Apr 24 Prep

In Long Setups, Short Setups on April 23, 2013 at 8:26 pm

We can’t be surprised to see some sideways consolidation tomorrow, but after today’s action it feels like the uptrend is again reasserting itself. Regardless, the market environment has been extremely favorable to a momentum strategy like ours, and I hope this continues.

LONG Setups:

  • ACAD – still remains extremely strong and likely to continue higher through 14
  • RKUS – gave us a great trade today, but still has room to run off the double bottom and support at 17, expecting a move to 20dma and 19
  • CF – basing nicely in the 175-180 range, expecting a bounce to 185
  • WSM – tight consolidation near new highs and above 20dma, looks likely to break out to new highs
  • IMAX – similar to WSM, although a little looser, will be looking for a move through 28
  • SBGI – incredibly strong and inching higher within an overbought situation, suggests a likely expansion through 28
  • TRIP – trying to come out of a well defined bull flag on top of 20dma, expecting continuation higher
  • SODA – bounced off support at 50 and 50dma, will be looking for continuation
  • N – narrow consolidation above 20dma, seems poised for a breakout to new highs
  • WST – small flag on top of 20dma, expecting a move toward new highs
  • HLSS – well defined consolidation base on daily and a bounce off support to reclaim 20/50dmas, will be looking for a move through 23 and toward new highs

SHORT Setups:

  • MDSO – toppy looking daily chart, consolidating under 20dma and seems to be having a hard time staying above 50dma, likely downside to 52 and lower
  1. What do you think about TGT over 70?

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