Would You Buy This Chart?

$SPY 60 day chart:

$SPY 6mo Chart:

$SPY 1Yr Chart:

$SPY 2 Yr Chart:

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2 short setups:

$RIMM, could it go back to $35?

$SPWRA is done, hat tip Robert:

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Lets’ take a look at a few things to get a feel for where we are:

$GOOG, broke prior support:

$FCX, just lost the 50 day MA, and below all others:

$GS is flirting with a 50 day MA failure:

$USO, the ETF that tracks oil looks like it’s heading back to the lows:

Now The PPT Hybrid is approaching a possible closing score for an oversold market. What I would like to see is a huge drop tomorrow at the open, and then step in to buy the blood. Other than that, I’m not comfortable buying here.

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Looking at the small cap index, the Russell 2000, we are on the verge of a significant breakdown. Keep an eye on this, the chart me me think $TZA:

Going through individual charts setups I am noticing more short setups versus long setups. If we get some bad numbers tomorrow, you better have some ammunition ready. Here are a few of my favorite short setups.

$RIMM:

$VECO:

$CAVM:

$IMAX:

$CY:

$PCX:

Will be a busy week for me, but I’ll be around.Get your ammunition ready.

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I do not see anything that makes me want to jump in one direction or the other, so all we can do for now is sit and wait. High beta names seem to be working just fine for me today as $PCBC rises 30%, and does whatever it wants regardless of market direction. But, high beta names can often put you in a murderhole, so be careful.

In the meantime I will continue to run scans and look for opportunities in the market. Here is one of my favorite screens inside The PPT:

High Hybrid / High Volume Movers:

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Watch for weakness in $RIMM this week, I want to short a move below $47.42. $RIMM is the new $NOK.

The move in Ag is not over, still holding a nice size position in $CAGC:

$ARNA will breakout this week, and so will $DNDN. Keep both on your radar:

Love CheeNwine’s pick $RDWR:

Mr. FLy’s $GMCR looks good for further upside:

But if the market fails to bounce here, just look to short retail. They suck.

Case and point, $KIRK:

$ARO, would love to buy puts on further weakness:

Futures are up slightly at the time of this post. It should be another interesting week.

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I follow the Russell like most follow the S&P, and right now it is do or die for the small cap index, take a look:

With a move Below 602 and you have room for concern if you are long $TNA. So far the market looks to be bouncing form this level, however if the tide turns, and it begins to get nasty, you might want to hedge and buy a little $TZA, or flat out go to cash.

I will be away most of the day, as I don’t like to trade option expiration. But, I have a few automated trades put in place that will buy me a little $TZA if we do in fact breach that level.

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