Tuesday, May 1, 2012

Trading Plan for Wednesday, 5/2

I sold all of my long positions today. $ALLT $STX $VZ and $KFT made me some great money and I'm willing to buy them back if the market makes new highs on HEAVY HEAVY volume. Right now the market is in danger territory, it's been a good bounce, but there is major resistance up here... Seasonal selling should start soon and there are plenty of warning signs that this market wants lower. Anyhow, on to tomorrow!

Random thought, how is it that $AAPL can single handed-ly keep the market up, but when it tanks it can't single handed-ly take it down? Just something to think about...

Trading Plan for Wednesday, 5/2

  • AAPL - This one is done... don't even consider long until the gap fills imo... Next short buy/add when breaks 580 on vol...
  • ALLT - Nice gap here, one can buy (back) if/when it breaks 27 on heavy volume.
  • AMZN - Resting on lighter volume, looking nice... but that big gap is scary... if it breaks 220 on volume you're stupid to hold imo.
  • APA - Continuing after breaking out last week. next buy/add when clears 200d on heavy volume
  • CME - Usually you get a nice bounce off the 200d, but when it breaks on volume, short is the way I roll.
  • CXO - One can go long if it breaks 109.30 on heavy volume, or one can short (quickly) if it breaks this support.
  • FIO - Breaking down on HEAVY volume... if not already short, when it loses 24 one can buy/add to a short position.
  • KFT - I got out of this one today, if it can't get through 40 on conviction why hold?
  • LULU - Keep an eye on this one, may want more highs...
  • NOV - Look for at least the 200d on this one, if it doesn't gap down I'm buying puts in the morning with this support line as a stop. Broke this support on heavy volume.
  • NTAP - Looking great, bouncing off this support on heavy volume, getting back above the 200d next buy/add when clears todays highs on heavy volume.
  • SHLD - Watch tomorrow for it to hold the resistance it broke through today, go long if it holds...
  • STX - More highs on nice volume, sold this one today too... probably pre-mature, but time will tell... (and I can buy it back ;)
  • VZ - Another nice one today, same as STX...
  • WDC - Watch what it does with this resistance point...
  • ZNGA - Nice double bottom (look at the 5m chart, it's a double bottom) On heavy volume! One can buy here with this support as a stop, looking good imo...














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