Wednesday, February 20, 2013

02/20/13 Wednesday Watchlist (13 stocks)

Market: $SPY b/o nicely yesterday as I anticipated on my watchlist. We are clearly in a bull market, which means many things will get over-extended as they spike higher than they should on momo. I prefer to short to short them than buy.

My strategy is mostly daytrading and short-selling but I will buy good set-ups for day- or swing trade.

Short Watch:
BIOF (over-extended) - I completely nailed this trade, shorting after the failed morning spike at 6.83 adding at 6.52 and covering at my target 6.11. I still see about 40cents of downside if it bounces to retest near 6. Cover if vol accumulates.

HOV (illegitimate stock) - morning panicked after a failed morning spike thru key res at 6.12. It has vol so see this stock breakingdown key supp at 5.5 again. Big supp zone 5.70-5.80 that it could bounce thru before patterning to crack.

AAMRQ (over-extended) - this will be the hottest short soon. it started fading late day but im still just watching it pattern. no play just yet but if vol fades it will start breaking down support as people take profits.

SOL (over-extended) - this technically isn't over-extended enough to short but its breaking out thru trendline which could spike it into over-extension. No play yet, just watching it pattern.

Long Watch:

GRPN (technical b/o) - this is perking up w/ vol to test 6.0 for a possible b/o to 7s. Earnings scheduled for 2/27 may be causing the run-up. No play yet, just watching it pattern about 6.0

YFRM (promo stock) - i am watching this pump for a big dip buy entry. Plenty of upside if promoters continue to hold it up. its holding up but is still under res so I would like to see a big dip to buy.

CCUR (promo stock) - this NIA pump is nearing the end of consolidation. this should b/o 8.0/8.16 res zone soon. It was testing 8.0 all day yesterday and will likely break it today if market is bull/green while it keeps testing 8.0. No play until it can break and hold above 8.0

Swing Watch:

QLGC (I am long 11.73, 200shares) - bought this earnings winner pre-momo  on a bullish pattern in anticipation of 12.0 b/o, which i plan to sell into. It broke out 12 and now I will just hold for the ride to sell into a big spike.

GTIM (I am long 2.88, 400shares) - bought this technical set-up on strength in anticipation of a 3.07 b/o possibly on recent news sentiment. I will sell soon if it doesn't b/o early this week. Vol seems to be fading and its still far too midrange for my taste but I will hold for Friday squeeze w/ tight stop. Key supp at 2.74

QTM (earnings play) - this is my next earnings play on watch for swing. It's revived 1.36 key supp and perked up on Tuesday. Watching it pattern for a b/o at key res 1.47

VRNG (technical squeeze) - this could spike out the blue but I am on alert for a dip buy towards key supp 3.10 or a 3.25/3.30 res b/o .

CERP (rebound) - this OTC is a real company that is going thru a major turn around w/ new executives and revenue streams. This stock is on its way to 0.20 short term and over a dollar long-term, technically speaking. No play until it patterns to b/o 0.05.

CRME (rebound) - this stock has also turned around financially particularly after $MRK forgave its debt (which was the reason it dropped from 2 to a quarter back in March 2012). Undervalued form $2. No play until it closes the day above 0.50.

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