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