Thursday, May 12, 2005

Playlist for 5-12-2005

I had some narrow escapes yesterday morning and the following afternoon I put on a few shorts. It seems the speculative money has dissapeared, and so did I. As of today's close I'm out of all of the longs I posted the other day except for ARRS, but I did pick up some shares of CYCL just above $13. Watch those bond yields! The spread is back to the narrowing game again, and it follows that money is flowing out of equities and into bonds. Speaking of game, here's my game plan for tomorrow, and note how we're sitting between the 10-day MA and 50-day MA on all the indexes:

Opening notes for 5-12-05

Nasdaq 10-day MA @ 1949.29, 50-day MA @ 1987.45.
QQQQ 10-day MA @ $35.52, 50-day MA @ $36.21
Dow 10-day MA @ 10280.76, 50-day MA @ 10,453.26
S&P 10-day MA @ 1165.92, 50-day MA @ 1177.79

Potential bounces:

GRU: 200-day MA @ $12.81, it may bounce up from there.

SIRI: Slowing down its fall, sellers drying up. May push up through 50-day MA @ $5.33

ADVS: Up on declining volume in a contracting range. May roll over!

MACR: In a small contracting range near new highs. A buy between $37.30 and $38 would be low-risk. Stop just under $36.45 for a maximum of 4% loss.

FORD: Drifting down to lower-channel line near $15.25. Short if it breaks down on heavy volume. Dangerous to sit short here though.

Potential breakouts:

MXRE: Cup & handle on weekly chart. Pivot near $24.35. Watch for breakout!

TRID: Resistance @ $19.00 since the end of 2003. Watch for breakout!

UPCS: Old high is $7.75, watch for breakout! Choppy daily chart.

10 Day MA opportunity plays:

IRIS: Watch for a drop to the 10-day MA @ $15.75 on volume less than 500,000 shares. Average volume is 265,000. Biggest day is 1.2M. Far from any base, but volume is ballooning.

DJO: May roll over and drift down to the 10-day MA @ $26.78. Buy if volume is less than 500,000. The base it sits right above is very good.


At 11:57 AM, Anonymous Anonymous said...

Nice site keep up the good work. Any other good blogs?

At 12:14 PM, Blogger jontait said...

Thanks =)

The trading blogs I read most often out of all the ones in my blogroll on the right are:

Bill Cara: His weekly market review is my primer for the next week. I never miss it! There's no adds on his website, this guy doesn't like conflicts of interest and he trades that way too. There aren't too many old traders because most wipe out somewhere along the way, but Bill is an exception and this adds to his credibility.

Alchemy of Finance: Stephen Vita updates his blog about 3 or 4 times a day and its usually very witty and well written. He doesn't always post charts, but when he does, they are worth your time to look at.


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