Thursday, April 12, 2012

Recap and Trading Plan for Friday, 4/13

Recap -
Our low volume march back up to test the channel the markets broke is full swing and fooling a lot of traders. This is not a time to take new swing, long positions. This is the time to be lightening up because we are making a head and shoulders pattern.

Trading Plan for Friday, 4/13 -

  • SPY - Take a look at this pattern we are forming... anyone recognize it? Is it what will happen? I don't know, but the fact that we broke down on huge volume and are going back up on lighter volume gives me warm fuzzies about the prospects. Think about this, they sold 250M shares two days ago at lower prices, if they were going to take it higher wouldn't they be buying those same shares back at lower prices...?
  • AAPL - Looking ever more like it wants to break down. should at least test the 20d, possibly down to 580. jmo
  • AMZN - Holding the 50d, if it clears back above the 20d on solid volume one could buy long, or if it breaks this trend line it should make a good short.
  • AZO - 50d is getting close, could get a good push from that imo, if the market does get back into its uptrend then I'd nibble this one long.
  • BAC - Getting a nice bounce off the 50d, but notice the lighter volume... 
  • BBBY - If this one breaks 69 on descent volume, I'll nibble a few short for the gap filling.
  • BRCM - This one seems to be one step ahead of the market right now, notice the breakdown on volume, low volume march up to test the broken trend and we'll see what she does tomorrow
  • DE - Don't expect this one to hold above the 200d, but if it breaks through the 20d on heavy volume it may.
  • GLD - Watch this one tomorrow for a nice FTD (Follow Through Day), this trend line has yet to fail us so I believe its pretty reliable. I may nibble some calls if it holds above.
  • GMCR - More downside to come imo, look at the volume on the day it broke through support vs volume as it got back through the support.
  • JAZZ - Huahahaha, my vengeance is working beautifully next stop 200d!
  • LULU - This is what we call a bear flag in formation, sell the pops.
  • MOS - Holding this trend line for now... my gut says we are just working off oversold areas...
  • QCOM - Good volume, if it breaks out to new highs on strong volume I'll take a few long
  • SINA - Bouncing very nicely off this support (I thought it would break... : /) Next buy add area when clears 50d on heavy volume
  • SWKS - Breaking out today on low volume... Needs FTD on volume for confirmation
  • WYNN - Getting close to breaking out but struggling. needs to clear this trend line on volume and hold above it. Then clear the 200d
  • YOKU -  One can buy here with a tight stop, next buy/add area when clears this descending trend line on volume
Charts - 


















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