Market Recap for July 15, 2013

Hi all.  I just want to apologize for missing the last couple of days.  The summer is proving difficult to keep up with work, leisure, family/friends, and stocks.  As a result, the blog is slipping off the plate.  Therefore, I make no promises on how often I update, but I would like to be able to update at least 3 times per week during the summer.  That is my short term goal with my long term goal of updating daily once the summer winds down in a few months.

So.  Today we had another all-time high close but the end of the day saw a slight sell-off.  I think we are due for another turn down, draw down, whatever you want to call, but I think the bears are sniffing around.  That being said, I would not enter short unless tomorrow really does sell-off.

REAL LIFE ACCOUNT:

$DIS:  HOLDING (-15%)  I entered this at the wrong time.  I think my strategy is going to focus more on formations rather than intermediate support and resistance lines.  I want to focus on strong pivot points, trend lines and patterns ready to break out.  That is my new focus when looking at trades.

$HES:  HOLDING (-2%)  See comments on DIS.  I should have gotten in early, but I was worried about an intermediate resistance that probably was something more to be aware of than to place a trade around.  

$DMND:  HOLDING (+11%)  Finally, a good trade!  I am moving my stop up but DMND looks strong to me.  It’s due for a down day or two, but I think overall we are heading to 24.00

$WLT:  HOLDING (+55%)  This is good, but not as good as it looks.  I wrote a $12 put that expires this Friday.  I’d be happy to own this stock and write calls against it if it channels or declines.  Similarly if it rises, I’m happy to write puts as it goes up.

Picks for tomorrow coming soon.

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Picks for Thursday July 11, 2013: $DDD, $DIS, $GS, $HES

Here are my picks for tomorrow.  Just a quick note that futures are up quite a bit after hours.  Let’s see if that holds into tomorrow.

$DDD:  I like a long entry on a close above 48.75.  Targets are 50.98 and 51.87.  Stop is TBD.  MACD and Stochs are supporting a bullish move.DDD_JULY_11_2013

$DIS:  Here is a bracket trade; similar to the one posted a few days ago.  I like a long entry of 65.60 with a target of 67.88.  A shot entry of 63.75 with a target of 62.00.  Stop TBD.DIS_JULY_11_2013

$GS:  I like a long entry on a close above 157.60.  Targets are 160.80 and 165.65.  Stop TBD.GS_JULY_11_2013

$HES:  I like a long entry on a close above 69.05 with a target of 72.40.  My stop is TBD.HES_JULY_11_2013

Keep an eye on some stock picks from yesterday:

$DMND

$COST

$CELG

There you are.  Good luck to everyone.

Picks for Wednesday July 10, 2013: $BTU, $COST, $DECK, $QCOM, $CELG, $XONE, $DMND

I have a quite a list for you all to make up for lost time and because a lot of these look ripe for the taking!  Let’s get started:

$BTU:  I like a close above 16.21 with a target of 18.00.  Oscillators are starting to turn around and I think a break above the 16.21 line will set this stock on a bullish uptrend.  Stop TBD.BTU_JULY_10_2013

$COST:  If you had been watching this, you would have gotten triggered in today.  Sadly, I was not watching.  I think this guy is going higher.  15min bullish entry with a target of 115.39.  Stop is 112.00COST_JULY_10_2013

$DECK:  This stock has been strong ever since I thought to buy puts a few weeks ago.  We just broke out of a long term and short term downward trend line.  I like this stock long with a 15min entry.  Targets are 55.42, 57.19 and 59.97.  Stop is 53.00DECK_JULY_10_2013

$QCOM:  We are in a clear downward channel.  I like an entry on a close below 58.86 or if you want to be aggressive, take a 15min short entry.  Target 1 is 57.36.  T2 is 56.56.  Stop is 60.40.  Careful on this one with the R/R ratio.QCOM_JULY_10_2013

$CELG:  I like this one long.  It looks strong and broke out of a short term downward trend line a few days ago.  This is a 15min entry with targets of 127.60 and 130.  The R/R ratio isn’t the best so watch out for this one as well.  CELG_JULY_10_2013

$XONE:  Pure speculation but this thing is so overly extended I can’t see how it wouldn’t have a pullback.  The only question is when.  Keep a close eye because it has a ways to fall.XONE_JULY_10_2013

$DMND:  This one just broke out from some long term resistance.  I like this one long on a 15min entry with a target of 24.19 followed by 26.38. Stop is 20.95DMND_JULY_10_2013

Best of luck with all of your trades and positions!