Short setups are plentiful at the moment, there are so many taking place it has me worried about where we are headed in the next few weeks. There’s no shortage in the oil & gas sector, just about everywhere you look you will find a breakdown. Here are a few that have peaked my interest:
Hess Corp. (HES: 49.65 -6.51%)
XTO Energy Inc. (XTO: 35.82 -4.05%)
PetroQuest Energy, Inc. (PQ: 3.51 -7.39%)
We were very close to breaking out yesterday, but the market couldn’t quite pull it together. This morning we get a nice slice right through the 50 day on the S&P as everyone sells ahead of the holiday.
I almost wish the market would shit the shower just to prove Dennis Kneale wrong. That guy is an embarrassment to CNBC, and should be fired immediately. What kind of mickey mouse operation are they running over there? I honestly don’t even tune in anymore.
As far the market, I am net long and don’t see myself doing much trading for the rest of the week. This kind of low volume holiday action can chop you to pieces. I have a few core positions that I intend to hold, and if I trade anything new, I will limit myself to intraday only.
Here’s a current look at the S&P 500:
The more I look for long setups, the more I find short setups. With the holiday weekend upon us, it will be interesting to what develops in the next few days. Be on guard for market weakness, and look to short this beautiful bear flag in Research In Motion Limited (USA) (RIMM: 69.71 -0.36%).
Here’s a bunch of great short setups by the Stewie and more great setups from Mac.
Tech:
Google Inc. (GOOG: 408.49 -2.51%) king of the internets
Level 3 Communications, Inc. (LVLT: 1.479 +0.61%) play on bandwidth
Sigma Designs, Inc. (SIGM: 15.34 -6.69%) Play on Blu-ray & other cool devices
(CNXT: 1.30 -4.41%) will be in it as long as the charts holds up.
Financials:
Huntington Bancshares Incorporated (HBAN: 4.00 -3.61%)
Fifth Third Bancorp (FITB: 6.88 -3.91%)
Both are swing trades and I don’t anticipate being in them more than a few weeks
(FAZ: 5.13 +8.92%) tipple inverse short the financials
Energy:
(DXO: 4.13 -4.40%) Double Long Crude
W&T Offshore, Inc. W&T Offshore, Inc. (WTI: 9.08 -5.61%) A local company that I love
Stone Energy Corporation (SGY: 6.94 -8.08%) Deepwater Pyreneer Prospect, huge potential.
Solar:
JA Solar Holdings Co., Ltd. (ADR) (JASO: 4.37 -4.17%)
(SPWRA: 26.23 -3.07%)
Consumer/Spec:
(IBGH: 0.00 N/A) Drank Energy
Biotech:
(CTIC: 1.60 -4.76%) I’m constantly in & out of this name. I currently hold shares.
The market is breaking out and Google Inc. (GOOG: 408.49 -2.51%) is a few steps behind it. GOOG has always been a pretty good indicator of the overall market and with the strength today coupled with GOOG’s chart, I think the time is now to own a little GOOG. Watch for a breakout above $428:
Disclaimer: I own GOOG and it is my stock of the year. Click here 2009 stock of the year contest.
While we wait for the 2nd quater to end, I figure I would put up a few links worth bookmarking.
- Notable calls is a must read first thing in the morning.
- If you ever want quick access to see how the futures are trading, you can check them out on bloomberg.
- High flyers can be found here, chart toppers.
- You can find active options here.
- If you interested in finding out dates for earnings, click here.
- The NASDAQ heat map is a cool feature to find strong & weak stocks quickly.
- And for screens, as well as real time picks & expert advice you can always click The PPT (membership required).
