Mid-Week Plan

Since the beginning of the year, I have been going through about 200-300 charts a night, looking for some good stocks to watch. I find this has really helped to get a better idea of what’s going on, and have been happy with some of the picks I’ve made so far, even if I haven’t taken some.

For example, on Sunday I posted: “I like CHL when it moves out of its symmetrical triangle at 90. Would short it if closes beneath it.”

I should have stuck with that analysis; I would have made some money today with that trade. I also posted that I liked FSLR, ABB and SPWR as swing shorts. Those would have all paid well. Of course, calling shorts in this market isn’t too hard, but I am going to play more of these calls. Like SLB, which looks like a good short here.

It seems we still have lower to go, but we should see some bounces before then. If we see a bounce this week, I will be all over these:

APOL, GENZ, HUMM, CHTT, SONO, IVGN, AZZ, GMCR

I am only looking for a couple of points on these trades, and don’t plan to hold for more than a day or two. I want to see these stocks break out of consolidation with high volume before I will consider them.

I will also be watching SPN, TNE, CZZ and CAA for day trade opportunities.

Currently, I am long TLT and plan to add to double-inverse ETF positions on every bounce (TWM, DXD) and get long QID.