Monday, April 14, 2008

Watchlist Remains the Same

In between periods of the game right now, so I'll put a few comments down about what I saw from my scans.

  • My short watchlist is getting smaller due to the fact we have been down for the last four or five days, and I never short anything that has been down more than two days in a row, or at least I try to avoid those charts. DECK still looks good if it breaks down. UBS looks like a short if it breaks down below the 50 day. SMTS started to break a little lower today. Not much else - I still plan on waiting here - too much risk of a market bounce that would cause my stops to be hit.
  • My long watchlist is sparse as well. AEHR is pulling back on lower volume but is very thin volume wise. CHD is resting nicely. JST has pulled back near its breakout point but I would like a little more rest in that stock. BKE seems to have gotten support at its 50 day. VISN, a new stock that I have not posted before, is pulling back nicely as well. Check the posts from the weekend for other ideas.
  • For what it's worth, the Worden report from Telechart was somewhat bullish tonight, showing that we have broken up from a downtrend channel, and now are pulling back to the breakout point, which normally leads to a continuation of the breakout at some point. I don't know when that will happen, but I would not be surprised we bounce sometime over the next few days. It would be nice if a bounce could turn into more than a one-day phenomenon, but I don't know if we're that lucky.

Back to the hockey game. Good luck!

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