Apr 8 Prep

Friday’s market reversal in my opinion marks a short term bottom and I expect the market and most stocks to continue to bounce for the next several sessions. However, it is probably too early to declare that the markets are ready to resume the uptrend, as we need some time to get over the technical damage done in some sectors (e.g. Russell 2000, DJ Transports, etc.). The market also remains sensitive to headlines, so it is reasonable to expect continued elevated volatility in the coming week.

LONG Setups:

  • DDD – strong bullish reversal off 30 and 200dma, expecting continuation
  • SRPT – showed great relative strength in a weak market, nice bounce off 20dma on high volume, expecting continuation to 40 and beyond
  • CZR – down 10 days in a row but on lower volume, expecting a bounce through 15 and a retest of 20dma
  • KORS – bullish reversal on higher volume, expecting continuation through 55 and toward 50dma
  • AIRM – constructive pullback with strong support around 45 and 50dma, expecting bounce to 47.50
  • CF – continuing to form a bottoming pattern in the 185-190 area, will be looking for a move toward 195 and 20dma
  • TRIP – found support at 50dma, will be looking for a bounce to 50 and beyond

SHORT Setups:

  • ISRG – unable to stay above 20dma, pattern on daily still looks like a bearish flag, expecting retest of the 470-480 area
  • AMGN – overbought short setup, likely downside toward 100 and 20dma
  • ADS  - long bearish bar on higher volume with a close on the lows and under 50dma, next area of support is around 150-151
  • BRLI – bearish consolidation under all key moving averages, next area of support is around 25

Not long ago a Wall-Street-Hedge-Fund-Finance-MBA guy, now a momentum trader. Father, husband, mediocre soccer player, numbers geek with a lousy sense of humor. Obsessed with risk management, tries hard to "make money every day"

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Posted in Long Setups, Short Setups

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