5/13/2010 Stocks On My Watch List

Man, oh, man.  The market is very hard to read right now, but we stay focused and never fall in love with a stock.
Headed into Thursday, I’m holding 4 positions in my primary trading account:

MWA – I just like this stock. I like the reversal bounce and I’m hoping it gets through these resistance levels along SMA100.  Holding for now.

TQNT – This bad boy has been moving up all year along a support trendline, then finally broke down about 7-8 trading days ago.  I jumped in on the reversal hoping for a move back up to resume its original trend. So far, so good. Watching.

FRPT – I’m not too excited here yet, but I took a small position today based on the huge selloff and apparent bottoming out over the last few days.  We’ll see how it behaves tomorrow.

GLD (short) – I’m probably the only person on the planet that shorted GLD today at 122.00.  It may not play out, but I trade the charts and this puppy is overbought.

Here is a list of a few stocks I’ll be watching Thursday.  This list is based entirely on technical scans I ran this evening, so fundamentals and news are not part of the consideration. 

If you don’t know my trading style by now, these stocks are speculative plays and should be approached as such.  I’ll jump in and out of these with no devotion or love.  In this volatile market, I’m looking for quick profits in the form of scalps and occasional swings.

YMI – YMI has been stuck in a downward channel flag for a few weeks now.  Today, however, it pushed through.  I will watch for possible entry above 1.50 on MACD positive crossover and supporting RSI14 move through 50.  1.75 target – needs volume.

TOMO above 3.90

There are a lot of stocks desperately trying to hold on to some kind of support.  A down day tomorrow could make falling knives out of these.  However, if the market holds and key support areas hold up, these stocks could be good swing long candidates (tight stops, of course):

HW – SMA200 support. Entry above SMA50

CYTX – SMA200 support.

SQNM – SMA200 support.

CPBY – SMA200 and trendline support.

I have to say that I’m troubled by the charts.  The setups aren’t clean, the direction is congested, and the only consistent strength has been in gold.  That means people are nervous. 

Keep your trades on watch. When the charts are messy, I sell sooner both ways.  Meaning, I sell the second a trade doesn’t move the way I want it to and I sell at least 1/2 my position after a nice intraday move. 

See you in the boom factory tomorrow.  Can’t wait to see if gold continues up.  Insane.







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