Tuesday, February 26, 2013

Daily Analysis and Stock Ideas for 2/27/2013

Daily Analysis -
Fairly choppy action in the market as Dollar continued to move higher. Indexes ended in green but the underlying action was pretty weak  - call it dead cat bounce or late day rally in AAPL on rumors that it may announce a split at shareholders meeting tomorrow. Whatever the case, the sellers are expected to reappear soon with atleast 1-2 more distribution days in this correction. UUP is likely to fill the gap at 22.65 level which may coincide with my downside target of 147-148 level on this pullback. I closed most of my short positions and scalped a few long positions as we never confirmed below yesterday's low. I'm holding few overnight longs but will sell them early morning on any signs of strength. Will re-enter some of shorts if the market touches 151.40 level again.

I also got a fill on CF for my IRA account at 190.

Here are some charts and levels to watch --

Resistance - 150.45, 151.40,152.60, 153.25, 154.65, 155.20 
Support -   149.60, 148.42, 147.25, 146.30, 146, 145.60, 144.50, 144, 143.06

Long -  ARNA, MHP 1/2, 
Short - RKUS (entry 20.60)
Added - BBRY (entry 12.99), HPQ (entry 19.40) and MCP (entry 6.20)
Closed -  VXX (+3.12), ANGI (+0.50), SPWR 1/2 (+1), GWRE (+0.83), GOOG (+14)

Stopped out on PRLB long for 0.33 loss. Looking to reenter over 45.70 level on some volume.
HPQ looks nice. Should see 20s soon.

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