It Feels Right to be Long

I sat down to scan for my setups thinking "Not going to find too much to talk about this week". Well, imagine my surprise when I found too many long setups instead of too few. I also found some short possibilities but I've realized that somehow it feels wrong to be shorting stocks when the market has looked so good... up until last week, of course. It's as if you're doing something illegal or illicit, if you will. The market has done a masterful job recently of shaking off all the bad news that the world has thrown at it. Somehow it takes the punishment and rights itself to push on higher.

The shakeout that the market has gone through lately has produced some pullbacks and opportunities that I missed when they happened. Here then are a few setups that I'll be watching this week. This is only a small sample so I may publish updated blogs as the week goes along. I've included one or two short possibilities but my bias here is to the long side.

There's only one caveat to keep in mind. A lot of the setups that are showing up are for the Oil Sector or Oil Services sector. I suspect when all the turmoil quiets down (if it ever does) that these stocks will fall out of favor. The other thing that's obvious by looking at the charts is that a lot of the stocks pulled back on Friday at the close. Need to see some follow through on Monday.

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$MPEL Nice move up to long term resistance. MACD/RSI confirming. Long over 8.00 with volume. Nothing in the way after that until 11.

Other stocks in this sector (Gaming)... $WYNN $LVS $PNK $SHFL

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$JKHY Small gap up to resistance. MACD/RSI curling up; volume footprint looks good. Break above resistance takes it to multi-year high. Long over 33 w/volume.

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$CFN Nice break out of pullback on good volume; MACD/RSI curling up; cup/handle on the weekly. Would like some follow through. Long over 28.25.

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$BRKR Moving up to resistance. Needs volume over 20. MACD/RSI confirming move up. Long over 20 w/volume. Resistance at 24 after that.

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$HMA Another good move up on volume. MACD/RSI curling up. Resistance at 11.50; then 13. Long over 11 on volume.

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$FL Tried to like this from the short side but it proved me wrong. Good move on volume. MACD/RSI confirmimg; imminent MA crossover. Over 20.30 w/volume. May try to come back to fill gap.

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$TDC Nice move up after 2 pullbacks. Above long term resistance. MACD/RSI confirming. Multi-year high over 50.70.

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$MINI Up to resistance on good volume. Looks good over 24. Some resistance at 25 then 32. They like to run the stops on this (see red arrows) so be vigilant. MA Cross; MACD/RSI curling.

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$SGY Break of resistance; good volume footprint; MACD/RSI confirm. Some resistance at 31.50, then 48. Needs follow thru w/volume. I am long at 30.20.

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$SUG Sitting on long term support here. Next resistance at 32 then 35. MACD/RSI curling up could confirm B/O above 29.

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$GRM Nice bounce off of 50 period MA. Break of downtrend line. MACD/RSI confirming. Need follow through and volume. Owned at 16.59, Out at 17.08. Want reentry on volume.

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$BRNC Nice break above consolidation with volume. Resting here. MACD/RSI curling up. Next stop on weekly at 15. I am long at 10.84.

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$MOV Break of trendline and follow through on volume. MACD/RSI confirming. Long over congestion at 15. Next resistance at 19 then 25.

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$ASGN Only short prospect for now. Losing the 50 period MA. MACD/RSI say down. Short below 8.75 with volume. No position.

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That's all I've got for now. Well, actually, there's more but blog is starting to overwhelm me. You too, maybe?

Hope you all had a great weekend. Trade smart this week... should be interesting, as always. See you on the stream.