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Doing my nightly scans I am seeing numerous bear flags setting up. Financials like MA & V paint a pretty similar chart across the board. Retailers like SHLD, GYMB, & AEO also look ripe for lower prices.

Tuesday should be pretty eventful after a long weekend. Expect anything and everything, as I’m sure there will be numerous headfakes throughout the day. As I type this post, the futures are down indicating a lower open. Here is one stock in particular I am looking to short if the tape turns ugly:

The 200 day sits at $86.56 and should provide some support. for SHLD. However, if that support fails, expects stops to be taken out and lower prices to come.

The next chart I want to take a look at is the Russell 2000. This index has been a preety good tell in market tops and bottoms and so far the index has yet to close below the 200 day moving average. Something to watch:

The next chart we will look at can BTFO even if the market is down 300 points, mainly because that’s what biotech stocks do. DCTH is a position I own from $6, took some off, and now I am playing with the house’s money. Well, right now the house’s money looks good. Look to buy this on strength for a BTFO move:

And, if you sense a dip being bought throughout the market, take a look at SNDK on a pullback to $45, I like it:

Sprint (S), a stock I own, is releasing a new 4G HTC smartphone on the CLWR network. From what I’ve read it’s a pretty sweet deal which may explain why Clearwire has held up well throughout the whole “flashcrash” You can play this name two ways: Buy the dip back to support, or buy the breakout on strength.

Good luck trading tomorrow, we all will need it.

[youtube:http://www.youtube.com/watch?v=pKUKIzHr51I 600 400]

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Eleven crew members died during the April 20 explosion; 115 were rescued.

Jason Anderson, 35, toolpusher, of Midfield, Texas. He and his wife Shelley have two children.

Dale Burkeen, 37, a crane operator from outside Philadelphia. He and wife, Rhonda, have two children.

Donald Clark, 49, assistant driller, of Newellton, La. He and his wife, Sheila, have four children.

Stephen Curtis, 39, assistant driller, of Georgetown, La. He and his wife Nancy have two children.

Gordon Jones, 28, mud engineer, of near Baton Rouge, La. He left behind a pregnant wife, Michelle, and a son.

Roy Wyatt Kemp, 27, assistant driller, of Jonesville, La. He and his wife, Tracy, have two daughters

Karl Kleppinger, 38, floorhand, of Natchez, Miss. He left behind his wife, Tracy, and a 17-year-old son. Dewey Revette, 48, driller, of State Line, Miss. He and his wife, Sherri, have two children.

Shane Roshto, 22, roustabout, of Franklin County, Miss. He left behind his wife, Natalie.

Adam Weise, 24, floorhand, of Yorktown, Texas. He was not married.

I wouldn’t buy BP with your money. Click here for a live feed of the oil leak.

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Here are a few stocks I am looking to buy on further strength:

DTV

NTRI

LGF

GMXR

Better get ready for Cane season!

Solar has been absolutely crushed the past few weeks, with oil bouncing here, it’s time for a little reversion of the mean. I bought [[FSLR]] @ 113.45, with a stop right below $112.

Note: Also bought some call options in [[GOOG]]. All trades noted in the user note section of The PPT

We are experiencing classic bear market action, however I’m not yet ready to throw in the towel on my longs.

For the last few weeks my positions have held up rather well. I have been in and out of TZA, to protect my downside, and have only been FAS’ed once. My trading activity has been light for the most part, and I am only concerned with building my long term portfolio at the moment.

From my vantage point, the economy is recovering. Just last month everyone was looking for a pullback, and now that it is here, the bulls are tucking their nuts in. I understand we have global risks at hand, and the tape is stupid ugly, but with the right stock selection, there is still money to be made.

Here are my top five positions, positions that I have no problem buying more of on a further pullback.

1.) YHOO (Tech/internet)

2.) ETFC (Financial/investment services)

3.) UCO or ATPG (Energy/oil & gas)

4.) S (Telecom/communications)

5.) CCME (Ad Services/ China)

After a vicious sell-off, like we had the past 2 weeks, this is one of my favorite screens inside The PPT to find Stocks on Sale (PPT members click link to save screen)

Here are the results:

Here is another screen: Cheap Stocks