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!
Posted in Trade Setups | Tagged: HLF, PBR, RAX | Leave a Comment »
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
Posted in Trade Setups | Tagged: BCSI, HLF, IBM, INTC, MAS | Leave a Comment »
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
Posted in Trade Setups, Uncategorized | Tagged: HLF, NKE, PBR, RAX, Setups, WATG | 1 Comment »