Distribution and correction phase in the Market. Weakness that started with small cap IWM and tech. QQQ finally caught up with S&P-500 and Dow. Although S&P-500 closed off the morning low Friday, it has the 20 MA overhead and 50 MA support for now. This period will be tricky/volatile to trade. So i will be sticking to short term day trading with smaller profit goal. As far as breakout setups are concern, not wise to rush into a break out trade just because the stock hit the break out number. Chances of break out failure is high in this type of environment. It is wise to be patience with the trade and wait for ideal setup. I prefer to trade bounce or flag break setup during this period because the risk will be lower and there will be some profit by the time the stock hits vertical resistance. Trade them well.
If you are interested in trading these low risk/ Huge gains setups with us and learn trading, live in a chat room with a super team of traders, please email for info. thenyctrader@gmail.com
Follow me on Twitter and StockTwits @szaman
ANAC Holding up well. No clean number but watching over 6.10 area.
NXST Watching over 18. Breaks out at 18.42.
CPSS Been a strong stock, trying to get back over uptrend line and 20 MA.
CTCM Flagging, watching 12 area.
CX Bullish candle Friday. Continuation watch over 12.47.
DSX 20 MA holds so far.Looking for a pop with volume.
LNDC Low volume pullback so far.Looking for a bounce here or around 12.75 area.
PMTI 13.64 breakout watch.
SAVE Watching over 25.50.
SBGI Breaks out again over 20.70.
TA Holding up well. Watching 10 area.
VIPS Watching 32, area breaks out at 32.40.
Z Flagging. Watching 20 MA ,53 area.
