Apr 4 Prep

In Long Setups, Short Setups on April 3, 2013 at 8:08 pm

Not much left to be said about the state of the markets. Let’s focus on what we will do instead. In corrections, I like to look at stocks that are showing relative strength and defying the sell-offs. These are the long setups. For short setups, I like stocks that are just starting to struggle and fail around key levels on the daily chart and are not oversold yet.

LONG Setups:

  • CF – extremely oversold and put in a bullish reversal today in the weak market, expecting continuation toward 190
  • NPSP – strong move on good volume today, expecting continuation to 11
  • FB – another stock that completely ignored the market today and made a decent bounce off 200dma, will be looking for continuation toward 27.50 and 50dma
  • YELP – constructive pullback with support at 50dma, expecting bounce
  • POT – bounced off 39 on higher volume, expecting continuation higher

SHORT Setups:

  • WSM – starting to break down from an overbought setup, expecting downside to 48 and 20dma
  • RVBD – feeble bounce into resistance at 20dma and 15 may be running out of steam, expecting reversal and move back to 14.50
  • BKS – slipping further below 20dma, next area of support is 50dma or 15
  • GNRC – been consolidating under 50dma in a narrow range for a long time, today’s action suggest it will resolve down from this range
  • RMD – rounding over within a slightly overbought setup, expecting a return to 20dma
  • WHR – failed to get above 20dma, reversed on higher volume and found support at 50dma, expecting additional downside to 110 and below
  • DLR – bearish consolidation under all key moving averages, likely additional downside to 64
  1. Curious, do you communicate that much to many of the other followers? I have to say, I enjoy reading your write ups at the end of the day. Its refreshing to see comments that are not heavily opinionated or directional; lots of analysts/traders always say what the market should, or is going, to do. I imagine that is a large part of your success; your ability to remain open minded and not set on a certain outcome Maybe not tomorrow, but in the near term I think BBRY should be a mover. 50 and 20 day SMAs are lining up and price has consolidated on low volume lately. I’m leaning bearish, but nothing clear yet. A break of 14 will correspond with a break of the uptrend that began last year, so despite my Canadian pride, and fondness of Blackberries (I finally actually caved and replaced my bbery with samsung, but will be going back when the new one with physical keyboard comes out), I will be keeping my fingers crossed for the short opportunity.

    Brennan Basnicki

    Date: Thu, 4 Apr 2013 00:10:22 +0000 To:

    • Brennan – thanks for your kind words, continual constructive feedback, and your ideas. glad to see trading is going well. imo trading becomes much easier if you don’t have an opinion and accept the fact that the market is always right and you will often be wrong.

      good luck to us tomorrow …. NT


    • Glad you like the site, the next prep post should be ready by 8pm. Can’t say I am a big fan of NFLX at this juncture, more downside likely in the short run in my opinion ….NT

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