RIG: Possible Breakdown

I’m watching Transocean Inc. [[RIG]] melt away to an area of support @ $131.50. Below that I want to be short the name for a few points. Continue reading OIH Busted….

DryShips Inc. [[DRYS]] is on the cusp of a significant breakdown. The stock shows support @ 70, and that level was just breached. Keep an eye on it.

Note: The 50 MA and 200 MA formed a death cross

I will be out for the majority of the day tomorrow. Be sure to give iBC’s new blogger a warm welcome, he is one of my favorite traders.

Look for comments from Phil from Brazil, as I asked him to update the comment section with stocks he’s watching. Also, keep a watch on [[MEDX]] Medarex inc. & [[SQNM]] Sequenom, Inc.

Note: The S&P 500 printed a nice bear flag that could get nasty. Check Stewie’s blog for the chart.

I must admit I had high hopes for today, and I mean High. Just last night i was chatting with the Fly, aka Batman, about how I thought it was up from here. He told me I was delusional, cursed me out, and ended the conversation. Needless to say more he was right.

My high hopes were quickly deflated when [[FSLR]] First Solar, Inc. deflated, as my [[SPWR]] SunPower Corporation & [[CSIQ]] Canadian Solar Inc. did not turn out as planned– However, [[AMSC]] American Superconductor Corporation showed amazing strength.

This however, did not stop me from banking coin. Just take a look @ [[CMED]] China Medical Technologies, Inc. (ADR) , [[VISN]] VisionChina Media Inc , [[CELG]] Celgene Corporation & [[UNH]] UnitedHealth Group Inc. .

I also took profits on [[CHK]] Chesapeake Energy Corporation around $50, and I am declaring victory over the name. My plan was to hold over earnings, but I’m in “protect profit mode.”

I’m still holding partial positions in my alternative energy plays, call me crazy, but I think they bounce tomorrow.

Off to find the next [[VISN]] VisionChina Media Inc .

[[CMED]] China Medical Technologies, Inc. (ADR)

[[VISN]] VisionChina Media Inc What a move, and it may still go higher. However, I’m in protect profit mode.