7/19/2010 gameplan | Bulls on Wall Street

7/19/2010 gameplan

 
 
 
 
 
Looks like we are still in a bear market. When the market hit extreme overbought readings with stochastics in the 90s and right at resistance all it needed was a nudge to send it back down. With spy still in the down trend channel, I’m just looking to day trade this week until something changes.  Looks like we are heading back down to test the 1060 level where there is some support with a stop to 1040 right after unless some big news comes out to help us break this downtrend market. Looking to add stocks on further weakness or sell my holdings into strenght for the most part this week.  Since we are in earnings season, I’ll also be watching the big earnings plays this week to possibly help the market rally a bit. (IBM 7/19 AAPL 7/20,  AMZN 7/22, GS 7/20, MOS 7/22, CAT 7/22, MSFT 7/22)

PULLBACKS: Here is a list of pullback plays that I am keeping on watch for possible daytrades tomorrow and for the rest of the week. As always the list is dynamic so it will change daily.

 
as the market is a bit soft right now. I will keep at LEAST 50% of my accounts in cash. Its very hard if market dips to trade breakouts and also illiquiid low volume names.  For the next few days I will be trading more liquid larger cap names for the most part.
 
 

OTEhttp://stockcharts.com/h-sc/ui?s=ote
Watching this one for a pullback to the low $4 level. Stock is in a 1-2 month recent uptrend, with support at 4 and the 50dma at 3.98.  Easy entry with a stop just below the 3.90 area.

 

 
 
 

TLABhttp://stockcharts.com/h-sc/ui?s=tlab
stock is strong. Looking to enter around this 7.50-7.60 level for a breakout over its m.a. or a low vol pullback to 7.00 could be entered for a swing with stop under support.
 
 
 
 

SDhttp://stockcharts.com/h-sc/ui?s=sd
Looking for entry on pullback to 6.40-6.50 area, with a stop around 6.15 or so. It is overbought so that conditon needs to work itself out with a day or two of pullback or sideways action
 
 
 
 

MOShttp://stockcharts.com/h-sc/ui?s=mos
Crossed through resistance and the 50 with volume.  Could run to 46 area easy. Would look to add on a low volume pullback. This one has earning 7/22
 

MONhttp://stockcharts.com/h-sc/ui?s=mon
Looking to add on low volume pullback to the 55 area if your looking for a quick trade. Ideally this needs to pullback for a few days real lightly closer to 53 with a stop under m.a. AG stocks are hugely strong right now and this has been the leader.
 
 
 
 

DEARhttp://stockcharts.com/h-sc/ui?s=dear
Sitting on a lot of support around the 2.20 area. 50 day moving average at 2.23. Held up strongly even in the ugly market Friday.  Im looking to buy on strength or pullback to the mid 2.20’s with stop around 2.18.
 
 
 
 

SOLARS: sector has been strong lately, looking to add on pullback.
CSIQhttp://stockcharts.com/h-sc/ui?s=csiq
breakout pullback play, looks like a buy close to 12 on low selling volume, volume pattern looks good. A lot of support at the 12 level. Gotta make sure its low volume pullback to 12 though.  Keep an eye on the stochastics as well on the pullback, as it is overbought right now that has to work itself off
 
 
 
 

TSLhttp://stockcharts.com/h-sc/ui?s=tsl
Looking to add on a strong break of 22 and a slight pullback.  Lots of upside potential on a break of 22., as there is no real resistance until 26-27 area.
 
 
 
 

BREAK OUTS: hard for breakouts to work in this market, just keep a tight stop.

GSBhttp://stockcharts.com/h-sc/ui?s=gsb
Looks ready to bust out. Would add on a break of 3.00.


LUB-http://stockcharts.com/h-sc/ui?s=lub
 
 
 
KEM-http://stockcharts.com/h-sc/ui?s=kemSTRONG
 
 
kem is a beast. Im adding this if it can rebreak fridays high or if it pullsback
 
 
 
 

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