Thursday, February 7, 2013

Daily Analysis and Stock Ideas for 2/8/2013

Daily Analysis -
Another volatile day today with increasing volume. While we ended pretty close to yesterday's close the action was pretty wild in the morning with pretty decent volume. So far we seem to correcting on time with no major pullback. Markets have held up pretty well even with volatility with most of the moves coming on weakening Euro. We have a H&S breakdown failure (read post from 2/4) on the Dollar which is not good for the market. I suspect UUP may retest the $22 area and EURUSD may see the 50sma or bottom of the channel. This certainly is not good for the market. If we hold the channel and reverse from UUP $22 area we may see the continuation move on SPY. However if UUP breaks out over that we may see price correction on the SPY.

SPY levels
Resistance -  151.40, 152.35
Support - 150.40, 149.60, 148.42, 147.40, 146.30, 146, 145.60, 144.50, 144, 143.06

Long -  JCP (1/3),  TNGO, YPF, NVDA, VALE, ARNA
Added - MHP to IRA account.
Closed -None

Chart Review

CENX - Still looking good.
INVN - Pulled back today. Still in play.
PKG - Bounced back pretty nicely. Ended in green.
SHLD - Pattern still intact.

New Trade Ideas
HGG - Bull flag
TROX - Nice volume today. Look for continuation.
SZYM -  Nice breakout
EFX - Short idea. Look for continuation

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