Friday, January 11, 2013

Daily Analysis and Stock Ideas for 01/14/2012

Daily Analysis
Very uneventful, low volatility day in the market. We were stuck in a very narrow range on very low volume day which is unusual for weekly Opex day. Next week will likely be very volatile given that we have some major earnings starting next week. Wells Fargo earnings this morning didn't move the market much. Financials were down in the morning sessions but only closed slightly in red. Would be a key to watch for more bank earnings next week. They have been driving the market higher in this rally and as long as they hold we should be in good shape. Overall I remain bullish on the market.

While the market stayed flat some of my positions had wild moves. RIMM closed up more than 13% on no apparent news. The move up is in anticipation of BB10 launch later this month. I'm hold all my shares from 11.90s. If we can move above the pre-earnings high of 14.20 level we should make a run towards $17 before the phone launch.

SPLK had a nice day as well up over 10%. I have been calling this for over a week and it finally broke out today. JCP fell 4.6% on an analyst downgrade. GMCR had a nice run up 4%. My other holdings CF, YELP, Z, TNGO, KSS held up pretty well. DECK had a morning pop but faded rest of the day.  I got stopped out on ANN at 32.50 for a loss of $1.55 on the trade. All apparel retailers still look pretty weak for now. UPL had a morning dip but recovered fairly well to end the day in positive territory. I like the bottoming pattern UPL is putting in.

I entered some new trades - Entered IBM long at 193.80 on strength of INFY. INFY announced earnings last night which bode for IBM earnings. Took EPAM long at 19.95 on strength in software stocks. Also took SRPT long at 25.55 on the bounce. It closed over 20sma so hoping for a follow thru day on Monday.

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

Trade Ideas -
Here are some charts of to ponder over the weekend. I'll post a seperate blog for watchlist for upcoming week.


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