Mar 22 Prep

In Long Setups, Short Setups on March 21, 2013 at 7:27 pm

The market is looking very tired and after today’s action we can’t be surprised by more downside, especially given the weakness in financial and energy sectors. Our plan stays the same as every day – look for good momentum opportunities, trade them, repeat.

LONG Setups:

  • VVUS – trying to form a small bottom on daily after a constructive pullback, expecting a move over 11 and through 20dma
  • SSYS – attempting to come out of a consolidation pattern, expecting continuation toward 50dma/75
  • XONE – a somewhat loose bull flag with an inside bar today, expecting a move through 31.50 and toward IPO highs
  • ERY (actually a bearish ETF) – nice bottoming pattern on daily, expecting a move toward 50dma and 6
  • LNKD – good relative strength in a weak market, continuing to consolidate above 20dma, expecting a bounce toward 180
  • DK – good relative strength with narrow consolidation above 20dma, expecting a breakout over 40 and to new highs
  • SBGI – high bull flag with flat consolidation action, expecting a breakout over 18 but a pattern like this has higher odds of failure

SHORT Setups:

  • OVTI – rejected at 20dma and closed on the lows, likely additional downside
  • APA – consolidation at 20dma failed with a close on the lows, next area of support is in the 72.50-73 zone
  • CRUS – continuing to form a bearish consolidation pattern, likely additional downside
  • MPC – failed breakout with bearish reversal on higher volume today, expecting pullback to 20dma and then likely to 85
  • TRIP – overbought short setup and a close on the lows on high volume, expecting move to 50 and then 20dma
  • UHS – similar setup to TRIP, expecting downside to 60
  • CI – similar to TRIP/UHS although not as overbought, expecting downside to 60
  • AMSG – widening bearish wedge formation continuing to develop, downside to 31
  • WHR – failed to hold 20dma within a larger bearish pattern, expecting downside 50 dma
  • OMG – coming out of a bearish consolidation pattern, likely move to 23

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