Lasertrader's Place

A Potpourri Of Trade Ideas and Setups

Archive for February, 2010

New Watchlist Setups for Thursday 2/11

Posted by lasertrader on February 11, 2010

There are no new setups to add today. None of the existing alerts have triggered and yesterday was a flat day for many stocks. I will continue to let this play out and take the triggers from the existing setups as they fire.

Here is what I wrote for the Big Picture today…

Today’s Big Picture will be short and sweet. Nothing has really changed since yesterday.The 60 minute Bear Flag broke to the downside right after the open and provided for weakness in the morning.  The only observation from yesterday is that once again the bears had an opportunity to take this market down and they failed. All we can do right now is see if the bulls can muster up enough strength to move us up over the highs of the past 2 days.

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New Watchlist Setups for Wednesday 2/10

Posted by lasertrader on February 10, 2010

The markets moved up nicely and it looks like we may have some follow through. There are some important levels and a concern to watch that are discussed in the Big Picture here . None of the previous setups on the Trade Setup list triggered yesterday showing just how choppy this market is and the lack of conviction. The high beta trading favorites have been moving several points and have made for some very good day trading conditions. The problem is that they move up 3 or 4  points and then quickly give it all back up. This is not a swing market right now and we see it in the setups not triggering. I see too many traders pushing the setups too tight and getting stopped out within an hour or so. As hard as it is, we need to be patient here.

There are some nice shorts on the Trade Setup list already, so today I am adding a few long ssetups so I have ample opportunity whichever direction the market chooses to start a longer term trend in.

TPX long over 27.60

CREE long over 60.90

BWLD long over 47.90

Good luck today and be prepared for anything.

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New Watchlist Setups for Tuesday 2/9

Posted by lasertrader on February 9, 2010

Monday was a rather begnin day for swing trades. For the first time in a while there were no alerts triggered from the Trade Setup list. The existing alerts will remain in force and I have added a few more for today. The market still remains dangerous for swing trades as it searches for direction. As they say, there will be no bell ringing when we hit a bottom and as in yesterday, when everyone is expecting something (follow through to the upside) the market usually doesn’t oblige. The Big Picture on market thoughts have been updated here.

We can go either way from here so Ifor today I have aded 3 short setups to the Watchlist. PWRD, YGE and TSL short.

PWRD short under 36.35

YGE Short under 12.30

TSL Short under 22.10

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New Watchlist Setups for Monday 2/8

Posted by lasertrader on February 8, 2010

I was under the weather for most of last week and was unable to update the blog. Hopefully I can get back on track this week. Last week was an interesting week that was filled with fear and greed in the markets. Where do we go from here? Read the BIG Picture for my thoughts.

Although I was not updating the blog I was trading the setups/alerts and we had some nice trades last week. The shorts were closed earlier on Friday when we approached Fibonacci support in the indexes.

JCG for 2.7%, AMSC for 14.4% and RHT for 2.2%. Its a dangerous market so I am trying to be nimble and take profits quickly. I will continue this approach until some new direction emerges. Any gain is a good gain in this market.

There are two longs I have added to the setup list for today, TWC and MNTA. If either of these trigger, please keep a close watch because the market can reverse down just as fast as it reversed up on Friday. Its a very nervous market we are in and the volatility is high.

TWC long over 45.53

MNTA Long over 15.28

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New Watchlist Setups for Tuesday 2/2

Posted by lasertrader on February 2, 2010

Yesterday was an inside day on the SPX chart and took off a little of the oversold pressure. We need to watch for follow through before deciding whether we are in for a sustained bounce. The Big Picture describes my market thoughts here .

I am not ready to go long yet and there are already several good short setups on the Setup Page so there will be no new additions to the watch list. There were no triggered trades on Monday.

As a reminder, my friend George Zimmerman will be doing a free class on using the Andrew’s Pitchforks on your charts. The class will be Wednesday after the close and is free. More info can be found here .

Good luck today.

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New Watchlist Setups for Monday 2/1

Posted by lasertrader on February 1, 2010

No more waiting for the big bounce to set up shorts. This market is injured and for now I will be focusing on short plays and being nimble. The market looks like its going down. Read the Big Picture here for targets and thoughts.

Three new short opportunities have been added to the Trade Setups today. Keep a close watch on the action this week. The huge volume at the end of last week showed the big players are getting out and will be waiting for better prices down the road. We have been surprised in the past 6 months with miraculous saves so don’t let your guard down. Trade what you see and not what the news tells you is happening. At the end of the day on Friday it felt from the news that we were in crash mode all week when in reality the DOW ended up only down 100 for the week.Yes, only -100.

NOTE: I mentioned in the past how powerful Andrew’s Pitchforks can be in technical analysis. George Zimmerman one of the experts in using the forks will be giving a free class on how to use them in his Paltalk room after the market closes on Wednesday. Here is a link to a video that provides more detail.

Good luck with your trades.

DSW short under 23.80

JCG Short under 38.30

AMSC short under 37.50

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