Thursday, August 14, 2008

A Few Charts to Look At - Not a Ton of Setups Tonight

Going through my scans, I just didn't see a ton of super setups on either side right now. On the long side, most of the charts I like need a few more days of rest. If they get that, I think I would be very interested in some of these. On the short side, I see some commodities that could be shorts, but that is only if they move lower tomorrow. Will that happen?

Here are the two longs I currently have positions in - these are my only positions. If these work, I will have a lot more confidence in getting bullish here on the overall market.

BWLD, STEC

Here are some of the charts I am watching on the long side. Again, I want to see these rest for a few more days - I don't feel comfortable buying these right now. I still see a lot of crappy stocks (financials, airlines, casinos) rallying and setting up, and I am not that comfortable with trading these stocks.

BYD, TACT, RMG, GB
ONNN, IXYS, USPH, GTIV

Here are the commodity charts I am watching for breakdowns. These have hit their short-term moving averages, which has been a point of resistance throughout these recent drops. I was not impressed that oil couldn't get anything going, so I am watching oil stocks both short or long right now, based on what crude does. I think these are close to a bottom anyway, but if crude falls, these might still work for a quick swing short.

ATW, SFY, CXO, GLF

Same story with the ags - after breaking down, many have bounced up to their short-term moving averages, which could be possible resistance points.

MOS, TITN, POT, CF
Charts from Telechart2007, Courtesy of Worden Brothers, Inc.

Football is about to start, so I have to go. As you can see, without a plentiful amount of great setups for tomorrow, along with a market that could still go either way, it is smart to be cautious here. I think a lot of the recent trading is due to the summer "dog-days" and we will be out of this fairly soon. As long as volume stays low, making big moves is not recommended. I am still mostly in cash and probably will stay that way, save a big-volume breakout or breakdown.
Good luck Friday.

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