Monday, March 11, 2013
Daily Analysis and Stock Ideas for 3/11/2013
We continue to move higher slowly and steadily. Even the bad economic news from China last nigt wasn't enough to dither the indexes moving higher. SPY seems to be headed for new all time highs at 156.70. Its possible we may see a small pullback soon but we should definitely see new highs soon. I have high side target of 158-160 on SPY. Also watching the ascending trendline on 10min chart. Break of this could trendline could bring meaningful pullback but till then good idea to continue to play longs. Meanwhile, AAPL seems to have found a bottom. We broke key short term 435 resistance level. I have a short term target of 20sma on AAPL, which also coincides with the top end of descending wedge we've been in this downtrend.
Here are some charts and levels to watch --
Resistance - 156.70
Support - 155.20, 154.65, 153.25, 152.86, 151.40, 150.45, 149.60, 149, 148.42, 147.25, 146.30, 146, 145.60, 144.50, 144, 143.06
Long - ARNA, VXX (23.70, BBRY (13.15), MBI (12.45), MCP (6.01), CLF (24.50), MELI (90.10)
Short -NFLX short 181.40.
Added - AAPL at 428.80
Closed - RKUS stopped out 22.60 (-2)
Trade Ideas -
ENOC, GMED, MDRX, POWI, SRPT, TTWO