Monday, February 18, 2013

Daily Analysis and Stock Ideas for 2/19/2013

Daily Analysis -
We continue to hold the pattern. Minor dips in the morning sessions followed by recovery in the afternoon. That said, Friday was a little different. While we ended only slightly negative on the day we saw huge volume especially given that we had one of the lightest volume week from Monday to Thursday or last week since 2007. Clearly that wasn't the case for Friday when saw about 200M shares traded for SPY.  Not sure what the reason was but it could've been potentially because 1) Chatter that some Walmart executive announced this was the weakest Feb in last so many years 2) G20 summit over the week, and lastly 3) we were heading into a long weekend. Whatever the reason, i personally think this week could be defining for future direction for the market. I honestly think we need a healthy pullback before we power higher to new highs on SPY. For now I remain mostly in cash and trading very short term.

SPY levels
Resistance - , 152.60, 153
Support - 151.40, 150.40, 149.60, 148.42, 147.40, 146.30, 146, 145.60, 144.50, 144, 143.06

Long -  YPF, ARNA, MHP
Added - MENT, NTES
Closed - NVDA
  • Day traded UNXL from 19 to 19.50. UNXL looks set to make new highs but too volatile for my liking to take it as swing.

New Trade Ideas
Have a long list for this week

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