Tuesday, May 15, 2012

Recap and Trading Plan for Wednesday, 5/16

Recap -
Well, I'll be fishing tomorrow, so limited to my phone for any sort of trading. So I am only going to do a few of the best charts for tomorrow.

Trading Plan for Wednesday, 5/16 - 
  • AAPL - Breaking this support and denying the double bottom. Should see at least 550, if it loses that its down to sub 520 pretty fast! The volume was lackluster today on the break so it could definitely bounce in the short term, but until a bottom is in, this one is heading lower.
  • BIDU - Looks primed to take out this support... you know the drill.
  • BIIB - Needs to break those highs tomorrow or its going to pull back imo...
  • CNX - This one wants to make some new 52 week lows...
  • GLD - Look out below... this one could lose a lot more from here. breaking down on considerable volume.
  • FAZ - This inverse ETF is trying to fill this old gap, which will be the next big resistance.
  • HERO - Breaking the 200d and this support on heavy volume. One can add short when it breaks 4 on volume.
  • JAZZ - May bounce or break this trend line... .
  • NOV - Another to play for the downside...
  • SPY - Hope for a gap up near the neckline tomorrow... if it happens I will pick up some puts. with a 135 stop.
  • WFC - Wanting lower prices. a good puts play if it breaks this support.
  • WYNN - LMAO, this one wants new 52 wk lows.
Charts - 












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