Sunday, June 27, 2010

Top 10 Ideas for the Week of June 28, 2010

After looking at over 500 charts I have found some good setups for the week. For the first time in several weeks both the daily and the weekly charts for the Index ETF's both point lower. This is a big change! Gold is just flying, no questions about it, and the dollar appears as though it may have found a bottom with a morning star doji. Oil seems to be in a range and needs to be watched carefully. With that backdrop here are some ideas for the week, not all of them short surprisingly, in no particular order.

1. Mosaic, Ticker: MOS

Now cracked the 42.50 recent low it is heading to the woodshed (38)

2. Patriot Coal, Ticker: PCX

Trying to hold around 14, failure to hold it, and that looks to be the case to me, leads to support below at 12.

3. iShares Barclays 20+ Treasury Bond Fund, Ticker: TLT

The piercing candle Friday bodes for another run at the magic 100 level and 110 above that. There is support at 94.92.

4. Annaly Capital Management, Ticker: NLY

One of the only REITs I follow that looks good either way. This one is going to new highs, with support at 17.10.

5. Blackstone Group, Ticker: BX

This has found support around the 9.83 Fibonacci level (9.70 - 9.90) several times but is having a hard time getting away now. If it goes below 9.70 it should test 8.25 fairly quickly.

6. Genoptix, Ticker: GXDX

ZERO, ride it there unless it breaks 17. If it does wait for it to stop rising and then ride it to zero.

7. Stericycle, Ticker: SRCL

Perfect pairs trade to GXDX, this stock is ready to take off higher on a break of 66.00

8. Best Buy, Ticker: BBY

Testing 35 support. Has potential for a big move either way. If it holds, it can rise to resistance at 40.30-.70 area. If it fails to hold support is at 30.90.

9. True Religion Apparel, Ticker: TRLG

If it loses the 200 SMA it will see 22 support, then 20.90. Resist above 200SMA at 25.60

10., Ticker: CRM

Hammer, doji Friday bodes for higher prices. 97.5 is the only obstacle. It has support at 89.50, then 87.64 as well.

Bonus: Expedia, Ticker: EXPE

Failure at 19.50 gaps to 18.70 on the way down to 13.80, 21 is resistance above. Looks lower

Double Bonus: Proctor & Gamble, Ticker: PG

As a long term short, I mentioned this last weekend. Looks like it is going to grind a lot lower over the next forever. Use 60 as the beginning of a trailing stop.

Trade'm well this week!

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