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The site and group strength data has been updated for Monday. I'd still be cautious.
Sam
Turned out to be a good day after all, and some good bounces after the open. We have family visiting so we took the afternoon and went to the lake. My only trade was to buy INVN when I saw the support it had at 21. Have a nice weekend.
Sam
No short term trades showed up on our restrictive screening, below are some trade potentials to watch tomorrow:
The potential breakouts to watch tomorrow include: CCE, HMA, TSN and USPI. CUB and SGR showed up on a short term screen that isn't as restrictive and both look worth watching for a long play. Lastly, INTU is a potential short if it breaks Thursday's low.
Sam
http://www.savvy-trader.com
INVN still might be worth watching over the next few days.
Sam
LNY hasn't gone far, but at least it has avoided stopping out.
Sam
Dang this day as uglier than I first thought...out of the 11 stocks on our main short term list for today, I'll remove one cause it has gone up to much above support (ESST) and four that hit stops today. Only one (UAG), off the home page picks will be cut.
Sam
Another day without follow up buying in the afternoon, not out of the soup yet...
Sam
ANT and DCN marched on today, otherwise, it has been hit and miss this morning, Breakouts: GD off to a good start has since come back down, EBAY holding, JILL looking good just above 36. ESST made a nice bounce, BLL and INGR steady.
Sam
Me too, and I think as long as the afternoon is a question, it is best to just ease lightly into long positions.
Sam
Another to small defense company to keep tabs on over the next few days is ANT.
Sam
DCO made a breakout this morning, worth looking at.
Sam
Gaming stocks after losing their group momentum appear now to be a target of negative news. GTK caught up in the downdraft.
Sam
GTK with earning coming out Tuesday looks like a good play here, with a stop just below yesterday's low.
Sam
Still looks weak for tomorrow, I added MHK and UB to the watchlist but remain cautious.
Sam
http://www.savvy-trader.com
I added GTK to the watchlist for tomorrow. GTK is a stock we follow in our weekly Journal and has earnings Tuesday next week. Also, SAH came back on the screening, I like the looks of the chart so I added it for tomorrow, maybe this time it won't stop out <g>.
Sam
http://www.savvy-trader.com
Both THC and WLP upped their guidance after the close....both were on our breakout screen today. THC looked good, but WLP closed down slightly.
Sam
Still a lot of selling in the last hour...LNY still heading up however.
Sam
Looks like we will have a strong open, but there is no reason to rush into the market, if we have seen a short term bottom there should be plenty of time to enter. I'd slowly and strategically build up long positions, spreading into the strongest groups.
Sam
I've posted a couple new stocks on the list, plus, updated the stock group strength table for Monday.
Sam
http://www.savvy-trader.com
Turned out to be a great day. Amazing....so capitulation??
Sam
INVN started strong then faded, our bounce call of the day was TTWO at 21.35. APOL and AXL and FRED are green so far ...
Sam
INVN looks to go counter market today, might be worth keeping an eye on the defense stocks, ATK, DRS and even CUB....I have a position in DRS, it is one of the stocks on our weekly Journal list.
Sam
Guess you have to ask if this is the capitulation that we need to spell the end of the downturn, or is it the start of another leg down?
Sam
Tomorrow should have an wild open, the should be bounces and opportunities to buy some non-tech stocks taken down with the market. But, I'd remain cautious and not buy full positions if you decide to try a bounce.
Sam
http://www.savvy-trader.com
Doesn't look like any help from INTC in the am...
Sam
TMCS finds support at 21....
Sam
Homes seem to be the place to be to avoid the storm. DHI continues to be the one I like. I still like PFCB (the restaurant) here too, and of course LNY on our list.
Sam
PIR was up nice today, but it still has some room in front of it so I kept it on the list for tomorrow. I added APOL, DHI and HAR.
Sam
http://www.savvy-trader.com
It has been a busy day but I've just finished running the numbers, no doubt there was still some weakness today, but the number of short term stocks on the screening was exceptional. I'll have the list updated shortly.
Sam
Ah, guess I was confused, sorry.....must be time for bed
Have a nice evening MM
Sam
What sector/group did you shop in MM?
Sam
I found it rather interesting that the techs were the first to recover early today. The NDX gained 1.69% today. It is hard to see a catalyst except a bounce from an oversold position.
Short covering you think?
Sam
I must say we got the afternoon buying that would be necessary. Could be interesting. Thanks for your input MM.
Sam
This falls under the "even blind squirrels" category. From commentary yesterday before the open: "Earnings reports are few this week. PetsMart (PETM) releases Tuesday before the open, it remains on the edge of a breakout. Albertson's (ABS) releases before the open on Wednesday, it also is close to a breakout and worth watching. Take-Two Interactive (TTWO) releases after the close on Friday is also worth watching for buying from here." ABS didn't do it....PETM and TTWO had some buyers.
Sam
Gezz, I hope you are right, I'm getting a bit tired of this <g....but, the numbers still look pretty weak, so I think I'll sit out another day....
Sam
With the exception of LNY, so far, these splattered today, COH and SAH both stopping out today. We'll start another when the market risk improves.
Sam
None of these hit the stop, but wow it was ugly today. The best thing that can be said is that the risk has shrunk, while the reward is even larger. For example COH now has a risk of losing 54 cents or a gain of 8.38. HOWEVER, this doesn't account for the market risk and after today it is likely high again.
Sam
I haven't updated the group strength data since we have yet to get Friday's IBD. I don't expect there were major changes last week.
Sam
Three more example short term stocks to watch for the next couple weeks. All three from different yet strong stock groups. The buy price on these three is equal to Friday's close and is the top of a calculated range which is essentially anything above the stop up to Friday's close.
COH is in the Apparel/Shoe group, they do more accessories than clothing. It has a buy of $52.26 or lower with a stop at $49.60 and a target of $58.50. This gives a risk of losing $2.66 or a gain of $6.24.
LNY is Landry's Restaurants. It has a buy of $25.40 or lower with a stop at $24.10 and a target at $28.25. This gives a risk of losing $1.30 or a gain of $2.85.
SAH is the second largest automotive retailer. It has a buy of $33.10 or lower with a stop at $31.17 and a target of $38.46. This gives it a risk of losing $1.93 or a gain of $5.36.
Collectively, all three have a risk of $5.89 if all hit their stop, and a gain of $14.45 if they all hit their target exit.
The only other losing combination (other than have all three stop) is if LNY is the only stock that hits its target, other single or double are positive.
Sam
I've updated the market risk information for tomorrow at http://www.savvy-trader.com and I've got three additional trades to do the risk/reward example on coming here shortly.
Sam