Thursday, July 21, 2011

Some Charts for Tomorrow and Some Impressions of Worden's Newest Software

I've had some difficulty with my blogging software for the past few days - sorry for any problems.  I shared some charts this morning on and hopefully this is working tonight so I can share some on my regular website. 

I continue to find many good looking setups in my scans this week - the problem I am finding is that not all of those scans get the positive action they should during the actual trading session.   Today we saw a bunch of stocks fade their early gains, names like DTLK, PKT, RRGB, IPSU, and TRGP.   Some momentum names like VHC, NQ, and ONTY also had some nasty reversals today.   This all in the face of a market where the Nasdaq closed up 20 points and the S&P was up percentage-wise almost double that (1.3%).

I am staying long although it has been frustrating this week because so many reversals have occured.  Unless you're trading for a few hours at a time, it is hard right now to hold stocks for swing trades - it just doesn't seem to be the right environment.   I am hopeful that changes as I do continue to see some nice setups and would like to hold some positions for longer than a day or so, but we'll have to see.  As news continues to dominate things, maybe it's just not going to be a swing trading type of environment for a while.

Here are some of those setups I will be watching tomorrow.   Others I think are worth putting on your watchlists are CVV, PSMT, FXEN (all forming little flags) CRIS, and OSUR (potential breakouts).

ABMD - Pocket pivot today
 AVL - Rare earth stocks were hot - look above 50 day MA
 CGA - Low priced, but look at it above Tuesday's high
 DATE - Could be forming handle on this first base - needs to hold
 DEER - Look at it above 50 day MA - Pocket pivot
 IO - Potential inverse head and shoulders here
 LLEN - Pocket pivot, look at it above 50 day MA
 LNKD - Another first base for an IPO - potential cup with handle.
All charts from TC2000, Version 12.

Finally, I wanted to do a quick video to share some impressions of Worden's new version of Telechart (TC2000, Version 12).  I was hesitant to change over to Version 11 because after using it a bit, I didn't see much difference from the old Telechart that I was comfortable with.   However, this new version has many nice features and I will be sticking with it.  The video discusses some of these.   As always, it is free for 14 days if you want to try it out.  They even have a demo mode that does not require you to be a subscriber


Market Monk said...

So they (Wordens) are finally catching up to AmiBroker.

richard0028 said...

Great summary on TCv12, I'm still getting used to everything. FYI volume buzz (standard column from list) gives you today's volume as a % of (I think) last 100 days volume. Obviously not great until after the first 15 minutes, but useful therafter.