Friday, May 1, 2009

Trading List Week of 4/27/09

Trading List for Friday May 01, 2009: There's a lot to choose from here are a few: I like to stay with what is working with just a couple of more to add that caught my eye.

$ IBM had another 4 point trading range day. It broke out of channel 2nd day in a row. Possible futher uptrend to $111, then $116 area.

$DVN did not break out of channel looking for same entry as before : long above $53.63 looking for about $57

$CSC look for long reversal to about $41

$GNK back on list with growing positive volume entry above $19.48 looking for $21 target again and secondary $23.

$BIG broke through a top consolidation today and pulled back to close at the top range of it. Looks good for continuation up to $29 and possibly to $30-$31 levels going forward

$COST got within hair of $49 target looking past $49 with momentum next target is $52-$53 area

$V nice on earnings and closed midrange on Thursday . Depending market conditions, $71 next target still holds provided it can get past $68

$MA filled gap to $188 Thursday and on earning in the morning could go to $198

With many stocks at 6 month highs there's a possibility of a quick and rather sharp pullback. So always be alert and set stops. Market still feels strong but there's a little feel of anxiousness building as we continue forward. A pullback is inevitable so don't let it surprise you.

Updating Post Market Thursday 4/30/09:

V hit targets 1 & 2 before pulling back to reload.
MA entry on open hit $184 target and went beyond. In KLAC from $27.21 per list, and in BIG from $26.85 per list.
PNRA missed this entry and $DVN no entry yet. SKF hit new low SWEET check list
COST really resisting that $49 so far

Trading List for Thursday 4/30/09 : With $V report and $MA credit/debit usage up will bode well for store stocks we were already tracking $BIG and $COST. $COST could finally see $49 then $52 area next target breaking $49.30. $BIG looks on uptrend again, breaking $26.85 will be key to further uptrend retrace.

V good earnings play above close entry to $65, $67, $71 target areas watch volume trend
$MA Looks good to about $184 provided it doesn't gap there on open.

$KLAC looks nice to about $29 entry above $27.21

$DVN looks nice above $53.63 to about $56 target \

$PNRA for a possible bounce off the $54.40 area, stop just belo

and our fav $SKF short retest of $54.4 on the horizon and could break lower.
Of course everything listed above is dependent of actual market conditions. Focus is on the SP500 holding and getting above the 880. Remember, nothing's written in stone, that's why it's a market.
Wednesday Post Market Update 4/29
SKF under $60 short (which I posted on twitter yesterday) again held true and retested low #1 and #2 the morning may see the $54.50 area watch for further breakdown if market is as strong as today.
$IBM broke out of channel today to the upside for a good bonus
$COST $49 keeps eluding but the low $46.60 area is also the past. There's a consolidation going on . Todays strength and good $V and $MA reports could assist for breakout upside.
I did not watch $BIG, $BCSI, $EXPE today

4/26/09 for Monday 4/27/09: $BIG looks like it filled a cup now waiting for handle

$COST has been nice and is still a play. Same scenario on a pull back, long $46.65 with $45.50 stop. On momentum this could take us up above $49 as it hits higher highs

$TROW long target $42 area look for poss pullback to approx $36.80 to bounce off the 200 or higher open as signals

Look for EXPE to break above the 200ma & to break $12.12 to continue upward trend to about $17

On the other hand, Airline/Travel Stocks may be effected by the Flu Pandemic Scare

I like Oil's slow upward trend. OIH looks nice to about $99

$BCSI long on open of abover $14 to refill gap to $15.20 area

$IBM sideways channel daily between $98+ to $104- trading in a 2pt range. Look for direction after open. Consolidation so break down/up is possible as well. Watch it to stay above the 200 Dma
Have a great trading day...keep your stops true!

PS. Almost forgot.. sweet $SKF Friday hit my call for low of $55-54 area of 4/17 even as I was early in my anticipation , Will it stay down for long? The coil is tightening but so is the fear of loss so I'm cautious now both ways.