Focus List 4.26.12


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.


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,


17 Responses to “Focus List 4.26.12”

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  2. 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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