Tuesday, January 8, 2013

Daily Analysis and Stock Ideas for 01/09/2013

Daily Analysis
We continue healthy sideways consolidation and digestion.  I've said before, as long as we stay about SPY 144 level (green line on the chart below) we should be fine. 20SMA is moving up slowly as well and will likely coincide with 144 level in couple days.  We have earnings headwinds now, so watch for earnings from key market movers. MON and AA had earnings today which looked somewhat decent, but real test would be from some big names next week. AAPL and GOOG earnings don't come out until week after next. Here's an updated SPY chart that some of you requested.

You know you've had a great trading day when both long and short setups work nicely.  My swing short in FIO had 9% down day. I closed the trade for 2.90 in gains.  I also scalped DDD and SODA on short side for 0.75 and 0.45 gains respectively. My long term swing long TNGO had an awesome breakout of 10%. Still holding 2/3 position in it. ARNA had a monster move of 10% as well on solid volume. Zillow retested yesterday's highs and ended up green. I also entered long in YPF late in the day at 15.10 which had a nice late day run to 15.70. It looks great on daily chart. Watch for break of 16 level tomorrow. Finally, one my older swing OXY seems to have found some legs as well. Had a nice day on very decent volume. JCP had a down day. I now have stops at 18.50 level on it.

Some stocks from watchlist yesterday had nice moves as well with SD and GILD making nice moves. I have had a swing position in SD since low 6s, watching for move to 7.25 and 7.75 level. I tried a trade in MCP but lost 25c on it.

Swing adds - RIMM at 11.95, KSS at 42.05. AAPL at 525.25, ANN at 34.05

Sectors to watch -
Biotech did well  again today. CELG had nice continuation to breakout.
Financials still in digestion mode. Keep an eye on C, JPM, GS.
Technology - Taking a breather as well for most part.

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

Trade Ideas -
 Here are some stocks to watch - 

ANN - Seems to be breaking trend

 PCYC - Looks set for move to 70 again. Like this on Biotech strength.

SWI - Watch for break of wedge

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