Loving this market correction! Making money is just as easy in this market as it was on the way up! If you are having problems making money in this market just remember, it's not buy the dip time anymore.. it's SELL THE RALLY time. Most corrections last 4-8 weeks, so it'll be this way for a while (sell in may and go away). Here is what we are looking at for tomorrow
Trading Plan for Tuesday, 4/17
- AAPL - A lot of idiots out there trying to buy the dip on this one. This is one UGLY chart. Looks like it might just fill the gap, but it really could go sub 500... Anyway, the next buy/add to your short area is when it breaks this support on heavy volume.
- ADBE - Breaking down today on light volume, watch for a FTD (Follow through day) on heavy volume then go short.
- ALLT - Continuing to be a gem (look at the light volume), this is one to watch when this correction looks to be over.
- AMZN - Looks poised to break this trend line, short when it does so on volume
- AZO - Another winner holding up well, watch this one for a break to new highs.
- BBBY - Keep this one on watch to break this support on volume, should be a nice quick short.
- BEAM - This one looks ready to break back down, keep on watch for a short play.
- CRM - This one is rolling over after the strength it's had in this down market. big bearish candle on solid volume.
- DE - Looking ready for another leg down below the 200d, notice the breakdown on heavy volume and rally on lighter... One can short or add to a short position when it breaks the 200d on volume again.
- EBAY - Big red candle on big red volume... breaking through the 50d, watch this support and you know what to do!
- GMCR - Just watch this channel for the next actionable trade
- GOOG - Next two areas to watch are the 600 line in the sand and the 200d... you know what to do
- HERO - One can short this when it breaks the 200d on heavy volume.
- LNKD - Tech breaking down nicely today, this one included...
- LULU - Watch for this bear flag to break and short.
- MOS - Continuing to hold this trend line... keep on watch
- NOV - Watch this triangle for a break on volume and play accordingly.
- S - Breaking this ascending trend line on heavy volume. looks good for more downside imo.
- SINA - Looking like it may break this support... you know what to do when it does, right?
- SPY - Watch the neck line and that's your short buy/add point...
- SWKS - Keep this one on watch to break this support on volume and go short.
- TNGO - A break through 20 on heavy volume is a good buy point on this one.
- TS - Nice double bottom here, a break through the 200d and this resistance on volume is a buy point, a drop through this support on volume is a sell point.
- VMW - Bearish engulfing candle... Warning signs...
- YOKU - Holding up nicely, lighter volume on a down day. if it breaks back below the 50d on volume I'd use that as a stop. Otherwise these two trend lines are the next actionable points.
- ZAGG - Looking to succumb to the market pressure, bearish engulfing candle here as well...