A Few Setups, Week of Feb 28

Did some scans and found a few setups that I'll be watching this week. There are many breakouts with one caveat. Low volume. The market action on Friday felt choppy and although there were a lot of big moves I'm not convinced that we'll see follow through on Monday. So, going into the new week, I continue to hold some long positions and am watching for any new opportunities. In addition, some of the stocks outlined here are reporting earnings this week so patience is the key.

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$ICON Nice retest of previous break. Move up on strong volume. MACD/RSI confirming. Up against LT resistance on weekly. Break through takes it to new highs.

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$KEG  Earlier B/O then rest. Break on volume with rising MACD/RSI. Good sector; Oil and Gas Drilling. Above 15.50;17 then 20. 

Others in this sector with high volume Friday: $RIG $PDE $NE $PKD

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$LFUS Third time's the charm. Break of resistance with volume. MACD/RSI need to confirm. Long over 53.60.

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$CSU Moving up on huge volume. MACD/RSI rising. Long on any pullback to 7.50. Earnings Mar 2. Above weekly support.

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$BOOM No I'm not making this up. Not sure if the ticker was made up after Friday's action but the chart speaks for itself. Break on big volume. MACD/RSI curling up. MA Crossover. Long on any pullback to 23.90.

Also in this sector $ZINC $TRS

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$TWI On the move again. B/O with volume and nice follow thru. MACD/RSI moving up. Be careful of this bad boy. Still 19% short float and he'll take you out to the woodshed in a heartbeat. Watch your stops.

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That's it for today. Position breakdown as of Friday's close:
Long: $CNU $PDS $QGEN and $SNH
No short positions. I closed out $SCS and $SHOR. Charts still say down and I'm not sure if they weren't just caught in Friday's rising tide. Time and price action will tell.

See you in the AM. Be safe; be well. Good trading.

Just When You Thought It Was Safe...

Coffee with Uncle Franky's Anisette Biscotti. Watching the gentle snowfall... it's a Winter Wonderland.



It truly is beautiful when the snow is new. And when you live in a condo... you know.

Taxes now,  Charts and Setups later, No, wait. Housecleaning, taxes and THEN charts and setups. What a full life.

Back later folks.

I OWE YOU HOW MUCH??????

Won't be able to scan for setups until later in the weekend. I'm going to my godchild's first birthday party on Saturday (pretty messy, but fun), and I'm going to start working on my taxes on Sunday (very messy, absolutely no fun). Maybe @Skibbs wants some company on that bridge he's planning on jumping from after he's done with his taxes.

Here's where I am EOD today:
Long: $CNU at 5.20, $PDS at 11.33, $QGEN at 20.33 $SNH at 22.90. Also broke my rules and bot $KFT at 31.95. Should have waited for a close over this level. If it doesn't get there by the close it's in the hopper. You can be sure it will go up after I sell.
Short: $SCS and $SHOR. Closed both for gains and decided they looked good for reentry.

Hope to have charts to share later in the weekend.

See you all on the stream... trade them well next week.

Tired of Winter??

Try this...



We're one day closer to summer. Futures are pointing higher. Life is good.

Trade them well today!

The Sky is NOT Falling...

... If you're on the right side of the market. Here's a short update of the positions that I've put on since the weekend.

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I shorted $JEF last week and it's working beautifully. I also featured this in my weekend blog. I am short at 25.34.

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I sold $SHOR yesterday when it broke through support at 7.00. I am short from 7.07. 

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$WIN was another stock that showed up on one of my scans as a short candidate. I also featured this on my blog over the weekend. I am short from 12.31.

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$ONNN was added yesterday after breaking support at 10.90. I am short from 10.92.

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This is the last short position, also added yesterday. I had $SCS as a short position previously; got stopped out, and decided it looked like a good candidate again. I am short from 10.25.

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So that's where I am as of this morning. I also have 2 long positions; $PDS and $QGEN that I'll be watching going forward. Both are holding up well in this market. I'm monitoring $KFT and $SNH for long positions as well.

Finally... I have close stops in place for all of these positions. Any piece of "good" news could turn them very quickly, and I'm well aware that the markets are still in an uptrend, albeit one that may be under some pressure.

Stay well all and good trading to you.

Selected shorts... Feb 21

In spite of the fact that the market is in a solid uptrend there are a few stocks that look to me like they can be played from the short side. Playing the market from the short side can involve even more risk than from the long. Set and honor your stops according to your trading plan. Just good risk management...

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$JEF Bear flag break. MACD/RSI confirming. First support at 24; then 22.

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$HOLI Break on volume. MACD/RSI says lower. Some support at 10; then 9.

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$WIN Break below 12.70 on huge volume. MACD/RSI says lower. Weekly chart confirms down.

 

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$SHOR Break of support points to 6.00 then down to 5. Short below 7 on volume. MACD/RSI Falling. Weekly chart confirms down.

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Remember... keep stops in place. Good trading this week all.

Some trade ideas for week of Feb 21

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$FRED MA Cross and good volume. MACD/RSI confirming. Long over 14.75. 

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$HDY MA Cross and good volume. MACD/RSI confirming. Long over 6.20 or wait for break above 7.

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$QGEN If you like the daily, you'll love the weekly. Nice move up after breaking resistance.Pullback to 20.00 would be a buy. MACD/RSI confirming.

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$CNU Moving up to LT resistance. Long over 5.25 with volume. Good sector; Healthcare Facilities. MACD/RSI rising.  
 

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$CTSH Nice break out with good volume. Sector: IT Services. MACD/RSI rising.
 

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$SMTC Gap up on analyst upgrade; good volume. Would wait until 4MA catches up and price consolidates to buy. Weekly confirms B/O. MACD/RSI rising.

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Just a few setups for the coming week. Will post more charts as I find them. Good trading this week friends.

Good Weekend All

Will be back soon with charts and setups.