May begins on Tuesday... turnaround Tuesday... if we are green tomorrow, that's 5 green days in a row... rallying on lighter volume than we sold off on... sell in may and go away is the old saying and the charts support it. Whether it happens or not is yet to be seen. The best we can do is trade the charts. Lots of good long setups out there, so lets take a look!
Trading Plan for 4/30 - 5/4
- AAPL - Pulling back on lighter volume now, could get a bounce. Keep on watch.
- ADBE - Looking alright, needs to break this next resistance on heavy volume.
- ALLT - Broke back out on Thursday, at this next resistance area. Needs to clear it on volume.
- AZO - Nice breakout and okay follow through day (FTD). next buy/add when clears 400 on heavy volume.
- BAC - Failing to get back through this resistance area, looking like a bear flag... one can short if it breaks 7.95 on heavy volume.
- BIIB - Breaking out to new highs on good volume. One can buy here with a $2-$3 stop.
- CRM - Bouncing off the 50d trying to get through the 20d, if it holds one can buy with a tight stop
- GLD - Getting through ol' reliable here, next buy/add when clears the 20d on heavy volume
- GMCR - Earnings will decide where this one goes...
- GS - Testing this descending trend line, keep on watch...
- KFT - Good winner this last week, looks good for more highs
- LNKD - Breaking out on heavy volume, looks like it wants more highs into earnings.
- NOV - Breaking down on heavy volume.. look for this to test the 200d.
- PANL - Breaking out nicely with a solid FTD... looks good.
- TNGO - This is a weird one, but looking alright....
- UA - Hitting this next buy area, be ready
- VZ - Keep this one on watch, holding up after breaking out on heavy volume.
- WDC - Toast, step aside or even short on the bounces
- SBUX - Same as WDC
- ZAGG - Working well from the 11's and 11.50 add point and testing the next one... just remember earnings are coming up...
- ORLY - Looking nice after blowout earnings, one can buy the pullbacks here with a standard stop or wait for it to build a base, but that could be up or down from here.
- MGM - Just churning away here, next buy/add area when clears 14.12 on heavy volume. Earnings coming up could do that if they are any good.
Charts -
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| AAPL |
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| ADBE |
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| ALLT |
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| AZO |
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| BIIB |
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| BAC |
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| CRM |
 |
| GLD |
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| GMCR |
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| GS |
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| KFT |
 |
| LNKD |
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| NOV |
 |
| PANL |
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| SBUX |
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| TNGO |
 |
| UA |
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| VZ |
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| WDC |
 |
| ZAGG |
 |
| ORLY |
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| MGM |
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