Tuesday, February 7, 2012

Nice Consolidation - Now Almost Too Many Setups to Choose From

I entered the week wanting to see some calm action on the indices to allow the market to rest and work off some stretched conditions and really, that's exactly what we've seen so far.   It would not be a bad thing for this consolidation to continue for a few more days, but I don't know if it will.  I had a ton of interesting setups tonight so I am on alert for tomorrow.   I still have three long positions as of now and may add more after-hours, but based on what my scans looked like today, this rally does not appear to be over.

Here are the setups I tried to narrow down to for tomorrow, but honestly, it was very hard to do.   This list doesn't even include the earnings possibilities I am seeing after-hours like MITK, GLUU, SNCR, BWLD, OPEN, CERN, CALX, GUID, TTMI, JIVE.   It also does not include setups I showed Saturday that have not yet triggered like VIT, MAKO, and CCJ.  Tomorrow should be interesting in a lot of individual names.
Charts from TC2000, Courtesy of Worden Brothers, Inc.

Tomorrow may be one of those days I wish I didn't have a full-time job as there will be action, at least in those earnings names.   I'll do the best that I can but right now, there are almost too many setups to choose from.   Hopefully that's not some sort of bull trap.   Good luck Wednesday.

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