Lasertrader's Place

A Potpourri Of Trade Ideas and Setups

Archive for January, 2010

New Watchlist Setups for Friday 1/29

Posted by lasertrader on January 29, 2010

There will be no new additions to the watchlist today. Its Friday which has been a slow day in general. Let’s let this “oversold” market have another day to show its hand and over the weekend we can put in some time to come up with some good setups for next week. All current Trade Setups remain in play.

I want to show you a chart from a friend of mine, George Zimmerman. George has a site which can be seen here as well as a chat room on Paltalk. George is an expert on using Andrew’s Pitchforks as part of his technical analysis. If you don’t know Andrew’s Pitchforks, maybe you should take a look. If used correctly they can add another dimension to your analysis giving you price and time targets. Below is a chart George put together of the SPX daily about a weeek ago. It has an SPX price target and a time target. Well, yesterday the SPX overshot that price target by 1 penny although it was a day early. This may or may not be the bounce point but I have seen George do this time and time again and the success rate of these time and price projections is more than impressive. Have a good trading day and a very nice weekend!

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New Watchlist Setups for Thursday 1/28

Posted by lasertrader on January 28, 2010

Wednesday was a busy day both with many shorts triggering and the SPX hitting it’s downside target and reversing on volume. Its always important to know the Big Picture which is described here here . A bounce was expected and when the volume came in I decided to remove all shorts (and short related trades) until we see how the bounce materializes. For now I remain nimble on swing setups and will remove them quickly as the market reaches important levels.

On Wednesday the following stocks triggered short WSM, AFL, DXD (long but a short ETF), EMN, DVY and USG. All of these were closed shortly after the market bottomed and were closed along with the FTO and GMXR shorts. All were at a small profit except for one.

Three new long setups are being added to the watchlist today. SNDK, BID and CIEN

SNDK long over 30.20

BID long over 25.50

CIEN long over 13.50

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New Watchlist Setups for Wednesday 1/27

Posted by lasertrader on January 27, 2010

On Tuesday 3 trades triggered TQNT long, FTO short, and GMXR short. With the gaps we have been experienceing I cannot emphasize enough that you enforce the first 30 minute rule. Don’t automatically take any alerts that go off shortly after the market opens on a gap in the stock price. Give things a chance to settle down and look for a retrigger or another valid entry near the trigger price.

There are two more shorts added to the Watchlist today but I suggest we pay attention to the Big Picture realizing that we are at or near a point in the markets where we could expect a bounce off support. Keep a short leash on any new short positions added today in case the market decides to start a relief bounce.

EMN short under 57.50

RHT short under 27.30

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New Watchlist Setups for Tuesday 1/26

Posted by lasertrader on January 26, 2010

We aren’t ready to put on swing short yet, we will be after a bounce. Read the Big Picture here for a look at the SPX. For now I remain in daytrade mode until better setups are found on the charts. Here is a list of some of the setups I have for Tuesday. Be nimble and quick with all of these and manage the trade actively. Some may turn into longer term hold but for now I will take what the market gives me.

NCR long over 12.64

DXD long over 30.90

TQNT long over 6.51

MITI long over 8.39

DVY short under 43.25

AFL short under 49.45

USG short under 13.60

WSM short under 19.80

FTO short under 12.97

GMXR short under 11.45

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New Watchlist Setups for Monday 1/25

Posted by lasertrader on January 25, 2010

The markets had their decisive break of the channel last week and continued down strongly for 2 days. We are at or close to being very oversold and I expect a bounce in the next day or so. Please read The Big Picture here for thoughts on targets to the upside.

For swing trading its very important to enter the market at the proper time. One of those time will be coming up in the next day or two. The bounce will finally setup some nice short candidates and I encourage you to be patient and wait for the proper setup. Hopefully I will be able to find some nice setups tomorrow or Wednesday.

For now I remain in daytrading mode taking small profits when offered. There is a lot of sector rotation going around with each sector taking turns getting hit.

A couple of potential long scalp stocks for your radar are APWR, AAPL, RINO, CREE . Plan your entries and exits carefully.

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New Watchlist Setups for Thursday 1/21

Posted by lasertrader on January 21, 2010

The market continues to bounce violently within the well defined channel as discussed in the Big Picture here.

Yesterday the HLF long position was stopped out for a loss and the PBR setup was entered short. the RAX trigger alert went off but I did not take it given the extreme downward pressure on the markets at the time. I left that trigger/alert rearmed.

There are no new additions to the watchlist for today. There are times to be in the market and times to step aside and wait for better setups in a trend. I see many traders getting chopped up by the violent swings with the current market channel. It is best to wait for a break of this channel to hold before initiating swing positions.

Good Luck today!

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New Watchlist Setups for Wednesday 1/20

Posted by lasertrader on January 20, 2010

For those of you that sat there yesterday not believing what you saw here is an interesting article from Dr. Brett Steenbarger (Author of “The Psychology of Trading”). Be sure to read the Big Picture here for an overall take on the market action.

What a day we had Monday. Many of the setups that I removed after Fridays swoon triggered and ran nicely. AAPL was the best one. I am not putting AAPL on the Watchlist today but its worth watching and perhaps holding a position as it breaks to new highs. AAPL has earnings on Monday of next week so keep that in mind if you do take the trade. As we saw from INTC and IBM the market is selling excellent earnings and guidance in the large caps. Another stock in play today is CREE. CREE had blowout earnings and guidance. I listened to the conference call and they are set to continue to grow for a long time to come. Their main business is LED lighting which is very low energy compared to common lighting and this can be a significant sector.

HLF triggered yesterday but hasn’t run. Hopefully some more volume will come in to support a continuation up.

There are two additions to the watchlist for today. BCSI and MAS long. MAS is of particular interest because it is in the process of breaking out of a multi month base (bring up a monthly chart).

BCSI long over 31

MAS long over 15.70

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New Watchlist Setups for Tuesday 1/19

Posted by lasertrader on January 18, 2010

Now that we have options expiration behind us maybe we can get some nice trades going again. Friday’s action invalidated a number of long setups in the leading momentum movers from the previous weeks such as the AAPL and CAT setups but RAX hang in there. This is why we don’t take the trades until the actual alerted trigger price is hit. Front running the setups usually results in losses.  We have a few Longs to watch and one short going into Tueday. The Big Picture of the SPX can be seen here .

Here are the watch list setups

RAX Long over 23.52

HLF Long over 44.75

WATG Long over 14

NKE Long over 66.50

PBR Short under 44.80

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New Watchlist Setups for Friday 1/15

Posted by lasertrader on January 15, 2010

Its options expiration Friday and I know a number of traders that just take today off. Many stocks will get pegged to a particular strike price and not deviate from that price for the rest of the day. Keep your expectations low and take any gains when offered. The Big Picture of the markets is discussed here.

Today I will look to daytrade my favorites from the past Two days WYNN, LVS, LZ and it may be good to keep a watch on V. The other credit card companies have all made a move up and V is lagging. Maybe it plays catch up.

Here are some swing/trade ideas that popped up but again I may wait until Tuesday (Monday the market is closed) to put on new positions.

AAPL long 210.50 area

CAT long 62.90

RAX long 23.40

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New Watchlist Setups for Thursday 1/14

Posted by lasertrader on January 14, 2010

Going into options expiration Friday I tend to not put on new swings and just trade intraday as many stocks tend to not follow through as they get pegged to a certain strike price. The only caveat is that there seem to be many nice long setups for today and I will be watching them closely. Some of the leaders that have been beaten down now look like they are in a position to move up again and this may fuel a new push up. The financials and stocks like AAPL all look like they are ready to run.

No charts today but the following setups should be obvious if you bring up the daily charts…

One sector of interest to me today are the casino stocks. WYNN and LVS are poised to make another break to the upside. What has my attention pointed there is a specific mention in yesterday’s Fed Beige Book that traffic to Las Vegas has shown an increase. I will be looking to trade these intraday.

AMZN is in a position to make a nice bounce for you pullback traders, especially of the reaction to today’s retail numbers is favorable.

I traded my LZ trigger yesterday and that stock, although not a big momentum stock, looks like its set for a follow through to the upside.

XLF looks nice to the long side. A previous favorite JOYG is moving up nicely and looks to push higher. And, finally CAT has held the breakout of the pattern and looks like it may resume its march to the upside.

Always visit the Big Picture page of the blog for an update on the market in general.

Those are some ideas for today…Have a good trading day!

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