Hey folks crazy week in the markets last week with all the indexes dropping 2% or more. Overall it seemed like just an overdue selloff after such a dramatic rebound off the bottom of the ranges on the indexes when a 200dma breakdown was potentially in the cards. Overall the market is oversold and even with a solid drop last week Im still seeing dozens of potential setups and overall I originally had over 100 potential plays for this week. Often after a nice drop in the markets i might only see a handful of stocks that are setting up for runs. Regardless of the action there will be tons of opportunities in the market next week. Its defiantly someting to get excited about. Not only do we have a ton of added volatitility added from the headline risk in the markets from debt deal rumors to european debt crisis that can push the market in 5 different ways. But we also have my favorite time in the quarter …EARNINGS SEASON! earnings season ensures us that no matter what is happening in the markets there will always be potential plays from stocks that have great or terrible reactions to their earnings. Look at GOOG on friday not only did it have a terrific earnings breakout but also provided a solid bid to its whole sector of stocks.
For those of you that subscribe to my site check out the videos ive made on how to play pr/earnings breakouts. This setup alone can make you enough income to live on. I go in detail on how exactly to play a great earnings/pr move
@urbanegorilla sent me a link on quick way he scans for stocks. You can use finviz and ive limited it to stocks with earnings under 30 dollars wiht 100k in volume. You can look at the charts to see which ones are of interest to you and then export the tickers and import them into your charting programs. Then in the morning watch for gaps and volume and you will have an idea of what potentially might run big
Overall for the market i think its important we stay above s&p 1300 level. if we take that down then the next stop is to the 200dma. If we can manage a bounce and start taking out some shorterm resistance levels we could make a quick run to the stop of the range in the s&p around 1350.
We had an insane week in our chatroom even with the market dipping with big winners in booking profits on clsn, gsvc, icgn, qtww, bpax, royl. All these trades we sold for 10% plus in gains and some over 20%. Hopefully we can do the same this week