Sunday, July 25, 2010

Top 10 Ideas for the Week of July 26, 2010

After looking at over 500 charts and posting my thoughts on over 200 of them I have found some good setups for the week. Another week another change in view. Last week there were 8 short set ups two potential break outs and one long idea. This week nearly opposite with 8 long setup two short ideas and one potential break out. These were selected and should be viewed in the context of the macro view which looks weak for gold and positive for oil. the dollar is in limbo. Equity markets seem poised to push higher and a falling VIX is supporting this. Here are the top ten, tonight in no particular order:

1. Netflix, Ticker: NFLX

This stock is heading down to 98.32, the 100SMA. Inside continuation day Friday. Resistance is at 110 then 113.24.

2. Pactiv Corp, Ticker: PTV

Shooting star or spinning top after a consolidation. Might be the start of a break higher but I am looking for a quick retest of the channel and the 50SMA. Will use 31 as a stop.

3. Under Armour, Ticker: UA

Confirmed the break out of the symmetrical triangle. The target on the move is 42. Support below stands at 36.50.

4. Whirlpool, Ticker: WHR

Printed a Morning Star reversal candle Friday right on the 200SMA. Should rise from here with a target of 90 target then 95.28. There is support below the current 85.97 level at 84.

5. ReneSola Ltd, Ticker: SOL

Piercing the 7.90 resistance level again. If it gets above 8.25 get in for a ride up. The potential is 11.5-12, and there is support at 7.25 and then 6.37.

6. Origin Agritech Ltd, Ticker: SEED

Same juicy story here as last week. If it can get above the 50SMA (acting as a descending triangle) it can run to 9 then 10.5. Support below is at 6.81 before a gap down to 5.80.

7. BP Amoco PLC, Ticker: BP

I am sure this will be a controversial pick, but it broke, tested and held the 50SMA. It is heading to 39.75, the next resistance with 42, and 45.74 above that. Support below at 34 if the market decides it was not Hayward's problem.

8. Jazz Pharmaceuticals, Inc, Ticker: JAZZ

Printed a long string of tight candles the past two weeks. It has bee consolidating between 8.25-8.98. My bet is it breaks higher, above 8.98, and then resistance is at 9.61.

9. Visa, Ticker: V

Defied the recent Head & Shoulders top and marched higher to the 75.75 Fibonacci level. It looks to get above it and then it will see resistance at 82.26-82.68, the 100/200 cross area. If it fails support is at 70.11 for a two headed monster.

10. Inc, Ticker: CTRP

Strong move back to the 40.75 level on Friday. If it gets through then next resistance is at 44 then 46 above. Support on a pullback is at 38.71.

Bonus Idea: InfoLogix Inc,Ticker: IFLG

This stock is gathering lots of energy. Now which way will it pop? If higher look for 8, then 10 then 13 as resist. If lower 3.50 is support below. I am betting higher, but watching. My friend @tlento on twitter reminds us that there is a big dilution coming up in August.

Trade'm well!

1 comment:

  1. Agree 100% about Under Armour, it really is breaking out, also the expectations for earnings seem quite low: the consensus being only .03, the same number produced in 2Q (their weakest quarter each year) for 08 and 09. But every retailer is showing good YoY comparisons, so a good chance for a positive surprise. Some of my other reasons for liking UA in my blog post here