Daily Analysis and Stock Ideas for 01/15/2013

Daily Analysis
Another flat, low volume day in the market. Have a feeling we will range expansion tomorrow, although big earnings don't come until later in the week. Good idea to stay nimble and watch the volume on the SPY in case we drop below today's lows or 146.30 support level given below. AAPL had a nasty day again touching below 500 market in over a year. I think the selloff is overdone. The article in WSJ reporting drop in supply orders is a old news and it is already kind off priced into the stock price. I'm accumulating calls spreads going into AAPL earnings next week. GOOG had a big drop as well. Again, I'm playing it light for now till we break to new highs.

RIMM again had a nice day today. I had mentioned in my last blog that if it closes above 14.20 it may have a possible run towards $17-$18 level, which seems to be in sight now. Today's volume was even higher than Friday pop with over 143M shares traded. RIMM has 32% shorts, so there may be more room to fly higher on this short covering rally. It may need couple good digestion days for next push higher. I'm planning to hold my shares into next week with stop around $14 level.

ARNA had a nice follow-thru day with +5% run. Still holding from low 9s.

DECK had a strong late day rally closing above $38. This may run into 40s quick if the market holds up. I got stopped out breakeven on SRPT. It didn't get the follow-thru I was expecting. Also got stopped out on IBM for a small loss.

UPL ended the day in green. It finally broke the descending wedge. Now looking for move to 20sma and higher.

Bought to open AAPL Jan 25th 535/555 calls spreads at $4. Will hold into earnings.

Still holding CF, SPLK (stop 30.80), Z (forming a nice bull flag), DECK, YELP, EPAM, TNGO, GMCR (stop 38.90), FSLR (stop 30).

SPY levels
Resistance -  147.16, 148.10
Support - 146.30, 146, 145.60, 144.50, 144, 143.06

Sectors to watch -
Financials - Seem to be digestion mode. Pullback looks healthy so far.
Technology - Looks very weak. If the market wants to push higher Tech has to recover.
Retailers - Apparel retails look nice. VFC, KORS had a nice run although LULU gave lower guidance after the bell, so watch carefully of you want to take positions in VFC or KORS.

Trade Ideas -
Some stocks to watch for tomorrow -

VFC - Nice run today. Look for continuation.
KORS - Break the trend. Look for continuation.
Z - Nice bull flag. This may see 200sma soon.
SHLD - Nice pop today on decent volume. Look for continuation.

Daily Analysis and Stock Ideas for 01/14/2012

Daily Analysis
Very uneventful, low volatility day in the market. We were stuck in a very narrow range on very low volume day which is unusual for weekly Opex day. Next week will likely be very volatile given that we have some major earnings starting next week. Wells Fargo earnings this morning didn't move the market much. Financials were down in the morning sessions but only closed slightly in red. Would be a key to watch for more bank earnings next week. They have been driving the market higher in this rally and as long as they hold we should be in good shape. Overall I remain bullish on the market.

While the market stayed flat some of my positions had wild moves. RIMM closed up more than 13% on no apparent news. The move up is in anticipation of BB10 launch later this month. I'm hold all my shares from 11.90s. If we can move above the pre-earnings high of 14.20 level we should make a run towards $17 before the phone launch.

SPLK had a nice day as well up over 10%. I have been calling this for over a week and it finally broke out today. JCP fell 4.6% on an analyst downgrade. GMCR had a nice run up 4%. My other holdings CF, YELP, Z, TNGO, KSS held up pretty well. DECK had a morning pop but faded rest of the day.  I got stopped out on ANN at 32.50 for a loss of $1.55 on the trade. All apparel retailers still look pretty weak for now. UPL had a morning dip but recovered fairly well to end the day in positive territory. I like the bottoming pattern UPL is putting in.

I entered some new trades - Entered IBM long at 193.80 on strength of INFY. INFY announced earnings last night which bode for IBM earnings. Took EPAM long at 19.95 on strength in software stocks. Also took SRPT long at 25.55 on the bounce. It closed over 20sma so hoping for a follow thru day on Monday.

SPY levels
Resistance -  147.16, 148.10
Support - 146.30, 146, 145.60, 144.50, 144, 143.06

Trade Ideas -
Here are some charts of to ponder over the weekend. I'll post a seperate blog for watchlist for upcoming week.