Slow Your Roll

So what happened today? Nothing but a healthy pullback to the 50 day moving average.

I want to see the market bounce here. If we linger around the 50 day moving average, the market will favor the downside. We need to see the moving average act as a spring, and that is what I will be looking for.

Today’s action was really nothing to worry about, in my opinion, as strength was found all over the market especially in the financials. Regional bank stocks, specifically Pacific Capital Bancorp [[PCBC]] , Huntington Bancshares Incorporated [[HBAN]] & Frontier Financial Corporation [[FTBK]] ripped today. Huntington Bancshares Incorporated [[HBAN]] reports in the am, so continue to keep a close watch on the financials.

Google Inc. [[GOOG]] fell in afterhours due to a great earnings report, imagine that? I’m not quite ready to get behind the stock just yet, but a little lower and I’ll be all over it. Google Inc. [[GOOG]] has also been a great tell for market direction, so where GOOG goes, so does the market. Keep an eye on it.

But, with our government, who knows what the market will do? Which is why on weakness, I will buying puts in  American International Group, Inc. [[AIG]] , and shorting Citigroup Inc. [[C]] all the way to the ground.

AIG is on the verge of a significant breakdown.

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Here are three stocks on the verge of making a move higher based on technical indicators:

Spartan Motors, Inc. [[SPAR]] I like this above $7:

Huntington Bancshares Incorporated [[HBAN]] Financials are still smoking, I like this one on a move above $4.50:

E TRADE Financial Corporation [[ETFC]] THis is the one we have been waiting to breakout for weeks. It will breakout, and when it does, it will move like a freight train. $1.85 is the level to watch:

Bonus: here are the results from my favorite screen inside The PPT:

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1. CDC Corporation [[CHINA]] Nice flag formation, I’m a buyer on strength:

2. Darden Restaurants, Inc. [[DRI]] I like it above $36

3. Callon Petroleum Company [[CPE]] Gunners, this one has potential, great find. I took a position in the name today.

4. Huntington Bancshares Incorporated [[HBAN]] Above $4.50 and this one could rip:

5. Watch for a BTFO move off the 200 day. If volume comes in, I think it’s worth a shot for a daytrade.

6. On a market meltdown, think puts in American International Group, Inc. [[AIG]] for a trade:

7. Immunomedics, Inc. [[IMMU]] Nice flag and close above the 100 day. I’m long.

8. Martha Stewart Living Omnimedia, Inc. [[MSO]] Someone mentioned this one on the blog yesterday, I like the flag developing and my take a position on strength:

9. Spartan Motors, Inc. [[SPAR]] this one is gonna rip, a move above $7 and I’m in it like Bennet:

10. Boots & Coots Intl. Well, Inc. [[WEL]] Watch for a breakout above $1.81:

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Sign up for Woodshedder’s Power dip program. His system is absolutely rocking and I’m impressed with the results so far. For those yet to check it out,  click here for a free trial, the system works great for those that cannot watch the market all day. Woodshedder definitely brought the wood on this one.

As far as the game on Saturday, it was absolutely amazing in the Superdome. The Saints used a couple of motivational techniques by re-signing beloved tailback Deuce McAllister, who was the honorary captain for the game, and having McAllister and Bush lead the team onto the field. Bush was carrying a black bat with the inscription, “Bring The Wood.”

If they win on Sunday against the Vikings, there will be pure pandemonium in the streets of New Orleans. Reggie Bush ran like a man possessed and brought an intensity to this game that we haven’t seen since his days at USC. ‘WHO DAT’ nation is alive and well.

[youtube:http://www.youtube.com/watch?v=IGYWpxqMsBQ 450 300]

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Now back to work. Here are two stocks on my focus list:

E TRADE Financial Corporation [[ETFC]] had a nice pop on Friday due to new rumors that the company may be bought out. I could careless about the rumors, but the one thing to watch here is the $1.85 level, above that, and this one can fly:

Also, keep any eye American International Group, Inc. [[AIG]] , on a market weakness this one could breakdown.

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TUESDAY:

• Citigroup Inc. [[C]]
• Cree, Inc. [[CREE]]
• CSX Corporation [[CSX]]
• Lee Enterprises, Incorporated [[LEE]]
• International Business Machines Corp. [[IBM]]
• New Oriental Education & Tech. Group Inc [[EDU]]
• PetMed Express, Inc. [[PETS]]
• TD Ameritrade Holding Corp. [[AMTD]]

WEDNESDAY:

• Bank of America Corporation [[BAC]]
• Coach, Inc. [[COH]]
• eBay Inc. [[EBAY]]
• F5 Networks, Inc. [[FFIV]]
• Seagate Technology [[STX]]
• Skyworks Solutions, Inc. [[SWKS]]
• Starbucks Corporation [[SBUX]]
• State Street Corporation [[STT]]
• U.S. Bancorp [[USB]]

THURSDAY:

• Burlington Northern Santa Fe Corporation [[BNI]]
• Capital One Financial Corp. [[COF]]
• [[CNXT]]
• Continental Airlines, Inc. [[CAL]]
• Fifth Third Bancorp [[FITB]]
• Freeport-McMoRan Copper & Gold Inc. [[FCX]]
• Goldman Sachs Group, Inc. [[GS]]
• Google Inc. [[GOOG]]
• Interactive Brokers Group, Inc. [[IBKR]]
• Intuitive Surgical, Inc. [[ISRG]]
• KeyCorp [[KEY]]
• Legg Mason, Inc. [[LM]]
• PNC Financial Services [[PNC]]
• Southwest Airlines Co. [[LUV]]
• UnitedHealth Group Inc. [[UNH]]
• Western Digital Corp. [[WDC]]

FRIDAY:

• BB&T Corporation [[BBT]]
• General Electric Company [[GE]]
• Johnson Controls, Inc. [[JCI]]
• [[MCD]]
• Schlumberger Limited [[SLB]]

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I will not be around much the next few days as I prepare to witness my New Orleans Saints, live in the Superdome, advance to the NFC Championship game. For those that don’t Know, RC is a huge Saints fan and have been with the team through thick and thin. It’s great to see Drew Brees carry the city of New Orleans (my hometown), on his back, and bring the city back to life. Excitement is back in the city, Mardi Gras is right around the corner, and NEW ORLEANS is back.

Ok, back to stocks. Here are some things to look for on Firday

#1 Airlines

Watch oil here, on weakness you will see “BTFO” moves in a few airlines. Check out these beauties:

Continental Airlines, Inc. [[CAL]]

UAL Corporation [[UAUA]]

US Airways Group, Inc. [[LCC]] One of Tradermarket24/7 favorites

#2 Financials

JakeGint likes the financials here, Chuck likes Citigroup Inc. [[C]] , and RC is on the lookout for the best chart in the group. I caught a crazy move in Pacific Capital Bancorp [[PCBC]] today, my man TMI24/7 caught a crazy move in Gramercy Capital Corp. [[GKK]] ,  and I believe more “BTFO” moves are to follow.

Your homework tonight/this morning will be to scan the financals for the best looking chart. I will be out most of the day, but feel free to share your results in the comment section. I will post a few myself.

Note: Click here for a custom screen I set up inside The PPT, sorted by highest daily hybrid change.

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