Tuesday, April 17, 2012

Recap and Trading Plan for Wednesday, 4/18

Recap -
I didn't take advantage of this rally since I slept in, but I did take the offer of adding to my short positions at the end of the day. Take a look at the volume on this HUGE 200 POINT day!! lol. it was pathetic to say the least. Now we could continue rising back up to the 140's but until it makes a move on conviction, long positions are out of the question for me. This market is way overdue for a correction, the numbers don't justify the market prices, and another sure sign of a top is volatility (notice how we marched up with very little volatility, now that's changing... we are about to change directions for a while, that is why.) Anyway, on to tomorrow :D

Trading Plan for Wednesday, 4/18 -

  • AAPL - This one is a toss up at this point imo, we've almost got a bullish engulfing candle on almost more volume than yesterday. Factor in the aapl cult and that could be enough to push this higher. but on the other hand, if the market continues to roll over, and if aapl didn't sand bag enough (since we've had a monster rally) we may see a plunge... 50/50 imo.
  • AMZN - Clearing the 50d on zilch for volume, poised to take out this trend line imo...
  • APA - One can go long when clears this trend line on heavy volume
  • BIIB - Today was a buy on this one, clearing this resistance on volume. Watch for a good FTD (Follow Through Day)
  • BRCM - Look at the volume, this one is poised to break this trend line, keep on watch and short when it does!
  • CRM - Trying to hold the 20d, but no conviction (volume) when it breaks this support one can short.
  • GOOG - Next short area when breaks this support on heavy volume.
  • INFA - Next buy area when clears this resistance on heavy volume.
  • JAZZ - Holding this support, one can buy/add short if it breaks.
  • MOS - Biding its time to the breakdown/out
  • NOV - Watch this triangle, a break either way on volume is an actionable break.
  • NVDA - This is similar to what the overall market is doing, notice how it breaks this TL, then rallies  along, just below it... then crash...
  • PEET - This one is looking nice. volume is picking up. next buy/add when clears this resistance on volume.
  • SINA - Keep on watch, may break this support here... definitely a trade-able move.
  • SPY - Weekly chart here, watch this rising trend line...
  • SWKS - Looking good, putting in a short term bottom here, keep on watch.
  • VMW - Hitting its head on this resistance, if it breaks it on volume one can go long.
Charts - 

















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