Trade Ideas

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There’s not to much I like heading into the week. Risk is getting harder to define, and my type of chart setups are few and far between.

I would love to see a washout, like the rest of the world, but now it seems everyone is looking for one. Will we still get one?

Here are a few names I will be watching as we head into the week, I will have my full watchlist up in a bit inside our trading room, 12631.

COP, I like this one here for a bounce. I’m a buyer on strength with a stop just below 50:

DDD, still like this one on strength as it sits on the 50 day moving average, easy to manage risk.

WWWW, one of the better looking charts out there. I like the location here as it sits on the 20 & 50 day moving average, stop just below those averages. A buyer on strength:

ACOM, I like this one as a short with a break below 20.67:

Earnings On Deck

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Monday:

  • Lowe’s Companies Inc    LOW
  • Rediff Com India Ltd    REDF
  • Urban Outfitters Inc    URBN

Tuesday:

  • Autozone Inc    AZO
  • Avago Technologies Ltd    AVGO
  • Best Buy Co Inc    BBY
  • Dell Inc    DELL
  • GUESS? Inc    GES
  • Medtronic Inc    MDT
  • NetApp Inc    NTAP
  • PetSmart Inc    PETM
  • Qihoo 360 Technology Co Ltd    QIHU
  • Ralph Lauren Corp    RL
  • Take-Two Interactive Software Inc    TTWO

Wednesday:

  • American Eagle Outfitters Inc    AEO
  • Big Lots Inc    BIG
  • Hewlett-Packard Co    HPQ
  • Jiayuan.com International Ltd    DATE
  • NetApp Inc    NTAP
  • Pandora Media Inc    P
  • Suntech Power Holdings Co Ltd    STP
  • Trina Solar Ltd    TSL

Thursday:

  • Costco Wholesale Corp    COST
  • E-House (China) Holdings Ltd    EJ
  • Jinkosolar Holding Co Ltd    JKS
  • Tiffany & Co    TIF

 

Enough To Scare Me

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Fly mentioned on twitter that $TLT is screaming crash, and I couldn’t agree more. Take a look at the 5yr chart of $TLT:

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That’s one bullish chart that is screaming risk off. I went ahead and took all my risk off the table and opted for cash today. At this point, it’s a coin flip, either we get some good news over the weekend and it’s off to the races, or a possible black Monday.

Place your bets.

What A Mess

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Wow, what a mess this had turned out to be. The social media stocks are getting killed, some even halted. I ended up selling SINA & YELP both for losses, and flipped out of $BCOV for a gain.

I’m now in 100% cash, and my mind is at ease. I have not played this week well at all, and glad I kept things light.

Will be interesting to see how this day turns out, especially with the weekend ahead.

Pre-Market Action

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Well, the 1290 area we talked about was tested overnight, and it seems we caught some buyers. We still have a lot of overhead resistance to work through, but we are overdue for a bounce. Here’s a look at the 15 minute chart:

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And, here’s a look at the NASDAQ most active pre-market movers: OSIR, YHOO, DRYS, VELT, LOGI, KITD, MRVL, ERIC, INFY, ZNGA.

Happy To See It

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The bloody close is what was needed to find a floor in the market. Hopefully we can get some weakness early on to complete the wash-out, then go long a few names for an oversold rally.

I’m currently long three names with a stockpile of cash. $YELP, which made a nice move at the close, $SINA, which made me look stupid today (stop 53), and $BCOV, the forgotten one.

It pains me to have sold TZA last week. The PPT never gave me the signal to sell, and has been up almost everyday since. Speaking of The PPT, it has been dead on so far with this sell-off by not giving us an early signal to catch the falling knife.

However, the system is now close to giving us our first Oversold signal for the year, or did it today? Subscribe to find out.

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