Sunday, May 20, 2012

Recap and Trading Plan for 5/21-5/25

Recap -
Wow, what a week! Had the perfect straddle Friday, covered all my short positions and all of my put positions, and all cash! Time to let the market work of this extremely oversold reading, and get capital moved around to maximize whatever comes our way next (probably more downside, but time will tell). On to what we are looking at this week!

All of the analysis below is subject to exclusion should the market bounce (I believe it will) and should be viewed as a longer term analysis.

Trading Plan for 5/21-5/25 -

  • AAPL - starting to look a little bit better (but still ugly). Big volume holding up above this next support line. This is one to keep on watch for how it acts... If it seems to hold up above this line or fridays lows, go long with this support as a stop. If it breaks on heavy volume, look to test sub $500.
  • ADBE - This one looks done, probably a good one to short on any pops
  • AMZN - Another good one to short on any bounces, once they start into the gap, they usually fill.
  • CNX - Nailed this one. Check my last post (and a few prior to that) volume said this one wanted new 52 wk lows, it's getting them. More to come imo....
  • GOOG - This one looks like it wants lower as well, watch for another break below this trend line on heavy volume and grab some puts.
  • JIVE - This one wants lower imo, breaking this support on heavy volume. If/when it breaks the TL on heavy vol, short.
  • K - Keep an eye on this one, if it breaks this triangle on heavy volume play accordingly...
  • LF - Could have a good bounce in it, filled this gap and rallied. If it clears the 20d on heavy volume one can nibble long. 
  • ORLY - Stick a fork in this one, headed much lower.
  • SBUX - Avoid this one, it's headed to 49.50ish...
  • SPY - This is a 5m chart, I am watching this trend line to start a call play on this stock. IF it can clear this on heavy vol, it should have a good bounce for a few days. Of course, chances are high I won't be able to act on this since it will probably be an overnight gap that gets above this.
  • V - This one is filling the gap, next area to watch is when the gap is filled.
  • WDC - TOAST! If you've never seen tost, this is it.
  • WYNN - If this loses 100, I'll grab a short position. But this one looks like it should get a bounce first.
Charts - 











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