Sunday, May 22, 2011

Weekly Swing Watchlist 052311-052711

This week's theme: "Don't get chopped and ground up"

OVERALL READ: Not seeing a lot of bullish or bearish setups. Market seems to be stuck at this crossroad and awaiting more decisive currency driven information (i.e. Euro bailouts, Fed QE ending, US debt issue, etc...). So will probably be sitting on hands or shorten my time frame to day trading and cut my tier size until there's a clear equity direction. Time to be defensive and try not to lose money in a probable sideways chopfest.

APKT- A weekly recycled favorite. Long on a successful hold of 72 support or 79 breakout of the downtrend line with a 1-2 point stop looking for 90+ depending on strength of market.

30 minute

BIIB- Another recycled name that is forming a nice sideways consolidation pattern post gap up. *Already in a vertical call spread.

DECK- still stuck in this 87.5-91/92 range sideways consolidation. Probably better to try to buy off the 87.5 support with maybe a 2-3 point stop with a possible 100 roll target but if market is weak this retail shoe may succumb.


LULU- Probably better to try to pick this off the wedge TL support around 94 with a tight 1-2 pt stop or use the 50 SMA or TL as your stop. Looking for a move to 105. Or you could buy on a breakout of TL resistance around 98-99 but there have already been multiple failed attempts so you may need to use a wider stop.

30 minute

PLPC- Watch for a break either way out of this wedge. Setting alert for 72 with maybe a 2 point stop. If this should breakdown out of this wedge setting a short alert for 65 with a tight stop looking for a quick move to 63-62. I would prefer to go long.

30 minute

RAX- Looks like a right here right now setup with a rounding MACD, Stoch and RSI. 20 SMA acting as short-term resistance and long-term TL acting as support. Going to see how this behaves early in the week. Setting alert for 43.5 with a probable 2 point stop looking for 50 but if it doesn't work right away may take it off as quick as possible.

30 minute

QCOM- Luv the look of this consolidation pattern right below TL resistance while the market has been chopping around. You could set alert for 58.5 with a stop below the previous day's low. *Already in a vertical bull call spread

VRTX- Looking to catch this at the 50 SMA & TL support (51) of the extracted rising channel. Probably not a play for this week but something I'm keep on my radar.

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