Wednesday, January 30, 2013

Daily Analysis and Stock Ideas for 1/31/2013

Daily Analysis -
So we  finally got some volatility back on the market on FOMC statement which essentially was a non-event with no new news coming out. We saw some selling towards the end of the day but no panic selling yet. For now I think we see a continued pullback tomorrow but I expect a bounce back soon. I would continue to add long term positions on this pullback and looking for bounce around 148-149 level.

SPY levels
Resistance - 151.60, 150.70, 150.20
Support - 149.60, 148.42, 147.40, 146.30, 146, 145.60, 144.50, 144, 143.06

Holdings
Long - SWKS, JCP, KSS, TNGO, BRCM, YPF, NVDA (added yesterday at 12.35)
Short - RKUS, OPEN
Added - TLT at 116.60, FXI at 41.58, UPL at 18.20
Closed - RIMM
  • Got lucky my near perfect  timing on RIMM exit. Exited the trade for +$1 about 1/2 hr before the BB10 event began this morning.
  • SWKS has nice earnings after hours and got a 12% bounce. Lets hope it holds up the gains.
  • BRCM got a minor bounce.
  • JCP and TNGO holding the pattern, still looking for a breakout/continuation.
  • OPEN dropped nicely on the downgrade this morning confirming the bearish divergences.
  • KSS continues to move steadily. Looking for a big gap fill above $46+.
  • Took a day trade on AMZN short the morning. Entered around $278.30 level and exited at $272.80

Sectors to watch -
Financials - No real action.
Techs -No real action today. FB dropped on earnings after hours.
Retail - Still a mixed bag.
Semi's - Watch the sector tomorrow on strong SWKS and QCOM earnings

Trade Ideas -

ELLI - Looking for a tradeable bounce here. Looking for volume to come in first.


 MYL - Nice pattern forming. Keep it on the watchlist.



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