Tuesday 5/18/2010 Watch List | Bulls on Wall Street

Tuesday 5/18/2010 Watch List

 

Strong Finish! It really looked like the slide was going to continue for its 3rd day in a row and 7 out of the last 10. Yeah. Think about that – 7 out of the last 10 days have been down on the DOW. If you’re just holding on to cash, you’re doing better than most. This is a tough market and the Flash Crash destroyed stops and striked fear in the retail trader. 
 
Today was an odd day and my portfolio pretty much stayed flat – I ended down in HW and UCO, but closed out positions in GLD, BCRX, and TZA for gains. That leaves 3 overnight holds – NXG, DVR (currently down) and SNSS. I called DVR correctly, just got greedy and didn’t sell during the morning pop. Red days, you gotta take profits when you can.
 
My overall opinion of the market hasn’t changed. I’m not confident that we’re going up or down. It’s a congested mess, much like my head cold right now, and no one knows where the market is going. It’s amazing how much noise you hear on TV from all of the experts confindent in their assesment of the economy. They’re rarely right.  The best you can do is participate only when you feel good about your trade and make sure you have an exit strategy, up and down.
 
OK, since we did finish up (volume was light as buyers remain generally on the sidelines), I’ll work under the assumptions that we’re going to see more of the same tomorrow. Time to run some bull scans.
 
Of course, earnings could shake up the market as well as these economic reports in the morning:
 
Housing Starts
8:30 AM ET
 
Three I’ll continue to watch through Friday all on ASCO news – SNSS, CYCC, PARD.

Others interesting me based on the technical setups: 

 
ABK – possible scalp on move through 1.50. Target 1.78. Stop 1.40.
 
AIS – possible swing above 1.74 with 1.62 stop. 
 
PCBC – Currently sitting on SMA200 and SMA100. This is a tricky play, but I’m interested in support at these levels and will participate in any volume booms – scalp only.
 
JOEZ – nice little triangle forming on SMA200 with decreasing volume and improving Slow Sto. A positive MACD crossover could push JOEZ out of this triangle to 2.60.
 
 
RAS is sitting on SMA50 and horizontal support at 2.75. Possible swing back up. Needs to hold SMA50, so stop just under. 
 
CRIS was strong today and is now attempting to push bollinger bands open. Looking for possible continuation tomorrow.
 
SIMG over 4 looks pretty good for swing. Nice move today on strong volume.
 
SPPI – Sitting on bottom of channel. Looks like it isn’t quite ready to bounce back up, but I’ll be watching to see how it does at these levels .  
 

That’s all for now, see you in the boom factory.

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