Tuesday, April 05, 2011

Technical Picture - Markets Mixed

We got off to weak start but supports held and the broader markets managed to test and notch marginal new highs, on strength in gold, silver, and semis (TXN/NSM merger). Technology overall, however, remains weak. Hence if the NASDAQ can't confirm the action in the broader markets, it starts to weigh, and eventually, pulls them down too. That's basically what happened this afternoon. Look at the difference between the ES_F and the NQ_F. By EOD we have a potential double top on the ES.



We've discussed the symmetrical triangle pattern on the GDX for several weeks, and today it finally broke out with decent volume. The bullish inverse H&S pattern in GLD also broke.

I traded GG in my swing account, took a partial and holding the balance. After hours GG announced expansion of the Cerro Negro project in Argentina - according to feasibility study - proven and probable gold reserves double.

Day Trades

ALXN, highlighted over the weekend as a bullish setup on the daily. Placed fibs from late day handle to ORH. Enter long as it pulls out of the Rzone.

LULU - bull flag good for a pt.

QCOM - highlighted last night as a bearish wedge on daily. I was tempted to short when it paused at the 38% Fib. retracement, but I waited till the feeling passed because the markets were still in an uptrend and there was no tangible setup. Shorted into the close for a retest of yesterday's lows.

RIMM - short into the close on break of NR base.

9 comments:

Ken said...

Hey Jamie,

ALXN a beauty! Nice job.

Are you watching the networkers at all? FFIV and ROVI printed back-to-back narrow range bars. Really looks like they want to dive lower.

Ken

Jamie said...

Thx Ken,

Yeah, watching FFIV, posted the chart over the weekend with fibs. Targeting $80.00. Printed NR7 today. Looks good to go.

ROVI also looks good, but sitting on 200 MA, could be a little trickier.

JDSU printed NR7, looks weak

Check out NVDA, looks like an inverse C&H pattern.

Ashish said...

Hi Jamie,

How do you use Briefing.com before and during the trading day? Any specific filters that you focus on?

Has it been any good for building a gappers list?

Thanks,
Ash

Jamie said...

Hi Ash,

I use Briefing.com mainly in pre and post market. The gapper lists work well for earnings gaps and analyst upgrades/downgrades. I like the scanx filter which gives not only gappers but also top gainers/losers throughout the day.

I also like floor talk, economic data, swing trader, technical take, and WRAPX.

When I have time, I read in more detail. Sometimes I can find little nuggets that can help build a focus list in addition to the gapper list and usual suspects.

I also use Trade-Ideas scanner to build focus lists.

x said...

Jamie, how did you find candidates like ALXN and LULU? Have they always been in your list or you found them through scan?

Jamie said...

x,

LULU is on my Canadian watchlist and I had an alert for ALXN $100.00. I think I mentioned it in the blog earlier in March when it showed up on an NR7 scan.

Michael Purcell said...

How much weakness do you see in the NASDAQ?

http://mptradingblog.blogspot.com/

II said...

You didn't make a post in a whole week. Where have you been?

Jamie said...

Took a few days off at the front end of the week. Light posting until the Habs win the Stanley Cup ;) or get eliminated :(