Tuesday, November 20, 2012

11/20/12 Tuesday Watchlist

No watchlist yesterday because I was too busy remodeling my mother's store.

$SPY had a big green day yesterday which can be explained by the recovering housing market which had data to support. SPY will be retesting key res at 139.4 today. Not sure if it will breakout or fail the test. Just be prepared for both. I am still short-biased on this bearish price action.

Short Setups
I have removed CYTX, SQNM, SNSS and DGIT from the list because they are just too hard to borrow at SureTrader and there is just no point in me wasting my time with them if I can't play them. It really sucks when you have a small account. These are not ideal set-ups only because some have solid fundamentals and therefore down breakdown easily and tend to be choppier and the gains are less but my strategy still works.

VVUS - watching key sup 9.9 for a breakdown to key supp 8.8. don't anticipate the breakdown esp since this stock has dropped alot already. let it bounce and wait for the breakdown.

FB - this is an earnings winner that is breaking out on vol. but it gets over-extended quickly due to momo so I like to short scalp over-extension. It started to breakdown 23.3 but was stalled buy dip buyers at 23. Potential short with downside to 22.5.

NTE - also an over-extended earnings winner that is slowly fading but drops fast when it breaksdown at key supp. A potential short under 13.2 with downside to 11.8.

Long Setups
I try not to dip buy in a bear market so I will only be looking for breakouts to buy.

SYNC - seems to be basing here about key supp 4.77. I am now watching key res 5.17 for breakout vol.

JVA (Im am long 6.68) - No vol indicating a bottom but it closed strong up 5.7% with some vol. now is the time to keep it on alert and watch for news/PR. No news or PR then I will sell into any spike and rebuy later.

GALE - potential buy above 1.81

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