Tuesday, February 14, 2012

Stock Setups for Wednesday, February 14 - Nice Consolidations in Many Names

Hi traders - I don't have a ton to say on the overall market here.   Today was a little rough overall but the market had a big bounce in the last half hour that took back a large chunk of the large losses.   As I went through my scans tonight, I saw very little if any damage to individual charts and continue to see many stocks that had big moves the past few weeks consolidate nicely.  I am really trying to focus more on individual stocks here than the overall market as although we could see a pullback at any time, the action in individual names is so positive that there is no reason to try and call a top.   I had two names stop out today but I am still holding four longs and will not hesitate to add more if they trigger tomorrow.

Here are the main setups I will be watching tomorrow.   There are others on my list but I don't have time to include every single chart.  AERL did have a very heavy volume day today so might be worth watching on the day trading side.  SMBL is interesting here but a little thin for my tastes.   ACXM might be worth watching for a breakout as well.  ZNGA was an earnings possibility going into the week but was all over the place after-hours so I have no idea what to expect Wednesday.   IF it clears today's high, I may enter for a short momentum swing.

HOTT
 Two Oil Names, Two Shipping Names
 MPC
 MX
 SKUL

Here are two of my favorite stocks right now but really they could use another day or so of rest.  I don't know if we will see that - a lot probably depends on the overall market - but they both have an earnings report as a catalyst for higher prices if the market cooperates.

 MITK
CALX
 All Charts from TC2000, Courtesy of Worden Brothers, Inc.

Good luck Wednesday - hopefully this market can remain strong and we'll continue to see individual stocks act well.

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