Aug 29 Prep

I am expecting jittery market conditions to persist. Additionally, I am not seeing many compelling setups out there, so I think it’s best to remain cautious, trade less and keep all positions on a tight leash.

LONG Setups:

  • BYD – constructive pullback to 50dma, will be looking for a bounce through 12.15
  • JAZZ – remains in a well defined uptrend and had a bullish bounce off support, expecting continuation toward the highs
  • PCLN – continuing to find support above 930, if the market cooperates this one could bounce through 940 and toward 950
  • SLCA – basing nicely above 22 and key moving averages, will be looking for a move through 24
  • YELP – continues to show great relative strength, expecting a move through 53

SHORT Setups:

  • EDU – continues to form a big bearish consolidation pattern with support in the 21.50-21.60 area. Should this fail it may have a possible pullback to 20
  • GOOG – it’s oversold enough where some kind of a bounce is possible from here, but if it can’t reclaim 850, another flush to 840-845 is possible
  • MELI – continues to find support in the 120 area, should this fail next support area is around 115 and 50dma
  • OSTK – bearish consolidation under 20/50dmas, should 28.60 fail next support area is around 27.50
  • RAX – bearish consolidation under 20dma, failure to hold 43-43.50 could take it to 40-41

LO-HI Setups:

  • AXAS – 2.65
  • BSDM – 1.56
  • CADX – 5.47
  • CBLI – 1.79
  • EOX – 6.76
  • HTCH – 3.57
  • HUSA – 0.35
  • IQNT – 8.15
  • KERX – 8.71
  • KWK – 1.71
  • NTE – 7.76
  • SNSS – 5.01
  • ZN – 2.05

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"

Posted in Lo-Hi Setups, Long Setups, Short Setups

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