iBankCoin
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,861 Blog Posts

Setups for Week of 08/16-08/20

The bulls gave up the initiative last week, as the bears aggressively turned us away from that stubborn late June resistance, which is around 1130 on the S&P 500. Going into this week, the temptation is to automatically assume that the bears will take us back down to the July 1st lows at 1010. Just as quickly as everyone seemingly became bullish, they have now become bearish. However, in addition to The PPT signaling that the next broad market move is higher, I am seeing many charts of stocks that have broken out, and only recently pulled back to what should be support zones. Perhaps some excellent short selling setups will present themselves soon, but for now I believe the easy bear money was made last week during the rapid selloff.

Below, you will find my best trading ideas for the upcoming week.¬†Feel free to pick and choose whichever setups best fit your style. Please keep in mind that these are trading ideas only. I also urge you to use stop losses in order to mitigate your downside risk–I prefer a trailing 7-8% stop loss.

I hope you find these ideas helpful.

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8 comments

  1. GYSC

    Tough to trade this market; I have to work all day behind the biggest firewall you can ever see; the flash crash has scared me off of stop losses. Still, I need to do some work.

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  2. JimH

    Thanks for the ideas, Chess!
    I’m convinced (at this point, at least) to treat any bounce as a day-trade opportunity only. (MACD, Stoch’s, TRIX and other oscillator signals are very clearly pointing south)
    In addition to your suggestions, I’m also watching IGTE, CNTF, TSN, AMAT, PALL, SMOD, SURG for quick trades on breaks if market moves dramatically north…
    Good luck!

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  3. jcvtwo

    Your COCO sell looks better every day.

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  4. JimH

    scalp-out BIDU +1,00;TSN +0.35; SMOD + 0.11; AMAT +0.17
    back in cash!

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  5. JimH

    out TLT [email protected] I hate gaps!

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  6. JimH

    Thx for the tip on BIDU!
    Raised my stop on remaining 200 TLT to 104.50: will settle for 4.5% or better on the trade… G’day, sir!

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