Tuesday, April 10, 2012

Trading Plan for Wednesday, 4/11

I was out most of the day but watching from my electronic gadgets (yeah, I used the word gadgets). Heck of a day (I hold a large chunk of VXX calls), this is when you step aside. If you haven't already, you need to watch the next support for a bounce (could be a few day bounce) and get out. Remember to stick to your stops, otherwise there is no reason to have them. I am only going to post a few charts because its becoming clear that the downside is where we are headed. On to tomorrow!

Trading Plan for Wednesday, 4/11

  • SPY - Trend is your friend, now, no matter how you draw your trend line on this chart, it's broken. Check out the massive volume, a little below 2x avg. This is a sell the bounce market for a few weeks now.
  • GLD - With the eurozone crisis coming back to life (not that it left, in reality) this one could see some good upside.
  • LNKD - This one should look to fill the gap on this correction, keep on watch to break these trend lines. One can short on their breaking and if it holds after filling the gap, pick up a few long.
  • RL - This one is breaking down on heavier volume. One can short at these levels with a tight stop, or wait until it breaks 165.80's on volume. Looks like a gap filler to me....
  • CXO - This one is short-able if it loses the 200d on volume.
  • VZ - Textbook short, breaking support + 200d on solid volume.
  • PEET - If the market continues down, watch tof this one to break 70 and take a short position
  • VMW - Bearish engulfing candle, breaking support, if you aren't short this one, wait for a break of the 20d on good volume.
  • POT - Another broken uptrend
  • AMZN - This is the next line in the sand you go short on with this one.
  • NOV - When they test support a third time it's best to be out or ready to switch directions.... This one looked like a good bullish setup, but couldn't get anything going.
  • PANL - Been working well as a short for a couple weeks now. next area to add to a short position is when it breaks this next support on volume
  • MOS - Testing this trend line, if it breaks on volume take some short.
  • BIDU - If you are still holding this after today, what is wrong with you? look at that candlestick... HUGE bearish engulfing.
  • SHLD - This one could get really ugly... breaking this support leaves almost no real support until 51ish
  • GMCR - Not posting a chart, but also breaking support on heavy volume today
  • ALLT - Been good to us, but it's hard to fight this market after such a huge run. 
Charts - 
















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