Scans for this Monday, 5.14.12, came up 75% bearish. It’s actually a decrease from prior weeks.
SPX – We will be testing important support levels this week. If the buyers don’t step up the SPX will start it’s next leg lower.
Longs: (Use caution and be quick with profits. Risk/Reward is to the downside).
QCOR – Held recent support in this rising triangle pattern. Easy low risk entry here. A close below the rising trend line for a stop. Target 46+.
BBBY – Relative strength. Watch the $72.75 level with buying volume.
WFM – Nice low volume consolidation pattern after heavy buy volume gap. Watch $91.50 & volume for the next leg higher.
Shorts:
AAPL – Still working in this descending triangle pattern. Prices below $571.90 are bearish — my money is on a test of $555.
CMG – Working below this descending trend line. If the failure of the 20ema from Friday holds I will add to my current short position.
ALXN – Started in a new descending channel after failing this ascending triangle. This 2 day bounce last week has been on relatively low volume and will not last without bulls.
LNKD – Watching for a failure of this ascending triangle on selling volume.
APA – Testing recent support of $85.25. Watch for a failure on volume.
CHKP – Momentum selling will bring this stock to support at $50.65.
Safe trading,
@AffluenzaVirus
