Tuesday, February 5, 2013

Daily Analysis and Stock Ideas for 2/6/2013

Daily Analysis -
Hard to be bearish after today's action. We recouped all the losses from Monday's session and then got some before reversing a little to close the day. I must admit the sharp direction movement in the markets last couple days got me. I closed some trades yesterday expecting some more downside yet market opened sharply higher and remained very strong throughout the day.


SPY levels
Resistance - 150.20, 151.4, 152.35
Support - 149.60, 148.42, 147.40, 146.30, 146, 145.60, 144.50, 144, 143.06

Holdings
Long -  JCP (1/3),  TNGO, YPF, NVDA, VALE, ARNA
Short - RKUS
Added -FDO for my IRA account.
Closed - OPEN covered at 51.05 for $2.85 gains. May have more downside but no point fighting the tape.
  • JCP after opening lower moved higher. Was up over 5% at some point. I closed my second 1/3 position at 20.45. Still holding 1/3. Don't like the volatility in this stock. Will add over 21.12 if it gets there.
  • TNGO VALE YPF all ended in red. Not a good sign. Time to reevaluate the positions.
  • NVDA showed some strength.
  • Did a few day trades on RIG, BIDU and UNXL.
Sectors to watch -
Pretty broad based rally today. Techs stood out with GOOG and AAPL acting very strong.  Financials weren't far behind either led by JPM.

Trade Ideas -

ESL - Nice bull flag
SM - Nice bull flag.  Long over today's highs.
UNXL - WIll go long again over 15.85.




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