It has been quite some time since I have had a chart-filled post with setups. I must say, despite how good some of the charts seen below appear, we are still on very shaky ground as far as the broad market is concerned. Seeing as at least seven out of ten stocks move in concert with the broad market, I will wait for confirmation by the senior indices (namely the S&P 500) before allocating capital. I urge you to do the same.
With that said, however, I am eager to get involved in the issues listed below upon said broad market confirmation. As always, feel free to pick and choose whichever setups best fit your style. Also, I urge you to use stop losses in order to mitigate your downside risk.
I hope you find these helpful.
Excellent picks Chess…all looking ripe for the picking. I am also concerned about the shaky nature of the broad markets, sort of like your story of a crazy aggressive poker table. These all look like smart plays, but smart moves have been raped repeatedly during this correction. In your opinion, what would constitute the upside confirmation you are looking for?
Thanks, trapper.
I am looking for the S&P 500 to recapture the 200 day m.a. convincingly on strong volume. I also want to see other stocks begin to firm up and form sound bases while being accumulated by the institutions. We are at a crucial point now, so if it is going to happen, we should see it tomorrow and next week.
Looking at these strong charts I assume the PPT readings are above 3.00 on most of these….does that give you pause going long if the SPX confirms?…..or would you wait for the pullback after a confirm?
Thanks for the great setups…..they are truly strong looking stocks.
Not necessarily, Bond. Most of the setups above are not yet overbought according to The PPT.
Thanks for reading.
Nice narraqtive on the charts Chess. It helps knowing your thoughts on these setups.
Marty Chenard’s charts say Institutional selling is declining. Also McClellan Osc seems to to be basing. We may get a boost soon.
Re garding yesterdays query:
Did you mean you set a hard stop with your broker at 7-8% and believe you are relatively safe there from MM taking you out…or…did you mean you set a 7-8% mental stop, so MM can’t mess with you?
Personally, it depends on how volatile the stock is, as to whether I use a mental or actual stock.
http://www.bloomberg.com/apps/news?pid=20601109&sid=a_f0he2VSxw0
Bloomberg article says decreasing commodities now under attack presages a mkt plunge just as it did in ’08.
Distinct possibility. Check out my earlier post on using $FCX as a tell.
Great list.
Been scouting SQNM as well, but with the market indexes still in the shit zone…super risky, like u said a hand grenade.
Agreed.
I like AKAM the best, it’s been one on my watchlist
it is a beast
Chess,
I’ve been watching many of these too, with an eye toward AKAM and CSTR. Can you give me any idea where you would tend to place stops for these two should said setups materialize? Also, do you tend to cut a lose at 8% as O’Neil suggests?
Thanks!
7-8% is my recommendations for stops, Hawaii. That is my consistent opinion.
I like FFIV, and own it.
Been buying it on weakness.
NIce.
I don’t have time to post the charts, but here are some others that I currently have positions in and you could still buy tomorrow……
SGA, GNA, OVTI, PXD, HXL, CMG, CRM, TTWO, AAPL, HSY, LNCR, ALSK, AN, ADTN, UPL, and my top pick…..
NVLS
I like your blog posts. Good work!
Taking profits (what little are left)…..the day does not look kind.
… that you could actually FIND … 11 stock charts that looked even remotely “longable”… in THIS Market … is in and of itself … pretty damn impressive ! fwiw
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But … that you would take the time and effort to not only find them … post them … and make a “compelling” case for each of them is … well … a bit puzzeling !
In previous posts you continuously make reference to the “BEARS” seemingly having the upperhand … and yet … you post “LONG” ideas ! Puzzeling !
You are like a lawyer !
Presenting “character witnesses” … in an effort to rehabilitate your client … “Mr. Bull” !
But, you can introduce ALL the character witnesses you want for “Mr. Bull” … in the END … the overwhelming evidence is in favor of …
“Mr. Bear” !!!
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If I didn’t know better I’d swear you were a Lawyer !
Oh wait !
You ARE a Lawyer !!! LOL
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Alf- I am simply putting in the preparation in case we follow through to the upside. I do not want to be caught off guard.
“I do not want to be caught off guard.”
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Uhhh … I think you just were !!!
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… nevertheless …
Nice post !
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My question is — do you ever do any cursory fundamental analysis at all?
I like the charts but stocks like NFLX, CSTR, GMCR are very pricey and as we’ve seen with such high flyers as GMCR and…. PCLN — they tend to fail spectacularly.
I wonder which holds the most value. The one that jumps out to me for value players is HITK from the list.
It just seems lately buying breakout names does not work like it used to. Especially in a market where so many crises can emerge at any moment. Oh look: euro to new lows, futures down big.
Great list, I think it’ll have to go back into the freezer though.
you are 100% correct about failed break outs in a corrective mkt–i just wanted to have a good list if the mkt firmed up
as far as fundies–well gmcr is great but the chart had serious warning signs before it broke down. you can play pricey stocks so long as you respect the price, volume and momentum imo