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Tuesday, January 15, 2013
Apple Looks Like Crapple
Apple's chart is giving way, breaking through support zone today. Not a god sign for markets....especially tech.
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Friday, January 11, 2013
Sympathy Time for ZNGA
Been a while since I posted but here goes a fresh one...
My next target I'm watching, Zynga (ZNGA), is one that I spent nearly all of last year trying to avoid at all cost, but now I've had a reversal of sentiment, and I owe it to another stock I spent last year trying to avoid, Facebook (FB). After a year of scaring off investors, FB seems to have finally bottomed out and is showing strength. (I bought FB about a week ago, see chart below for entry point)
ZNGA has cleared its 50-day moving average AND is now testing critical resistance zone. The bottom is in and now its time for bulls to come out and make their move.
My plan of action is to set a stop-buy at 2.80, if ZNGA can breakthrough this price, I will buy and hopefully ride some momentum higher. Stop-sell price will also be used once the buy is made.
Good luck to everyone and hopefully I won't take as long to post next. If you'd like more up to date trades from me, I post a lot of those on Twitter in real-time.
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My next target I'm watching, Zynga (ZNGA), is one that I spent nearly all of last year trying to avoid at all cost, but now I've had a reversal of sentiment, and I owe it to another stock I spent last year trying to avoid, Facebook (FB). After a year of scaring off investors, FB seems to have finally bottomed out and is showing strength. (I bought FB about a week ago, see chart below for entry point)
The stock price of ZNGA and FB have correlated very closely the last year, but a few months ago FB appeared to have bottomed out and shot higher by almost 50% leaving ZNGA in its dust. Now, ZNGA looks like it could be bottoming out as well and could be ready to make a powerful move higher if it can show some strength here and pick up some buyers. Both charts below:
FB
ZNGA
My plan of action is to set a stop-buy at 2.80, if ZNGA can breakthrough this price, I will buy and hopefully ride some momentum higher. Stop-sell price will also be used once the buy is made.
Good luck to everyone and hopefully I won't take as long to post next. If you'd like more up to date trades from me, I post a lot of those on Twitter in real-time.
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Saturday, December 22, 2012
HerbaLife Implosion
I'm pretty sure everyone has seen Herbalife (HLF) implode this last week. Lots of bad news and accusations flying around sent HLF tumbling from 45/sh to as low as 26/sh at one point on Friday. A rough week for HLF but a great week for myself. This move has put a giant smile on my face because I've been lucky enough to be short this one for the last two weeks. I wish I would have posted my entry on the blog earlier....I've just been too busy to post everything lately. Take a look at the chart to see how I played it:
Entry #1 - My first entry in HLF was 11/29 when HLF's price dropped very fast near the opening. I was waiting for support to give out and when it did my short-order kicked in. I thought this was the big winner I had been waiting for but it turned out to be a dud with a lot of false hope. I was stopped out for a small loss when stock recovered.
Entry #2 - The second entry turned out to be the big winner...shorted stock on 12/14 because support gave out again. I've noticed that false breakouts have been extremely common in this market, but I've also noticed many setups have been working on the second attempt so I stuck to my guns on this one and dove back in. Great decision.
Now, there's no way I could have known that the stock would get hit as hard as it did by the news this week, but I played the stock exactly by my game plan. Luck played a substantial role in this trade but I did exactly what I needed to do to put the probabilities of a winning trade in my favor.
P.S. I'm tempted to take everything out of the market next week because of Fiscal "Bullshit" Cliff. Good luck all.
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Entry #1 - My first entry in HLF was 11/29 when HLF's price dropped very fast near the opening. I was waiting for support to give out and when it did my short-order kicked in. I thought this was the big winner I had been waiting for but it turned out to be a dud with a lot of false hope. I was stopped out for a small loss when stock recovered.
Entry #2 - The second entry turned out to be the big winner...shorted stock on 12/14 because support gave out again. I've noticed that false breakouts have been extremely common in this market, but I've also noticed many setups have been working on the second attempt so I stuck to my guns on this one and dove back in. Great decision.
Now, there's no way I could have known that the stock would get hit as hard as it did by the news this week, but I played the stock exactly by my game plan. Luck played a substantial role in this trade but I did exactly what I needed to do to put the probabilities of a winning trade in my favor.
P.S. I'm tempted to take everything out of the market next week because of Fiscal "Bullshit" Cliff. Good luck all.
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Tuesday, December 18, 2012
ANR: Ready for Launch
Alpha Natural Resources (ANR) just recently crossed above its 30-week MA and is developing a very nice bottoming pattern on its daily chart. If it can break out of the resistance just above 9.80 and make it through the 100-day MA resistance, this one could take off. Only thing missing is volume but I like this pattern...
I will set my stop-buy order at 10.15. Look out for failed breakout if the market decides to barf because of the fiscal cliff talks.
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I will set my stop-buy order at 10.15. Look out for failed breakout if the market decides to barf because of the fiscal cliff talks.
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Monday, December 17, 2012
Hot Hot HOVnanian
I've been watching the homebuilders sector for a while now because they have been on a tear as the sector has had some recent positive news. Ons stock in particular I have been watching is Hovnanian (HOV) and today the stock jumped 9% breaking out of a nice bullish wedge pattern that it had been stuck in for a few weeks. Here's the chart:
The chart shows HOV tried to make a breakout last week but failed and led the stock to dive back into the wedge pattern. Failed breakouts are (unfortunately) very common in this market but it doesn't mean you should give up on a chart that still has good potential.
I bought HOV on this breakout and sold out quickly using my stop-loss once the breakout failed. Instead of moving on though, I kept on eye on the chart and set a new stop-buy to purchase shares once the stock attempted another breakout, and to my great happiness, today I was rewarded with a nice gem. Being up 5% in a position after the first day is a great way to start off.
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The chart shows HOV tried to make a breakout last week but failed and led the stock to dive back into the wedge pattern. Failed breakouts are (unfortunately) very common in this market but it doesn't mean you should give up on a chart that still has good potential.
I bought HOV on this breakout and sold out quickly using my stop-loss once the breakout failed. Instead of moving on though, I kept on eye on the chart and set a new stop-buy to purchase shares once the stock attempted another breakout, and to my great happiness, today I was rewarded with a nice gem. Being up 5% in a position after the first day is a great way to start off.
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