Wednesday, April 25, 2012

Recap and Trading Plan for Thursday, 4/26

Recap -
Nice big bounce today, getting back above the 20d on some of the indices, but one day doesn't make a trend. Notice, we made a gap today... What happens with gaps... They fill! So chances are high that this is a false sense of hope. Notice the volume as well, less than the 20d avg, and no where near the distribution days volume. Needs follow through on volume if there is any hope of an upside.

As I look through individual stocks I am seeing a lot of stocks rallying back to test broken trend lines and the like, tomorrow or Friday may be the decision day, volume says down, but there are some strong individual stocks too.

Trading Plan for Thursday, 4/2 -

  • APA - Looking nice, broke out of this down trend on solid volume. Look for a good follow through day (FTD).
  • AAPL - Rejoice, rejoice, aapl is saved... but not really. Everyone knows aapl sandbags earnings and the only reason they got it this high is due to the recent sell-off. Look at the volume, not very good compared to the recent selling on such *stellar* earnings. Now could this start to turn aapl's demise around, sure. But take those idiots out there screaming that they know this is going to 700 tomorrow and block them. They're idiots. Play the reaction, not the news/hype.
  • AZO - Holding up, but on lighter volume.. keep on watch. 
  • BAC - Keep on watch to get back in this channel.
  • CF - Breaking out on heavy volume. One can buy/add long here with around 191 as a stop.
  • CXO - Touching this next buy/add resistance point. keep an eye on it.
  • GMCR - Clearing back above the 20d, keep on watch into earnings...
  • NOV - Big volume bearish engulfing candles. headed lower imo...
  • QCOM - Keep an eye out for a possible head and shoulders pattern here...
  • SPY - Volume, Volume, VOLUME!!! No conviction to an upside move yet, hence no going long for more than a day trade or overnight trade. once we get that big green volume through a resistance point, then we can talk about long positioning.
  • SWKS - This is a broken chart. its just flailing around, wait for it to set up again.
  • VZ - Keep on watch, at resistance.
  • WDC - Nice breakout on solid volume, one can buy here with 42.75ish as a stop.
  • YOKU - Decision time is approaching... keep a close eye on this one.
  • ZAGG - Coming up on earnings, one can buy/add when it breaks the 200d and this descending trend line on heavy volume.
Charts - 














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