Thursday, January 10, 2013

Daily Analysis and Stock Ideas for 01/11/2013

Daily Analysis
Very interesting day in the market today. We opened higher this morning on China data which indicated very strong YoY growth in exports for December. Also Euro was very strong today on ECB comments, which drove the Dollar lower. However the gap up never confirmed  and we floated down to 146 level to go red for a intraday candle where BULLS showed up and took the market higher to close at highs of the day. Volume came back into the market. It had been missing last few sessions. In my opinion, a very Bullish action for the markets going into tomorrow.

Few nice trades today. I took CF long (from yesterday's watchlist) in the morning at 213.80 and rode it higher through the day. Still holding long. Also went long VALE at 20.62 (holding) and PCYC at 67.30 (closed for small gain). Picked AAPL long at 517 level and rode it higher as well. Still holding with b/e stop. At one point my AMZN short from yesterday was nicely in the money but bounced a little with the market. Still ending the day in red. WFM ended in red as well. My GS short is loosing money. Financials had a very nice session. If C and JPM take out yesterday's higher we may some more upside tomorrow. YELP had a nice day today up 7%. SPLK and TNGO ended almost flat. CLSN ended the day in green so kee it on watch.

Took DECK late in the day at 36.80 level. It had a late day pop on strong options activity.

SPY levels
Resistance -  147.16, 148.10
Support - 146.30, 146, 145.60, 144.50, 144, 143.06

Trade Ideas -
KSS - Posted this idea a few days ago in my post  (KSS - Bullish Divergence) . Think its ready to make some moves.

DECK - Nice bounce of 50sma. Nice call activity to close the day. I picked up some at 36.80.

DDD - Short idea. I think its topsy here. Look for break of today's lows on entry. Target 20sma.

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