Wednesday, April 11, 2012

Trading Plan for Thursday, 4/12

Recap -
Nice little bounce day, lighter volume than yesterday, so not much chance of a real continuation yet. The bounce may continue higher, but it is still sell the rally until the volume proves otherwise. If you want to day trade the bounces feel free, but keep a tight stop. I have other things to take care of so I won't be doing much day trading over the next few days. I may take some swing trades on the bear side if the market sets us up properly. Anyway, on to tomorrow!

Trading Plan for Thursday, 4/12

  • ZAGG - Clearing back above 11 today, next buy/add area when clears 11.80 on heavy volume
  • OWW - I like this setup, good risk/reward profile, it's really a good looker in this market. one can buy here with the 200d as a stop, add as it clears the 20d and sell some into this trend line. If it breaks, its the next buy/add area. Good find by @ecdozit78 on twitter.
  • LVS - This one has held up well in the bad market we've had the past few days. If the market continues up, this is one to play.
  • CRM - Same as LVS, good play for the market bounce.
  • GMCR - Trying to work off this oversold reading, it will probably continue down once its done.
  • SINA - Weak day here as well, light volume doji, when it breaks this support on volume one can take a new short position.
  • WYNN - When the market is done with this correction keep an eye on this one to clear back over the 20d
  • NOV - When it breaks back below this support one can buy/add to their short position
  • WFR - Another cheap stock that looks good for higher prices, next buy area when clears 20d on heavy volume.
  • AMZN - Watch this trend line for a break and short for a few quick bucks.
  • AZO - This one has held up well, one can buy on the pullbacks with the 50d as a stop as long as the market doesn't force it down too much.
  • POT - Weakness all around here, next short-able area when it takes out 42 on good volume
  • MOS - May have double bottomed, but really doubtful. keep on watch for it to take out today's lows.
  • AAPL - Looking ever more toppy... I think a revisit of 580-590 is in order, we will see.
  • APA - Bearish engulfing bar here, more downside to come imo... 
  • NTAP - If it takes out the 200d watch out below...
  • JAZZ - I am looking to short this one when it breaks the H&S neckline on volume. I have a vendetta for this stock :)
Charts - 
















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