Sunday, August 15, 2010

Top 10 Ideas for the Week of August 16, 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. This week's mix contains 9 short setups, and two long ideas. These were selected in and should be viewed in the context of the broad market trend reviewed Friday which looks to bring stronger prices for Gold and the US Dollar Index with US Treasury Bonds trying to join the party. Oil looks broken and on a path lower. And a rising volatility index combined with that stronger dollar should continue to press stocks lower. Here are the top ten, short set ups first, tonight in no particular order:

1. Genoptix, Ticker: GXDX

Waving a long flag after a big drop and now looks ready to move lower with the MACD crossing & rolling over. Under 15.50, there is no support. There is resistance above at 18.16.

2. Impax Laboratories, Ticker: IPXL

Trying to hang onto the 200 day SMA at 15.92 as support. If it loses that level then 13 is support. 17.10 is resistance above.

3. Goldman Sachs, Ticker: GS

Holding the magic 148 level for now with the 100SMA pushing it lower. If it goes through it then support is at 142.29. Resistance above is at 152.5/157

4. Visa, Ticker: V

Lower highs as it continually tests the 70-70.38 area. When it breaks through the target is 57. Resistance above at 74.44.

5. Jabil Circuit, Ticker: JBL

If it gets under 11.50 then support is at 10.65 then 9.50, with resist higher at 12.45.

6. SIGA Technologies, Ticker: SIGA

This stock fell out of a rising wedge to the down side and is now looking for support at 7.61. Under that support is at 7.28 and then 7.01. the target is under 7. Resistance is at 8.25.

7. Yahoo! Inc, Ticker: YHOO

It is looking like it will go through support at 13.70 with 12.75 as support lower. Resistance is at 14.

8. Helix Energy Solutions, Ticker: HLX

Has lost support of the channel and now falling further. If gets under 9 then can run to 8 then 6 as support. Resistance is at 10 then 10.51.

Now for the Long Set Ups

9. 51job Inc, Ticker: JOBS

Waving a nice flag after the recent run higher. Above 27.15 it can run to 33. Support is at 25.50.

10. True Religion Apparel, Ticker: TRLG

Found supp at 20 and now needs to take out 21 for a run to 22 then 24.09. Looking good for a run.

Bonus Idea: GMX Resources, Ticker: GMXR

One might short as much as they can borrow of this and then put the rest in puts. 3.43 is next support from early 2004. Resistance is at 6.10.

Trade'm well!

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