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Daily Swing Trade

Let's update yesterday's picks. 

BIIB/Biogen - Buy stop was not elected.  We now have a lower swing low, and this opens the door to a classic bull flag forming on the daily chart.  Traders who wish to pursue this higher risk buy setup should move the buy alarm down to yesterday's high.  If triggered, the initial stop loss should be placed just above yesterday's low.  Upside targets have not changed. 

MAY/May Department Stores - Buy stop was elected.  Upside targets were hit.

CPWR/Compuware - Buy stop was elected.  Needs to get to the first upside target today.  Move stop loss up to just above yesterday's low.

BRCM/Broadcom - Intraday setups only.  Can continue to look for short side setups on the 10-minute charts in case the big support is broken.

EBAY/Ebay Inc. - Intraday setup on the short side did not materialize.  Give up on this one for now.

GENZ/Genzyme - Intraday setup on the short side but no dramatic action.  Will see if it can get to the first downside target on the daily chart today, but remember, the target is only $1.20 away, so play it on the 10-minute charts intraday. 

IBM/International Business Machines - Sell stop elected.  Move stop loss down to just under yesterday's high.  Would like to see this reach the first downside target of the 20-day EMA below in the 97.10 area today.

ETR/Entergy - Buy stop was not elected.  Aggressive traders can move the buy alarm up to yesterday's high.  Would like to see price stay above the January 26 swing high.  This is a higher risk trade as we may have a spike top forming on an all-time high.

FAST/Fastsenal - Sell stop was not elected.  Move sell alarm up to yesterday's low.  No change in setup or downside target.  Remember, tight stop on this one if the sell stop is elected.

HAL/Haliburton - Sell setup came close enough to the first downside target to say bingo!

HCA/HCA Inc. - Downside target at the 50-day MA was reached.

INTC/Intel - Intraday setup on the short side, and we'll see if today presents more opportunities on test of the December 12, 2003 swing low.

That's it for now.

04.02.06 09:12 #