Featured setups from Friday December 10 closing data symbol scan
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Notes for the Day
Futures are pointing up enough to create a gap up situation – lets be sure new that it doesn’t fail soon after the open. Keep a close eye and be ready to bail any new positions if the market fails in the early going.
Having said that, perhaps the long awaited continuation of the Santa Rally is here. We’ll find out soon.
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.
Test of Bottom – Reversal
QLTI – could go either way. It has had an extremely bearish looking chart for a long time here, so keep that in mind.
Retracement or Pause in Up Swing / Up Trend
QQQQ – since this is likely to gap up a little, find the first retracement intraday and buy stop above. Move stops to break even at the earliest opportunity.
BBH – Biotech HOLDRs.
MXO – still in down trend on the weekly chart but has so far a successful test of bottom.
SWIR (SW on TSX)
GSI:C (TSX) (GSLI on Nasdaq)
RFMD – has held local support so far – buy stop at 2 day high.
Test of Top – Continuation
ONNN
Short Setups
General common strategy: Unless noted otherwise, place a sell alert at or just below the low of the setup bar, and look for the first failed intraday bounce after the low has been broken. What we are looking for is price to push down, bounce a little, and fail again – this is where we want to get short.
Test of Bottom – Continuation
MRO – and many other oil stocks. While many feel they have sold off “enough” now, the market may not agree. Caution nevertheless.
SAPE – if this doesn’t trigger a short today stalk for a couple of days.
Special Situations
ISIL – short – could go either way today – stalk on the short side if it pushes up. I point it out as a possible long side trade only for experienced traders as it had a gap down and stalled Friday on high enough volume – so it might be able to rally from here.
04.12.13 09:25 #