Trading Plan for Friday, 9/14 -
NFLX - This is an interesting play, while new 52 wk lows were made about 5 weeks ago, this has put in a pretty good base. One could buy long here and keep a tight stop. The next real buy area is when it clears the 20d and/or the descending trend line on heavy volume.
MMM - Nice price action today, but really needs to get back over the 20d and that descending trend line. Trend is your friend, and the trend is down until it's not. Needs a higher high and higher low.
UTX - This one just break this downtrend. One can watch this one tomorrow for a solid FTD (follow through day) and go long. The volume is alright, not spectacular, but better than avg.
LF - This one is toast. Avoid the dead cat bounce at the 200d for anything other than a quick day trade.
BAC - This one really liked QE3. Probably headed back into the 10 area. Nice breakout through resistance.
CNX - Watch this one, it may finally be ready to get back above the 200d and this descending trend line, and when it does, it could be a hell of a run.
CRM - Today was a good confirmation day, continue to hold long , next stop is the 159-160 area, then on to new highs!
QCOM - A nice breakout day today on good volume. Watch for a good FTD
GS - It'll be interesting to see if this can hold on to the breakout. It was on fair volume, but not great. keep an eye...
GLD - Those dollars of ours keep losing value like crazy, gotta love QE3 lol
GMCR - A lot of angry people out there on this one. Hate all you want, but this one is holding on to the breakout and volume is melting as it consolidates... you know what that means don't you?
SWKS - This one looks like it wants to test this TL still... watch for a break on heavy volume.
ORLY - Well it broke this symm triangle on heavy volume... time to head lower
Charts:
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| BAC |
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| CNX |
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| CRM |
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| GLD |
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| GMCR |
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| GS |
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| LF |
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| MMM |
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| ORLY |
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| QCOM |
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| NFLX |
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| SWKS |
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| UTX |
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