Pretty great day! The short positions I've been holding on to finally paid off in a big way! The indexes broke out of the channel they've been in, but that's no big deal, it's expected to happen on major rallies for some rest time. I posted a chart in the "Pullback or Top" post, showing how I plan to play this move.
As with any market pullback or top, make sure you are holding to your stops. No reason to lose profits.
Trading Plan for Wednesday, 3/7
- CRR - This one held up well today in such a weak market. Watch for it to break this descending trendline
- AMZN - Another that held up well. Watch for it to break this descending trend line.
- LNKD - This one broke below the 20d yesterday, but held up well today. If it can break back over the 20d I'll nibble long.
- AZO - This one held up well and closed near the high of the day, next buy point when it clears 385.61 on volume
- KFT - This one has held up but looks like it wants to break this ascending trend line.
- CVX - This one is reaching a decision point. needs to break up or down in the next week or so. Go long/short accordingly.
- PETM - This one held up well today, next buy area is when it breaks 56.50-56.63 on heavy volume.
- VZ - Holding up, barely... keep your stops close...
- INFA - This one is holding over the 200d, if it loses it tomorrow it may make a good short.
- QCOM - If it loses 60.50 look for more downside
- NVDA - Keep this one on watch for long and short opps. If it breaks back over the 50d go long, under the trend line, short
- CRM - Held this lower line in the basing channel. A break either way of this channel should be tradable.
- GOOG - Holding up in this channel and closed over 600. if it breaks this channel on volume trade it.
- GLD - As I said before, avoid unless short
- BEAM - Broke this ascending trend line today, one could short with this TL as a stop.
- WFC - I had a feeling this was a failure from the start of the breakout. but may have rested, watch for it to break this channel and trade accordingly.
- GMCR - Failed breakout as suspected, no volume there. shortable with a tight stop.
- NOV - This one has me puzzled a little, it is ugly, but it held the 50d and filled the gap, so may be up from here. if it loses the 50d... who knows, may see the 200d
- NFLX - If it loses the 50d short setup imo
- UA - One could add here with somewhere around this support line as a stop.
- ADBE - This is a "get the hell out" candle. if you're still in you can see if this support holds, but may be a good short if it breaks
- SINA - Nice symmetrical triangle. play the break
- TZOO - Broke support today, shortable with TL as stop
- OPEN - Finally made a decision today, look for more down side if it breaks below this support line.