Daily Analysis and Stock Ideas for 01/10/2013

Daily Analysis
Quite a wild day in the market in my opinion. While we ended up green we tested some key SPY levels. On the high side we tested 146.30 before pulling back strongly and testing the lower support level of 145.60. I'm still not completely convinced market is ready to move higher yet. Dollar is showing strength and we have some reversal candles on the leading Financials, which, if confirmed, point to downside. I think we eventually break the highs but not before some key earnings are out.  Close above 146.30 is key in my opinion.

 

Had fun watching the action in HLF today. Had some crazy moves - stock popped on Loeb disclosing 8.2% stake in the company and then late a flash crash on SEC investigation. The stock bounced back nicely from 20sma. Tomorrow is the key day for the stock as company CEO would be presenting the rebuttal to Ackman's short thesis. Expect more craziness.

Mixed trading day for me. I had a late start to the day so missed yesterday's setups in PCYC and SWI, both of them move nicely and closed up well in green. ANN was lower - after opening higher it tested 20sma. If we close below 20sma, i'll close my position.

TNGO and SPLK both closed very strongly. TNGO up another 3% on the day. Still holding 2/3 positi on TNGO and full position in SPLK. Also liking the bounces last 3 days on YELP. I'll add more if it breaks 21.15 area.

Closed my AAPL swing yesterday for $2 loss but made up on late day short for +$3.

I started short positions in AMZN, WFM and GS, these are mostly to see if there confirmation on these lower.

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

Trade Ideas -
QCOM - Setting up nice C&H pattern. B/o above $65.
ARUN - Like the flag just below the trend break. Could see 23 soon.
CF - My favorite here. Like the volume today. Should push higher.
CLSN - Looks like its building a nice bull flag.