Ups and Downs

It was a good week for the bears on Monday and Tuesday but then the Bulls took everything back to end the week with some really good strength. The NASDAQ is making new highs and most of the stocks I follow that are bullish, pushed higher.
There are still some weak sectors and nice weak charts inside those sectors but I thought I would just review the earlier charts posted.

DO exploded higher and although there is no reason to exit if you have longer term goals, I took profits and ran. What a beautiful break out, re test, and strong bounce

GRMN also exploded out of its bull flag. The pattern suggests a price target of 73 -74. Its always nice to these patterns hold up. Look for another flag to form before we get there.

CEG is still well within its pattern of lower highs and lower lows but I was most disappointed with it breaking the neckline. Only because thats when I entered my bearish position. Lets see what next week brings.

CAH is forming the right shoulder in perfectly. The last three days the market has pushed higher by 400 points and you can see volume has picked up as Cardinal has pushed lower.

A nice long just breaking out is CLF. A lot of volume behind the move. X is starting to bounce and selling puts might be the best way to take advantage of the high implied volatility.

GILD is looking like a nice short. look for a maybe a 10 point move.

Gearing Up

There have been lots of great trades out there. But when isn't there? If you are open to both sides of the market, there is always something to trade. Which just confirms that being gone on vacation or just away is no big deal. There is always another trade, that is what makes this business the best. So I am gearing up for the summer and re vamping the watch list.

CEG is looking very weak as it retests it's support line that was broke last week.

CAH - like always I am jumping the gun but I bought 6 months of time for like $2. When time is cheap, if you can afford it, it can really pay off. Fundamentally this stock is not a buy so why not look at some Puts.

DO - Nice stock, with a very nice chart. Just breaking out making new highs and now re testing. Good bullish stock.

GRMN - Just broke out of a year long wedge and bull flagged down. Great company with a great product, this is a good buy signal.

I am long ACI, BIDU, FCX. PCU, GRMN, DO

Still short KMX, SHLD, CAH, CEG

I have been in watch and see mode and the market has been so volatile I have not been able to catch the swings. Be careful out there.