Watchlist 4.1.13 | Fortune Faded

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SPX took out the record closing high on Friday and the last line of resistance is the intraday all time highs at 1576.09. To be expected, my scans over the weekend have turned up mostly long positions, and the underlying bid in the tape has been making it difficult to swing short anyway. I did find a couple of short opportunities for this week but I’m not going to spend too much time on them until the market gives me a reason to. That being said, I closed a lot of long positions into Friday’s close and am raising the largest cash position I have had all year.

LONGS:

URI – 50ema on the daily is being maintained. Price has been consolidating under the recent highs. Watching this pennant for a direction.

WHR – Bull flag under volume resistance. Will watch for a continuation of above average volume on Monday for a push over recent highs.

CMI – Nice technical double bottom off volume support. Would like to see the 50ema act as support into Monday/Tuesday.

IBM – Bull flag consolidation over the 21ema and volume support. Will be watching volume on a break out of the flag for confirmation. First target is $215.75 then $220.00.

AIG – A shorter term ascending triangle and higher low printed last week. My entry is $39.00 and a close below the horizontal volume support level is the stop.

AMZN – Last Thursday, price closed over support and tested the 50% retrace. Watching the action inside of the descending channel for a small pull back before a run to test the upper trend line.

I noticed a lot of bullish setups in the high end retailers:

KORS – Testing the moving averages and descending trend line. So far, being supported by the previous breakout level.

TIF – Bull flag. Closed right at volume resistance. Watch volume on Monday for a confirmation.

FOSL – Didn’t get the support needed to run for the gap fill last month. Testing the 200ema and the rising trend line. A stop would be a close below the trend line/200ema.

LULU – Ascending trend line. Volume support. Falling wedge. Heavily shorted name. Only concern is the heavy selling volume. There are a few levels of support below so if you decide to take this setup it may need a little room to work. Know your risk/reward.

SHORTS:

APC – Possible double top area and a test of the top of the upper ascending trend line. Stop is a close over new highs and first target is $85.40, a test of the previous breakout level.

CF – Failed this rising trend line last week. There has been an increase of selling volume over the past month and a half. Price is sitting on some pretty heavy volume support, if it were to fail the next support level is 176-178.

A funny thing, the king who gets himself assassinated,
@AffluenzaVirus

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