Just wanted to stop by and give an update... Haven't been doing much trading lately due to alot of training going on in the Day Job (which I hope to keep for 5 more years and retire at 35 Ha!).

I have been doing a few swing trades and have a few positions on at the moment including ATPG (which attempted to break out but pulled back on friday, even theough the market popped to almost break even which is a positive)  I expect ATPG to continue its move and sold off a bit on profit taking from the previous day's move up and no one wanted to hold  over the weekend.  I expect ATPG to hold above the 50SMA and continue higher... IMO.

Also holding some SHLD calls which have stalled out on me and expected it to move higher already.  Sold a few  for a profit but holding 2/3d's pos which I expect to sell before earning date (At least most).

Below are a few stocks I've checked out which I think might have potential in the coming week for a move higher.

DCTH - In a short term uptrend and currently above all SMAs.  Lurking around a key resistance level which it has currently failed to get over.  Current wedge formation is starting to tighten and I think it has a good chance to break to the 11 area, 12.50 second target.

VHC - Long term fav of mine which I recommended at 7.50 and unfortunately ended up selling in the 12's, but hey, profit is profit.  I am liking the pattern here for a continued break out as it has been holding up very well and creating a new wedge formating as well.

TSTC - Longer term wedge formed here and right under the 200SMA but above the 50 and 100.  I pop over this descending trend line forming the wedge and 200ma should take this one higher. Could be looking for a 14.80 to at 15.50 target.  Keep an eye on it.

ALTH - a bottom picking / bounce off support play with a flat-lining 50ma and potential to break this downtrend due to good price movement on high volume friday.  1st target would be about 4.80 which is a good prior support/resistance area.  Both Stochs and MACD turning up on this past move.  Could continue its recent momentum.

I Hope to be back in action by the end of November so just trying to start to get warmed up again.  Trade em well and thanks for reading!

BT

JDSU - JDS Uniphase Corp

JDSU - Currently at a key resistance area looking like it wants another leg up. 1st Target would be about 14.

Current Positions Update Sep 29

Below are the current positions I have open going into Thursday Sep 30.  Already took profits on most of them just to make sure I lock in some gains.  The SPX is having trouble getting over that 1150 area and I don't want to be in positions too heavily, in case the market decides to reverse, I don't wanna be caught with my nuts out!

SHOO - Currently have 1/2 position.  Could continue to move up on recent strength.

ENTR - Holding 1/2 position here as well.  Broke over 10 intraday but pulled back and closed just under 10.

FNSR - Took 3/4 profit intraday at the highs and reloaded some on the slight pullback in the afternoon.  Stock traded 2x it's average volume today and closed strongly.

SHLD - Picked up a few Oct 75 calls as a starter position.  Will add if the stock drops back a bit and trade is still valid.  Looking for it to break over 100MA and resistance area shown below.

ARNA - Just taking a shot here with a small position to see if we get a bounce as the stock has gotten the shit beat out of it.  In at 1.58 and will stop out below 1.50.

Banked all profit in $RIG Calls today and $ATPG.  Will look to reload on a pullback.

SHOO - Steven Madden, Ltd.

Steven Madden Footwear! - Closed at highs today on 2x the Average volume.  Over 41 could breakout hard.  Will be watching this one tomorrow.

Stocks to Watch Week of Sept 27

LONG Setups:

SHLD - lagging market, starting to get some Momo here

ATPG - If energy starts to move, this stock could move towards the high 14's

ENTR - Currently at recent highs. Could bust loose above 10

SHORT Setups:

APOL - Looks to be topping out here.  Could be good short entry, especially if market decides to pullback a bit.

Currently holding positions (Calls) in $RIG and $CMG

Small Caps to watch week of Sep 6

Here are some Small caps I checked out during the long weekend and will be watching this week:

GSS

AKRX

SOA

HE

JOBS

Bounce / Bottom Picking Plays:

AMAG

AHS

Stocks to Watch week of August 30

SPRD

HGSI

VHC

TSL

RDWR

ARUN

Market Replay - 8/21/10

As I have been busy lately, I have not had a chance to provide an update on the action I have been seeing lately.

As of August 11, the markets have taken a turn after breaking the bearish ascending wedge to the downside which was the day after the Fed Economic Announcement.  As this area broke on high vol, every trader was looking at this same pattern ran for the doors causing the Markets to end down 2.5%+. (see the S&P Daily Chart below).  Since then, the markets had a slight bounce and another 2% selloff on bad economic news such as the Shitty Jobs report that was worse than expected and a crappy Philly Fed Survey.  Lastly, everyone and there mother is talking about some bullshit HiddenBugger Omem which is suppposed to predict a stock market crash, yet it's past results are all over the place and are barely confirmable.  Just one more thing causing panic and giving people a reason to sell.

For more info on Hindenburg Omen see: http://en.wikipedia.org/wiki/Hindenburg_Omen

S&P Daily Chart:

S&P Weekly Chart:

In addition to the markets pulling back, Oil has seen its share of red the past few days. In the daily and weekly charts below, we can see it is just holding above the lower trendline and within the channel formed on the weekly chart.  We might be able to see a small pop in Oil in the coming days since it appears it appears to be a bit oversold here IMO butt-a-crack below could send it to $72.

WTIC - Crude Cont Contract - Daily Chart

WTIC - Crude Cont Contract - Weekly Chart

There are a some strong markets at the moment, which are those of Gold and Bonds. TLT (20+ Year Treasury Bond Fund) has seen a lot of movement into the Fund pushing it to the highs of the beginning of 2009.  GLD (SPDR Gold Trust Shares) has also gotten a pop in the recent market recent as people are flocking to safe havens.  Gold is currently near its highs and could see even higher prices if things continue to get ugly IMO.

TLT Daily Chart:

GLD Daily Chart:

A couple Stocks I'll be watching are below:

DNDN Daily Chart - Currently have position on, looking to add above the 100SMA on good volume.

RINO Daily chart - Currently no position but watching for a bounce in this area after breaking out.

I'll try to post a few more charts I will be watching before monday morning. Thanks for reading...

Market Recap 08-10-10

Today was Fed Reserve day on Wallstreet and was a crazy and volatile one at that.  Stocks gapped down and and remained in the red for most of the day.  After the Feds anounced they were going to leave rates unchanged due to the economic recovery slowing down, The markets good recovered most of the days losses but pulled back end of day with the Nasdaq taking the biggest beating down 1.24%.

After all the chopiness today, the markets still remain neutral with the S&P closing slightly over the 200SMA.  Many large Cap Stocks like $BIDU $AMZN $NFLX $RIMM etc, held up well during the battle and were the first to lead the market after the Fed Statement. The S&P still remains rangebound and I would like to see a break above 1146 to confirm a continuation of a bullish move. I currently have a slight bullish bias after watching the way many Market leaders have acted.  Also, we have had a few gap down days in which many of the losses were recovered within the same day, forming candles with longer lower tails, indicating buyers stepped in on the sell off. The S&P also remains above the 200SMA and RSI still above 50... Only time will tell...

I currently hold small Sept Call positions in $BIDU $RIMM $NFLX and $AAPL which is the biggest one. I am prepared to add to positions if I see confirmation of a breakout or stop out If I see a breakdown.

SPX Daily chart:

Top Picks for the coming week 8/9/10

After looking at over 100 charts today, the following are a few of the favorites that I think have potential to break out this week... If the Market permits that is:


CGA - Closed right into the 100SMA on Friday and top of ascending triangle on better than average volume.  This is one Agriculture play which has stalled out while the rest have moved double percentage digits.

WLT - Broke out recently and has held its gains while consolidating beneath the 100SMA.  Will be watching this one for a break of the 100SMA and consolidation area.

WXCO - Right at its 52week high and key resistance area.  Would like to see more volume come in for a good breakout.  Keep an eye on this one.

HEAT - Wedge closing in and Friday's action points higher from here... 1st Target is 7.65 which is the 100SMA, after that, its clear till 8.60.

V - Visa bounced off previous support levels on Friday and looking for test of 50SMA at a minimum.  You could go long and place a stop right below this support level... I currently have a position in V Aug 75 Calls which are currently down bout 35% but I plan to avg down if I see continued up movement... On another note, MA (Mastercard) closed above its 50SMA and these usually move in tandem.

WATG - Looking to break out of ascending wedge here... 1st Target 9.22 = 100SMA

ENER - Watching for breakout of rising wedge...

ADM - Watching for short opportunity here back to 200SMA

Thanks fo readin...

BT

Weekly Market Update

For the time I have been available to watch the market this week, I see the SPX has been rather choppy this week.  I was unable to stay glued to the PC since I was involved in a nasty car accident on Sunday.  What I should have done was close out all positions and have gone to cash.  That being said, I observed the SPX sold off early Friday due to the Jobs Report and got a bounce late in the afternoon.  The End of day action seemed bullish to me. The Market is currently overbought and the Bears are trying to bring it down.  In and out of the hospital, I'm down 1,065 for the week, totaled my car, lost a tooth and gained a few stitches (Coulda been worse).  I'm still holding a few positions that have held up well during Friday's crazy market action and did not stop out (JAZZ, CNAM and BANR). 

I'll post a few more charts on Sunday!

JAZZ - (Note: Earnings on Tuesday, may hold small position but will bank most profit on Monday)

BANR - I have stocked up on this one waiting for a breakout.

CNAM - China play, held up well during the sell off on Friday, Should see higher prices from here.

Thanks for reading...

BT

Trades Ideas for July 27

Besides the stocks in the last 3 posts, I will also be looking at the following possible trades:

SIRI - Long on break of descending wedge.  Good volume has been coming in the past 2 days and could be ready to make a move here.

ARNA - Short.  The price has been way overextended IMO and the stock actually closed weak today after gapping up and hitting highs.  Could retrace towards 5.25,