Updated Plan for Tuesday (June 30, 2009)

Updates for Wednesday:
I traded the SPY today, to catch the big move of most of the component stocks.
The watch list still remains in play, technically nothing has changed much. Most of today's move was due to energy.

FDX gapped up and sold off only to end the day almost unchanged. I believe FDX could continue trading in a tight range or reveal its real trend soon.

AMZN is showing similar behavior, IMHO it is still too early to tell which direction this stock is going.

MA is a very much in control by the MMs and could be in for some choppy trading if the downtrend does not resume.

The real money is usually made in the direction of a trend. However, the market is still Neutral for now....best not to be too bullish or bearish.

July could either be a down month or a theta burning month. FDX, AMZN is not at extreme highs for a decent short...any downside would have been surported by at at least 2 layers of MA. Very dangerous market for bulls and bears indeed

Made a decent profit on DRI, see where this thing is going next.

Keep an eye on NKE

MA still need to reveal more

FDX likes to form triangles, let see how this playout...but usually a nice trade will surface within 15 days...lol

AMZN could be setting up for a range trading environment.

Trading Plan for Next Week (June 29, 2009)

Well, a new month is about the begin I am looking forward to it with optimism.

The DOW is currently in consolidation mode and the Nasdaq has a little more room to go before it challenges its previous high.

I do not see any solid trend in commodities yet and a lot of this is due to Crude Oil and the Dollar.

Just a couple of trading ideas.

MA is still caught in its descending channel, be prepared for a resumption of the trend or a possible trend change.

SFD is trending up, the delta is pretty high for a decent trade. Try buying closer to the 20 MA.

AMZN still have some room to go, however...if you see choppy action in a tight range...be cautious. As for me, I will just wait for a h/s or triple top to form.


FDX



NKE could still be in a position to retrace judging by the spike in volume.


I am also watching HON, this company is reporting earnings on 7/27/2009.

Trading Plan for Friday (June 26, 2009)

The market had a nice rally yesterday, making its way up to just underneath the 20 EMA on the DOW. I prefer to look at the DOW because if I include technology names....surely the SPX will be above the 20 EMA. So technically, we still have some overhead resistance above us and this means that the DOW could still go either way.



POT chart stays more or less the same...but I think I will stand aside for now because it has just revised its earnings forecast....let things cool down a little

While OIH will most like encounter some resistance at 101.9


Despite all these publicity about huge call buying on Financials, I will just analyze the chart as it is. A lot of resistance levels above us for JPM ...IMHO

There could be some tight trading if we go up for IBM, of course going back down will be easier.

FSLR, just following the technicals



Of course I have never forgotten about Michael. Cool video of a performance by Michael and Britney

Trading Plan for Thursday (June 25, 2009)

The stock market is still in mixed trading. So I will continue aiming for specific stocks.
Overall, I didn't like the action in POT, FCX, GS on the long side for today...the gap up just took away half the potential profits.

Tell me if your puts for GS, POT are making lots of money if you bought OTM put options...lol? I know nobody does.....Though the only trade that worked was FCX....but I stayed on the sidelines.

All comes down to what the MM wants to do....the time will come when there will be a better entry...so staying patient.

I am sticking to the same charts for FCX, POT and I am staying neutral on GS.

I like how IBM is setup

NKE is currently on my watch list, shorting at this level could be suicide...but we shall see

Updates: NKE revenue and profits fell, will be watching this stock closely now

Trading Plan for Wednesday (June 24, 2009)

Im not in particular interested in trading SPY at the moment due to such a mixed market.

But I think I might have found some gems, Ag could be about to or is making a U turn....But there is also plenty of opportunity on the downside.

POT, to make things a little interesting...Im going to let you figure out where the support is if things breakdown...lol



MOS


GS is currently trading in a channel, watch for any sign of a double bottom...but yer know...anything can happen during FOMC.


FCX could make its way back to 50

Bond Factor (June 23, 2009)

I do not know whether bonds are rallying due to this one time event or for the rest of July. But it helps to know where some of the money is going.

I don't believe in inverse Head and Shoulders....do you...?

Trading Plan for Tuesday (June 23, 2009)

Sometime ago, I set a target of SPX 896 for any descend. The target has been met, so right now I will sit back a little and watch out for the next trend.



FOMC days are usually a tricky event, you don't wanna get overly bearish or bullish. This pullback is just plain and simple...MMs are preparing for the coming earnings season and it is perfect timing to take profits for their half yearly reports.

FCX

OIH

JPM

Trading Plan for Monday (June 20, 2009)

BBY



FCX


Game is not over for OIH yet, Crude Oil has not broken important support lines.

SPX and recommendations moving forward (June 16, 2009)

Hope you enjoyed my lottery picks, Im sure all picks worked fine...lol

All in all, I am currently neutral about this market. It all depends on whether SPX will stay below 920 for at least 3 days. So I am expecting SPX to trade in the range between 920 - 955 if this sideways action continues. However...if the market suddenly resumes its downtrend my target shall be 896 before we see a bounce.



BNI is nicely set up for another potential trade.

Trading Plan for Monday (June 15, 2009)

BBY, ADBE are reporting earnings tomorrow; I will be watching the charts closely.

Just for fun, I noticed that ES likes to form double bottoms. See if this pattern plays out.

A possible trade is setting up for AMZN, Im neutral on the direction...but the current trend is down.


BNI. This little devil is still trading in a range, it has some potential for a decent trade...IMHO

FCX, needless to say...sideways or down..


GS just a guess.



ICE

V is setting up nicely for a possible long play soon.



POT, a retreat to possibly 111-112 is imminent



OIH...I don't like the setup but just chuck in in anyway.


Now who says there are no possible trades...I almost got insane looking at the charts because there are so many possibilities. Pick your lottery.

Trading Plan for Friday (June 12, 2009)

Stocks had a massive rally today led by commodities.

The financials and transports are still in range trading mode, while OIH is quite near heavy resistance for now. I noticed some selling in stocks like V, MA, Solars and RTH and some Chinese stocks.

SPX pulled back to 944 by the end of the day, I think it will be hard for SPX to stay above 950 for too long. Therefore, my bias is for the market to continue trading sideways or pullback a little.

For Friday, my advice is to be cautious with the market heading into the weekend. If you wish to trade options... try going for JULY.

If OIH hits 120 I will be quite suprised, I see key resistance between 116.5 - 120. So I expect OIH to go sideways or come down to the nearest support.


As for POT, it is facing a formidable multiyear resistance at 120. I am also expecting this stock to trade sideways or go down.


XOM also facing some formidable resistance at 74 which originated from 2008



In Conclusion: Don't bet on these stocks to go any higher soon, expect them to continue trading sideways or pullback a little

I see some potential in SLB. I think this stock could hit 67 but first it has to get past 62


Another stock with a little bit more upside if the bulls still have the will power is X. But it will take some time for this stock get the capability to stay at 45 and maintain its price there

Trading Plan for Thursday(Updated - June 11, 2009)

POT


If you dislike POT you can try MOS

FCX, this is a good setup for a breakout towards 64 but be cautious of a fake out. A short is a risky trade but can be quite rewarding. I don't like the number of support below. Could go sideways to burn theta though.


ICE, be cautious with this one starting from now.

As for BNI, I expect any up move to be choppy or violent from now on. Still bullish if it stays above 73.78.