First, let's update Friday's picks.
BIIB/Biogen - Buy stop was elected and we would like to see it reach the first overhead target, the February 12 swing high at 45.00 within two days. Meanwhile, move the stop loss up to just above last Friday's low.
CPWR/Compuware - First upside target is hit. Either take your money, or move the stop loss up to just above last Friday's low. Target 2 is the January swing high at around 8.50.
BRCM/Broadcom - Did not break down below 38ish and holds support so far. Traders may want to monitor this in case there are intraday buy setups off the 10-minute charts, up to around the 42.00 area. On a swing trade basis, I think I can find easier buy setups...
GENZ/Genzyme - Is taking too long to reach the downside target. Pass.
IBM/International Business Machines - Would have liked to see downward thrust on some volume here, and in the absence of that today, it's time to move the stop loss down to around last Friday's high, and maybe exit if there is no downside continuation.
ETR/Entergy - Forms Bar 3 of the bull flag above the January 26 swing high. Traders who want to buy this higher risk trade should lower their buy alarm to last Friday's high and use a number just above last Friday's low if the buy stop is elected.. Since the pullback has been only three bars, using the 50% rule of thumb, it should only take 1.5 days to reach the upside target of last week's high IF the trend is still going strong.
FAST/Fastenal Co. - Sell stop was not elected and it did a strong reversal day. Pass on this for now.
HAL/Haliburton - First the downside target was hit, and now, it's stalled a little bit at the 20-day EMA where a group of Holy Grail buyers might show up. Traders who want to play this higher risk buy setup should have their alerts set a last Friday's high and the initial stop loss should be no lower than last Friday's low. The upside target is the January 30 swing high.
INTC/Intel - No downisde continuation for now as it bounces off the lower end of a big trading range in place on the weekly chart below.
I'll be uploading a few new picks over the next 10-15 minutes, so don't forget to hit the re-load button...
04.02.09 08:36 #