I have about 1800 charts annotated and stored at stockcharts.com. As you can imagine, it takes an enormous effort to keep them all up to date. With the market volume likely to shrink the next couple of weeks, I'm taking it as an opportunity to get everything current.
Unfortunately, I haven't had the time to go over my scans so I don't have a lot of new setups, and I'm not going to be able to post all the charts I normally do. I have, however, attached a SpreadSheet with the "Short Setups" I'll be watching during the week. I've included the price level with an objective and low risk stop loss. If I find the time, I'll post some long / breakout setups early in the week.
I'll use Twitter thoughout the week to give the new folks an idea how I trade. If you're interested in knowing when a new post is made, I encourage everyone to sign up for the email alerts.
Sunday, December 21, 2008
Thoughts....
Tuesday, December 16, 2008
Thoughts....
I posted a few "Intraday Setups" that are aggressive and suited more for the short term traders. If discipline is maintained with tight but objective stops, I feel they offer sufficient risk vs. reward. As illustrated on the Index Charts posted, the S&P and Gold both closed at resistance while the Dollar finished the day at strong support, which indicates to me the market is likely to be under some pressure in the short term. However, the sentiment indicator I follow looks the same now as it did this weekend so my enthusiasm is somewhat tempered. Until it changes, I'll continue to focus on trading around key S/R levels with tight stops.
Saturday, December 13, 2008
Thoughts....
I've scrolled through thousands of charts over the weekend, and I'm still seeing way more short setups as opposed to clear and objective long setups. The 50 Day Moving Average is starting to "catch up" to many of the bounce setups we've had during the past month, which eliminates their explosive potential. Once the 50 Day gets under the price and flattens out, we'll start having more long opportunities that we can hold for more than a day or three. It's just going to take some time.
I created a Twitter account last week. Once I find the time to figure out how it works, I'm going to post some of the trades I make. Hopefully, it'll give some of the new folks an idea how I trade. I also intend on posting more scans and other content over the next 3 weeks including improvements to the "Weekly Spreadsheet."
Review for Week of December 15, 2008
(Click on Symbol for Annotated Chart)
BGP Borders Group
TCK Tech Cominco
APL Atlas Pipeline Partners
ASH Ashland
ENG ENGlobal
JRT JER Investors Trust
GVHR Gevity HR
LYV Live Nation
LVS Las Vegas Sands
IO ION Geophysical
LSR Life Sciences Research
BKD Brookdale Senior Living
ARA Aracruz Celulose
MFW M&F Worldwide
NSIT Insight Enterprises
AVNX Avanex
HDNG Hardinge
CNTF China TechFaith Wireless
BIOD Biodel
XRM Xerium Technologies
AHII Animal Health International
SIRF SiRF Technologies
FORD Forward Industries
XJT Express Jet
(Click on Symbol for Annotated Chart)
BLL Ball Corp
CLC Clarcor
MYGN Myriad Genetics
PEGA Pegasystems
AIR AAR Corp
PLXS Plexus
TCL Tata Communications
TEVA Teva Pharma
PNRA Panera Bread
BKE Buckle
RYAAY Ryanair Holdings
ORLY Oreilly Automotive
RGLD Royal Gold
LIHR Lihr Gold
NEM Newmont Mining
GVA Granite Construction
CHSI Catalyst Health Solutions
UAM Universal American Financial
AMZN Amazon.com
GG Goldcorp
CMG Chipotle Mexican Grill
CMP Compass Minerals
LL Lumber Liquidators
MVL Marvel Enterprises
MDU MDU Resources
FSYS Fuel Systems
FLR Fluor
URS URS Corp
SCNH Schnitzer Steel Industries
FMS Fresenius Medical Care
JBHT J.B. Hunt Transport
EW Edwards Lifesciences
NTAP Network Appliance
NUVA NuVasive
OCN Ocwen Financial
CNQR Concur Technologies
PCR Perini
PDA Perdigao
NLY Annaly Capital Management
GILD Gilead Sciences
GTXI GTx Inc
CUB Cubic Corp
CMTL Comtech Tele
QGEN Quigen N.V.
QSII Quality Systems
RATE BankRate
RE Everest RE Group
HURN Huron Consulting Group
CPSI Computer Programs & Systems
MHS Medco Health Solutions
AFAM Almost Family
ATG AGL Resources
GEO GEO Group
PETS PetMed Express
ELMG EMS Technologies
EPIQ EPIQ Systems
EZPW EZCORP
IDCC InterDigital
HK Petrohawk Energy
LMNX Luminex
AMGN Amgen
LH Laboratory Amer
CEPH Cephalon
CLHB Clean Harbors
TKC Turkcell
TSCO Tractor Supply
TSU Tele Celular Sul
ARLP Alliance Resource Partners
BMS Bemis
HANS Hansen Natural
SKT Tanger Factory Outlet
SPTN Spartan Stores
MPR Met-Pro
CBZ Cbiz
HMSY Health Management Systems
NAT Nordic American Tanker
ICFI ICF International
LFC China Life Insurance
WWE World Wrestling Entertainment
IPCC Infinity Property & Casualty
LNCE Lance Inc
LNT Alliant Energy
WEC Wisconsin Energy
XEL Xcel Energy
XOM Exxon Mobil
ORH Odyssey RE Holdings
ATO Atmos Energy
(Click on Symbol for Annotated Chart)
DXO PowerShares Crude Oil Double Long
IAU iShares COMEX Gold Trust
IEF 7-10 Year Treasury Bond Fund
(Click on Symbol for Annotated Chart)
COF Capitol One Financial
LULU Luluemon Athletica
SEAC SeaChange International
(Click on Symbol for Annotated Chart)
CPY CPI Corp
DRYS Dry Ships
COIN Converted Organics
ABD Acco Brands
TBSI TBSI Intl
NTT DCM DoCoMo
SXCI SXC Health Solutions
ENTG Entegris
NNBR NN Inc
PPO Polypore Intl
ITP Intertape Polymer
DIOD Diodes
DPZ Domino's Pizza
BLDR Builders FirstSource
CBL CBL & Associates
CGX Consolidated Graphics
CLX Clorox
AXYS Axys Technologies
Saturday, December 6, 2008
Thoughts....
I've never understood why traders feel the need to make predictions. Trading based on predictions (e.g. hope) is a fool's game and impairs our ability to make clear and objective decisions. In my opinion, they should be based on what is seen. Once you understand what you see, it's possible to make the decisions that lead to being a succesfull and profitable trader.
In my opinion, there are still too many charts clinging for dear life to say the bottom is. A final wash-out will take everything down, and that hasn't occurred yet. Unfortunately, it's impossible to say where we're headed over the short term. I've posted some key levels I'm watching on the S&P 500 chart below that will be my guide over the next week. I've also included a spread sheet listing the key technical levels for the Short & Breakout Setups.
Review for Week of December 8, 2008
(Click on Symbol for Annotated Chart)
PSQ Short QQQ ProShares
FXP UltraShort China
UUP U.S. Dollar PowerShares
FXE Currency Shares Euro Trust
FXY Currency Shares Japanese Yen
MZZ UltraShort MidCap 400
(Click on Symbol for Annotated Chart)
DCM NTT DoCoMo
SXCI SXC Health Solutions
ASH Ashland
DIOD Diodes
OXM Oxford Industries
DRYS Dry Ships
ENG ENGlobal
DPZ Domino's Pizza
LVS Las Vegas Sands
LSE CapLease
NNBR NN, Inc
PHIIK Petroleum Helicopters
PLD Prologis Trust
TBSI TBSI International
TNL Technitrol
TPGI Thomas Properties
NSIT Insight Enterprises
NSTC Ness Technologies
AHII Animal Health International
ENTG Entegris
DDR Developers Diversified RE
BRKR Bruker
HDNG Hardinge
ID L-1 Identity Solutions
IO ION Geophysical
KFN KKR Financial
SPIR Spire
SRZ Sunrise Senior Living
LIZ Liz Claiborne
BEE Strategic Hotel & Resorts
STX Seagate Technology
CPY CPI Corp
TRMA Trico Marine
CTCM CTC Media
AVNX Avanex
CNTF China TechFaith Wireless
MFW M&F Worldwide
CMZ Compton Petroleum
GIII GIII-Apparel Group
XRM Xerium
XTXI Crosstex Energy
ZQK Quicksilver
FORD Forward Industries
FRPT Force Protection
CADM Cardima
ACUS Acusphere
MOSH Mesa Offshore Trust
MDOR Magnum d'Or Resources
SIRF SiRF Technologies
XJT Express Jet
(Click on Symbol for Annotated Chart)
ABMD Abiomed
AFAM Almost Family
CAL Continental Airlines
MVL Marvel Enterprises
NUVA NuVasive
ELMG EMS Technologies
PNRA Panera Bread
QGEN Qiagen
PJC Piper Jaffray
EPIQ EPIQ Systems
RATE BankRate
BFS Saul Centers
COST Costco
BRK/B Berkshire Hathaway
CEPH Cephalon
OCN Ocwen Financial
RGLD Royal Gold
SKT Tanger Factor Outlet
PDA Perdiagao
MLM Martin Marietta Materials
MPR Met-Pro
HMSY Health Management Systems
TSCO Tractor Supply
CPSI Computer Programs & Systems
EZPW EZCORP
NAFC Nash-Finch
TECH Techne
TEVA Teva Pharma
TKC Turkcell
RE Everest RE Group
NAT Nordic American Tanker
SPTN Spartan Stores
PCR Perini
NLY Annaly Capital Mgt
JAH Jarden
ORH Odyssey RE Holdings
LFC China Life Insurance
LH Laboratory Amer Holding
LMNX Luminex
GILD Gilead Sciences
HANS Hansen Natural
CBZ Cbiz
CUB Cubic Corp
ESI ITT Educational Services
APOL Apollo Group
CFFN Capitol Federal Financial
CLHB Clean Harbors
CMTL Comtech Tele
ICFI ICF Intl
BMS Bemis
PETS PetMed Express
ARLP Alliance Resource Partners
ASTE Astec Industries
MCD McDonalds
MHS Medco Health Solutions
UPS UPS
URS URS Corp
WWE World Wrestling Entertainment
XEL Xcel Energy
XOM Exxon Mobil
WES Wisconsin Energy
LNCE Lance
DV Devry
LNT Alliant Energy
ATO Atmos Energy
(Click on Symbol for Annotated Chart)
ITP Intertape Polymer
TCK Tech Cominco
AMD Advanced Micro Devices
BBG Bill Barrett
ACI Arch Coal
FCL Foundation Coal
BTU Peabody Energy
ATN Atlas Energy
CLZR Candela
DAIO Data I/O
REVU Princeton Review
(Click on Symbol for Annotated Chart)
CASY Caseys General Stores
PETS PetMed Express
CHD Church & Dwight
SKF UltraShort Financials
QCOR Questcor Pharma
VMW VMware
ABD Acco Brands
ANN Ann Taylor Stores
PPO Polypore Intl
ESC Emeritus
TAM TAM S.A.
UEPS Net 1 Ueps Tech
AMLN Amylin Pharma
Wednesday, December 3, 2008
Thoughts....
As indicated on the S&P 60 minute chart, I see several patterns.....a Head & Shoulders Pattern, a Broad Pattern, Parallel Lines, and an Inverted Head & Shoulders that isn't marked so it's clear I'm confused. The Sentiment Indicator I use also indicates indecision. Until the picture clears, I'll take a real simple approach. I'm going to trade around key S/R levels on the 60 minute chart. In other words, I'll short objective resistance levels and scale out of longs. If those resistance levels are broken, I'll get out of shorts and look at the Bounce Setups for entries. If the market goes the other way, I'll be a buyer at objective support levels and I'll scale out of shorts. I realize that's wordy but it really is simple. Remember, if you want to be a pro, you have to trade a pro. You buy support....you short resistance. If those levels are taken out, you get out with a minimal loss.
I added a few setups to keep an eye that weren't posted over the weekend. I included two new ETF setups that I've never traded. They are 3x leveraged ETFs from Direxion, and are only suited for the most disciplined and aggressive traders.
