Good day, Here are several ideas what I will watch for Monday. Right now I donât want take short trade longer then day trade and focus is on possible market correction. Because of that I will watch long ideas. If market will continue with selling I will just watch without open position. 1. HA â based on intraday cup and handle. Possible continuation (move-rest-move) http://tinyurl.com/d4z5hp 2. CTX â Rounding bottom and reversal H&S pattern. KBH and PWR are same sector and I will follow them too. http://tinyurl.com/bsz6or 3. BX â 5 min cup and handle, but also daily/120 min consolidation and for interest need to stay above 10/20sma on the daily chart http://tinyurl.com/dacm9g 4.PFE â after CCI setup before three days PFE showing nice consolidation and Friday try for continuation is third try and it will be in focus for breakout trade. http://tinyurl.com/c4la3w 5.WFMI â I follow that one some time and it is still above 20sma on the daily chart. I will look for bounce, but without market help it will be hard to see move to $15 resistance area http://tinyurl.com/b74lpe 6.DAL and ACGL are both CCI setups. I found many CCI ideas and I will post those, but outside are number similar setups because indices charts look similar. http://tinyurl.com/d9t8my http://tinyurl.com/b2v23y I wish you all good trading and if market reversal will be today, I think they could be useful setups. Ivica
I will look for FWLT breakup setup above 16.25, with stop under 15.75. Hope that consolidation will hold until 13;00 pm reversal period.
Good day! The market yawned after the biggest deal day in years. Roche upped the DNA bid, MRK is buying SGP and DOW is buying Rohm and Haas. Not much to say that is new after the weekend commentary and expectations for this week. After Monday's action nothing changed. Indices started the day with a gap down the gap was filled right after the open and the QQQQ broke to new highs to Friday's high resistance area. The SPY and the DIA back to near Friday's high and that was all what we saw from Indices strength for Monday. The rest of the day we saw slow selling pressure which turned most of the day in to the downtrend. On the 60 min chart we can see that Friday's bounce pace is stronger than Monday selling which gives us hope that Friday's low will hold even as a double bottom pattern. The QQQQ was the weakest and closed at the lows which suggests for a possible gap down. Since the selling pressure is very strong it is normal to expect that a recover wonât be easy and fast. Right now if Friday's low does hold we have fair odds for a rounding bottom pattern. But it is to early to be sure. Only positive right now is that Friday's buying pace is still stronger than Monday's selling, which gives us hope that the support will hold. My focus will stay the same as on Monday. Watch ideas for 03/10/2009
I will follow financials too. CMA, MI, PNC, STI, NYX, FMER, FULT, UBSI All look simial to USB and they all will be on long list here.
Good day! Finally we got what we expected last days. Indices formed daily/weekly CCI setup possibility and that was reason why we stayed in several swing setups after Monday slow trend day down. True, it was high risk and because of that our o/n risk was not big, but reversals can back on this way. Day started with strong gap up. For the DIA and the SPY it was gap near Monday high, while the QQQQ gapped above 20sma 60 min. I mention several times in the past that I canât imagine bounce without strong financials and that was trigger what we had at Tuesday. After gap up rest of the day we saw buying pressure all day what result with trend day. We had very busy morning with number of good setups and rest of the day we just managed them for profits. Now what? Well, we can see that the QQQQ have room for more upside move in the morning, the DIA have some room to while the SPY closed at 03/04/2009 gap resistance area. On the 60 min charts we can see that charts are extended, but on the daily charts we can see that all have room for more upside move next days. Also we know that after trend day we can expect consolidation day. It is hard to tell what will be in the morning. Will indices just continue with buying pressure or 60 min consolidation will start. But we know what risk will be on new setups. Since 60 min charts are extended, risk for new setups will be higher risk, unless they will be fast trades. It will be good day to manage open swing trades and we have enough of them. My focus will stay for long setups, but they will mostly be intraday setups, and I will manage open swing trades. Since indices had daily CCI setup, I will look at least for 20sma resistance area, but that will also depend on pace and volume. , Watch ideas for today. RTN above: 34.67, stop udner: 33.50, target: 38-40 area for swing trade CEDC above: 7.67, stop under: 7.35, target: 8.5 - 9 area for swing trade FNB above: 7.20-7.05, target: 7.50-8.00 for daytrade SYK above: 32.40, stop under: 31.45 If anyone will have any question about any chart or trade feel free to contact me. Good trading to all.
I will watch GILD, SYK and COCO for short and BX, NYX and PKX for long GILD under 43.80 with stop above: 44.38. Day trade target at 42.50 and swing target around $40 area. Down is SYK chart (can't attach more charts at one) For long trades I will wait open action first since market is extended now on the 60 min chart. If anyone is interest about their charts please tell. Good luck trading today Ivica
Chart of the week Symbol: NFLX Company Profile: Netflix, Inc. provides online movie rental subscription services in the United States. The company offers its subscribers access to a library of movie, television, and other filmed entertainment titles on digital versatile disc (DVD). Sector: Services Industry: Music & Video Stores TRADING PLAN Entry price: above 44.00 Stop price: under: 42.50 Target area: 47.50-50 area Chart explanation: I like NFLX consolidation (triangle) and if pattern will hold I will take it above 44.00 areas what is resistance area. Next resistance is $45 area s number resistance area, but if we look at weekly/monthly chart we can se that NFLX have plenty of room for upside move since that will be new high ever. Because of that I will look for $47.50 as equal move and $50 area as whole number for target area. On the chart I draw triangle and equal move lines, but also we can see that is just part of cup and handle. Good luck Ivica