Hi traders - I had a few short videos for you but could not get them to upload so I will just post some charts below and leave some stuff out. I don't know about anyone else, but for me, the past two days have been a struggle even though the market has advanced. Coming off of Tuesday's big move, I expected to see more momentum in individual names and really all I have seen is a lack of momentum on nice setups and several whipsaws. A market that is going up as fast as this one should be easy, but I don't think this week has been. Even today with the market up most of the session, I noticed very little talk on Twitter about big movers or nice breakouts that the traders I follow were able to get into and ride. That tells me something. Then of course you have the semi-parabolic move in AAPL and at least in the back of my mind I start thinking about looking out for a top in this area.
I am NOT calling for a top here - I'd like to think I am not that stupid. However, it is in my thought process right now. I am keeping on eye on several things - specifically this super-hot IPO sector with names like KORS, INVN, BCOV, JIVE, and FRAN as they have been moving so nicely that any weakness shown here could be a sign that the party is over for the time being. So far, there are none of those signs in this area, but again I am just on watch.
Here are some of the current setups I see out there. Once I see better follow-through in my watchlist, my "topping fears" will dissipate. Maybe I am just having a stretch of bad luck or bad trading the past few days. Either way, check out the names below and see for yourself how they work tomorrow. Although I do have a small QID position here, I have been long for the entire week and continue to hold several longs (although I have been stopped out of many this week).
All Charts from TC2000, Courtesy of Worden Brothers, Inc.
Good luck Friday - hopefully things will get easier (at least for me) and we'll see some more follow-through in individual names.
I am NOT calling for a top here - I'd like to think I am not that stupid. However, it is in my thought process right now. I am keeping on eye on several things - specifically this super-hot IPO sector with names like KORS, INVN, BCOV, JIVE, and FRAN as they have been moving so nicely that any weakness shown here could be a sign that the party is over for the time being. So far, there are none of those signs in this area, but again I am just on watch.
Here are some of the current setups I see out there. Once I see better follow-through in my watchlist, my "topping fears" will dissipate. Maybe I am just having a stretch of bad luck or bad trading the past few days. Either way, check out the names below and see for yourself how they work tomorrow. Although I do have a small QID position here, I have been long for the entire week and continue to hold several longs (although I have been stopped out of many this week).
CHS
CVA
FTK
LF
MX
NFLX
PCYC
SWHC
VHC
Good luck Friday - hopefully things will get easier (at least for me) and we'll see some more follow-through in individual names.
No comments:
Post a Comment