Sunday, April 17, 2011

Technical Picture - Modest Gains

Markets are little changed since my last post on April 5th. Tech is till lagging with weakness in tech titans AAPL and GOOG, as well as disappointing guidance from INFY late last week.

The SPY is carving out an inverse H&S pattern, but earnings will be key.

Companies reporting earnings the week of April 18th-22nd include:
  • Monday: C, LLY, HAL, KEY, AMTD, GWW, TXN, and ZION.
  • Tuesday: BK, CMA, FRX, GS, JNJ, NTRS, BTU, STT, USB, CREE, CSX, HBHC, IBM, INTC, ISRG, JNPR, MANH, STX, STLD, VMW, and YHOO.
  • Wednesday: ABT, MO, AMB, T, ATMI, ELN, EMC, FCX, HBI, FCX, NDAQ, DGX, WFC, AMGN, AAPL, CPHD, CAKE, CMG, ETFC, FFIV, GILD, LRCX, MAR, QCOM, WDC, and YUM.
  • Thursday: BBT, BIIB, BLK, CNH, CY, FITB, GE, MCD, NOK, NUE, PCX, PM, SLB, TZOO, VZ, AMD, SNDK and SYNA.
  • Friday: Markets closed in observance of Good Friday

AAPL has carved out a bearish H&S top. Earnings on Wednesday.



Friday's Trades - MBI low risk entry as price moves out of the retracement zone.

CTSH - I was looking for a short entry around $78.50, but didn't get a NRB, so I passed. After a minor extension, price formed a nice base at $78.50 and took it long back to the ambush zone. Should have shorted the ambush because there was no volume on the rally.

Thursday's Trades - JBHT - gap and flag.

CAT - Low risk long on break of flagging type pattern. Add on the B&B setup.

6 comments:

john said...

Jamie, others,

What chart service do you use for intraday trades? Why do you like them?

Frustrating day with my service.

TIA, John

II said...

ESignal as you can see from the chart.

Ashish said...

Btw folks, what is the average response time (from click to chart rendering) with ESignal?

Jamie said...

I use Esignal which is currently going through a major overhaul. Version 10.6 is reliable, accurate, and fast. If I run the newer version in parallel with 10.6, it slows things down a bit. Of course, speed is also a function of your computer and your internet speed.

Average response time is not really measurable, just click and it is there at that instant.

joshua said...

jaime,

CTSH: you didn't want to short at 11:50 doji or narrow bar bumping right up against the 20EMA? what made you not pull the trigger on that bar? i would have been licking my chops right there, getting ready to short it. especially with that long tailed previous bar.

for charts i use quote tracker which hooks up to the trade ideas feed, ninja trader for stacking 5/10/15 min charts (helps me see what is happening a little more clearly) and the charts that lightspeed offers.

lightspeed is the fastest i have. comes up in an instant. ninja and quotetracker take maybe 1 to 2 seconds to fill. that seems very short, but often it feels like forever.

Jamie said...

Joshua,

For CTSH I was leaning long because the extension on the first break of support was shallow. I knew it was going to pullback, but had no idea how far.