks.
  • UA - adding - this one has been powerful, add on pullbacks with a $1-$2 stop.
  • BIIB - 120 - Pulled back, tested support, now watch for the break and go long
  • GS - 120 - This one broke out on Thursday with heavy volume, pulling back testing support. If it holds watch for the 120 break and go long.
  • GMCR - 69 - This one broke out on light volume, FTD was key, failed to break up, but held above this descending trend line. Watch for tomorrow to break up or down on volume and act accordingly.
  • CRM - 146.60 - Continuing to base here, when it breaks this upper channel, go long.
  • CNX - Working well as a short
  • MOS - Broke down today, watch for a test of the 50d
  • AAPL - If this loses 525, one could short (with great caution) down to the 512 support area.
  • CXO - Avoid unless short, broke 50d today on good volume
  • LVS - If it loses 53.80, it could dive hard. otherwise this could be a buy the dip.
  • CME - Could be losing it's cup w/ handle, needs to hold above 275 to be intact... be warned
  • NVDA - 14.35 - If it loses this price on good volume I'd nibble some puts.
  • SODA - Broke this ascending trend line and 50d, avoid unless short.
Charts -










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