Thursday, February 28, 2008

Have traps, but got balls?

Got a bit time on hand tonight, below is what I got for tomorrow:

Both DOW and SP500 started to wilt under the heat of their declining MA50, but overall volumes were even lighter, which makes me think that there could be another test in the next several days. NASDAQ fell too but some big names were not weak. Things are getting tricky here. With Yen making new high, and oil/commodities soaring, tomorrow will be tough for bulls. Keep an eye on QQQQ, a break about 44.6 on heavy volume will be a buy signal for big techs, on the other hand, if it breaks down through 43.6, the rally could end here.

1. AAPL: while it had a bullish day, the last hour action shows clear presence of bears in the R zone. If the overall market remains range-bound, I will go long from 123-126.5, and sell from 132-136.

2. AMZN: SW/DT-S1, short when it breaks 67 or if it spikes towards 70, stop just above 70.6, IT=64/60, consider reverse to long if it spikes down to 60.

3. CEO: SW-S3, entry zone 173-175, stop just above 175, IT=161.

4. CF: SW-S3, entry zone 127-130, stop just above 131, IT=115

5. DRYS: DT-L1 if it spikes towards 70/71, stop just below 70, IT=75

6. DVN: it is starting parabolic move, and based on candle body and volume, some kind of capitulation is very close, SW-S3, entry zone 109.5-114, stop just above 115, IT=100

7. FSLR: SW-S3, 207-215, stop just above 215, IT=180.

8. MON: SW-S3, 119-124, stop just above 124, IT=112

9. SGR: it is approaching a critical point here as it is very very overbought. Plan 1: SW-S3, 69-72, stop just above 72; Plan 2: SW-S2 if it opnes high and breaks 67, IT=62.

10. TBSI: SW-S2 when it breaks MA200=36.33 or if it spikes towards 38, stop just above 39.5, IT=MA50 (around 30.5)

11. WM: a very classical breaking down pattern here, SW-S2, 15.6-16.6, stop just above 16.7, IT=14

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