22-Mar-08
Results from last week
Crazy week in the market. Most of the setup were not executed or confirmed as a transition out of the commodities and into the FINS and Retail occurred. Lets have a look:Anticipatory*ABB (Industrial Electrical Equipment)- Trendline break here at the end of Feb. and now consolidating move with more green days than red, but distribution days have been on slightly heavier volume. 26.30/24.51Traded up to 26.30 and has sense technically broken down*APA (Indy Oil and Gas)- Battleground in this name continues as the sideways movement between 115 and 120 continues. If the march history continues, Monday will be a move up and possibly to a breakout. 120.56/115.23Trade never triggered.*AUY (Gold) Consolidated move up on average volume and then had a high volume move higher in Friday’s mess. 19.47/17.59Trade never triggered*ECA (Indy Oil and Gas) Acting very well, two high volume moves off support at 75. Break wasnt clean so this one stays as an anticipatory add. 79.38/75.85Trade never triggered. Stop taken at 75.*FTI (Oil and Gas Equip.) Was bought on Friday right up to its downtrend overhead resistance. Given the strength in a bad tape, I would be inclined to buy the break and then use the trendline as support and a stop. 59.26/53.62Trade never triggered*GTLS (Metal Fabrication) High volume break in Feb and then attempt higher was stopped. Been moving between 34 and 36 on decreasing volume. 36.19/33.00Trade never triggered*HK (Indy Oil and Gas) Trying really hard to chew threw resistance at 19. Whippy and this is another accumulation/distribution battleground stock. 19.12/18.17Trade never triggered*LKQX (Auto Parts Wholesale) Pop up in late Feb has been consolidating but looks to be under accumulation. Making a push up towards all time highs and a break over 23.66 would be new highs. 22.70/21.21Broke out with volume on Friday. Added.*MTL (Steel and Iron) Bounced right back from a rinse on 3/10 and saw good volume accumulation the rest of the week . 142.65/120.00Trade never triggered*OXY (Indy Oil and Gas) Like all the oil and gas plays, there is some selling in these names, but they are holding and putting in fairly easily seen resistance and support. There are some good risk/reward trades to be made here. OXY has a few things in its corner, clear support around 74, its in its upper Darvas box, and a break over the recent double top would mean blue skies. This one might need some time before the break, but patience may be worth it, keeping in mind that all of this is no longer valid on a break below 74. 80.83/74.33Trade never triggered *PQ (Indy Oil and Gas) Tried to break out got turned around in Friday’s mess. Similar chart to all the other indy oil and gas.16.60/15.00Trade never triggered*RRC (Indy Oil and Gas) Unlike the OTHER I O and G plays... this stock has seen higher volume accumlation but still has some lower volume selling days. 65.53/56.22 Trade never triggeredSID (Steel and Iron) Bought all week, though less volume than the sellers two weeks prior (caution). 41.98/35.60Trade never triggeredURBN (Apparel Stores) Working through some resistance from summer of 2005. In the near term, stock has been attacking the 31 level recently, and this week tried it on heavy volume. Was turned back friday (on high volume) but could be worth watching. 31.77/29.40Trade never triggered- Still set up.Trendline BreaksAIRM- 46.59/43.83Moving out on good volume. Added.GME- 47.46Still working on breaking out. SBS- Chart within a chart. Downward trend break on 2/27 and potentially come back to kiss that line goodbye several times. Add above 46, stop below... break would be 49.69.Trade never triggeredInterestingBBL- Bought all week stop at 61.21Broke down- trade never triggeredEXPO- Technically the breakout failed on Friday but was on light volume... worth watchingBig volume down day friday. Trade never triggeredBreakoutsBUCY Stop at 104.36BVN Stop at 81.37GGB Stop at 31.85These three broke down, the following two are still intact.HLF Stop at 46.04PTNR Stop at 21.70*SDA (Carne) Broke out on Tuesday/Wednesday and tried to sell off the rest of the week. Hammered hard and held where it needed to above the break (18.50). 19.93/18.52Still in an upchannel SQM Stop at 207.49ETF’sFXI (China) (SHORT) Might be a chase here but wow, down big on heavy volume Friday. Might be coming into some support here around 125. GDX (Gold Miners) Clean breakout over 55 though on light volume. ITB (Home Construction) Downward trend broken in Jan, tried to get lower again but put in a higher low on 3/10.SMH ( Semi) Wedge forming that is going to get resolved here one way or another soon. 29.62/28.26
Posted at 08:53 in Market Report | Permalink | Comments () | Top
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