Thursday, January 31, 2013

Daily Analysis and Stock Ideas for 2/1/2013

Daily Analysis -
Choppy range bound session today. We are stuck were stuck between the first support and resistance for most part of the session. If you just traded based on that there was some easy money to be made. If we continue in this small range bound sideways consolidation (which we likely are going to be), we could see a nice pop coming soon. I still think we are likely to see news highs soon.

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

Short - RKUS, OPEN
Added -VALE at 19.70, ARNA at 8.12
Closed - BRCM (stopped out for $1.80 loss)
  • Entered VALE long this morning. It got an analyst upgrade and the chart looked nice with 50sma right under it.
  • ARNA entered long on  oversold conditions. Got a nice pop on the day.
  • BRCM got stopped out at 33.
  • SWKS got nice earnings pop. Still holding.
  • KSS nice continuation
  • FXI still holding the pattern
  • TLT got a nice pop.
Some setups give out in last few days worked very well. SIMO had a huge pop.
Still looking for volume to enter ELLI long.

Sectors to watch -
Financials - Looks strong with GS leading. C and JPM holding nicely.
Techs - Big news was FB earnings. It had a huge gap down but recovered to close flat.
Retail - Still a mixed bag.

Trade Ideas -

VALE - nice volume pop. Look for continuation
GMCR - Nice pattern forming.
MMC - Looks ready for breakout to new highs.

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