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.

 Two Oil Names, Two Shipping Names

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.

 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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