Thursday, December 2, 2010

CPWM triggers successful entry...

After a false break out on Friday, CPWM finally triggers a successful entry today. Would have been long this stock on the opening range breakout above $8.00 but I had already day traded AAPL calls earlier and barred my account from re-use of funds for today.

If I were long this stock I would be looking hold over night while trailing a tight stop beneath the swing lows on the 15 min chart.

On to set ups I like for tomorrow.

If MGIC does not break out today; I like it long tomorrow above $6.50 with a stop loss no further than $6.20 ish.

I like FTNT long on a break of $32.90 with a stop loss below the low of the break out day. However, if I get long this stock and price does not hold above the break out level, I may exit long before it gets to the low of the day.

RVBD is forming a beautiful bull flag on the daily chart. Although it is relatively easy to trade this stock moves to slowly for me.

I like HDY long above $3.36 with a stop at the low of the break out day.

IDT looks good for a day trade above $23.20. I do not like it at these levels for a swing trade and since I am not looking to day trade then I will pass on this one. If IDT consolidates beneath the $23.20 level then I will become interested in trading the break out.

I like GSL as a buy right now! I would have bought this stock now with a stop at about $4.85. It is currently forming a beautiful high level cup with handle base.

I think that KONE is also a buy now with a stop loss below $4.00. However, I cannot get into it!

VRA looks good for a day trade above $34.60. However, I cannot day trade so this is out of my radar.

So tomorrow I will be looking to get long either FTNT, MGIC or HDY. In case you are wondering why I have a long bias, take a look at a 3 month daily chart of the russell 2000 index. Hitting new 2 year highs today!

Good luck and good trading!

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