17 I was pretty impressed with the SPX close at the end of the day. I can certainly feel some underlying strength in this market, but I am still considering this market in a correction until the buyers step back in with heavy volume.
Found some great looking charts this evening after running my scans (longs & shorts).
One of the first trades I plan on making tomorrow is starting a Buy-Write in $ARNA. It closed today at $2.10 and I would like to start a long position at $2.10 or cheaper while simultaneously selling May $2.5 covered calls that closed the day bidding at .61! Delta is .35 and Theta -.005. Be aware this stock has earnings on May 8th and routinely disappoints.
Longs:
ITRI – Poised to clear this descending trend line. Watch for above average volume for a breakout.
ALXN – Working higher off this ascending trend line. Nice risk/reward entry here.
WYNN – Nice consolidating pattern. Watch volume and price action for a breakout to higher levels.
RTN – Holding this one from last week. Breakout watch above $53.15 on heavy volume. Waiting.
PII – Watch this for a move above $81.40 on above average volume.
CVS – Another low risk/reward trade off this ascending trend line.
COV – Watch for a break above $55 on heavy volume.
The scan found fewer solid short setups, but the risk/reward is heavy to the downside.
BLK – Notice this bounce has been on much lighter volume. If buyers don’t step in soon this one will see lower prices.
CMG – Same bounce on lighter volume. This one has been a winning short for me this week.
ROK – Lost support on about 300% average daily selling volume. I expect this one to head lower.
Take note of PCLN – Closed above the descending trend line. Risk/reward to bullish, in my opinion.
Trade safe,
@AffluenzaVirus
17 Responses to “Focus List 4.26.12”
affluenzavirus
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Raul3
PCLN – I’m long. Are you highlighting the name as a short canidate? Because I was playing for a thrust higher of sorts.
I’m not understanding your commentary. Could you restate your thoughts for me?
affluenzavirus
Apologies for not seeing this earlier. Sorry for the confusion, PCLN was NOT in the sell short category. I just found the chart interesting. I was bullish for a momentum follow through today due to the fact that it closed above the descending trendline. (Bullish).
..As mentioned in the post, “Closed above the descending trend line. Risk/reward is bullish, in my opinion.”
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