Featured setups from Wednesday February 16, 2005 closing data symbol scan
Jump to: Long Setups
Notes for the Day
Signs continue to suggest that the market is holding recent support therefore for now all our suggested charts are long-side trades.
I actually have more concern about on-going oil-industry positions than the broad market, but I always get a little anxious when everyone talks up a particular sector. For the time being I’m raising profit taking stops for either 1/2 or the total position (depending on stock or ETF) to just under the latest tall up bar.
The rise in energy stocks is not a big surprise to us here, as we’ve been following the building support in Crude for some time now. The trickier task now is how to maximize our profits – with some names now well over 30% depending on entry point, and in a very short period of time, and even very recent entries showing > 10% returns in mere days, we have to be ready to take at least some off the table on any significant weakness.
If markets to deteriorate today we’ll want to take some profits in recent ETF buys, and perhaps consider a short. More on that later if such events should transpire.
Long Setups
General common strategy: Unless noted otherwise, buy stop just above the “high” value, with an initial protective stop at the low value of the bar, not below the bar.
Retracement or Pause in Up Swing / Up Trend
BJ – retail, hold only if price clears Tuesday’s high during the day, and closes above or near that level.
Semis: Plenty of “1 day pause in up swing” charts here:
SMH – Semi industry ETF
INTC
BRCM
Tech manufacturing
JBL
CLS – I’m still holding this from earlier in the week with my initial stop. moving up to yesterday’s low today. Also offers another attempt at entry but far from clean.
FLEX – showed more strength than the rest of the group earlier this year, may possibly avoid refilling the gap. If price does move through the trigger its a sign that new, higher, support is holding.
Other tech
CSCO – beaten up as it is, may provide greater upside if Nasdaq can fully kick into gear, at least offers a safer entry location here above the narrow range down bar.
05.02.17 09:25 #