Intraday Commentary ~ 04/12/2010

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FocalEquity
– April 12, 2010Posted in: Intraday Commentary, Stock and ETF Models

Idan Koren

2:21pm
After a very nice rally in WYNN… we are preparing to take this stock short. Looking at Fibonacci retracements $91 is going to be the 50% retrace of the whole downfall, I think wynn can find some strong resistance in the next upcoming days, and this is one of the stocks that will fall much faster than the market when it retraces:

2:06pm
GOOG is hitting up against my 572 resistance, if we can break it, I think google is ready to make another leg higher. GOOG is doing great with it’s nexus 1 phone so far, and its earnings are coming up this week. I think it might enjoy a nice rally, I bought some GOOG (small amount)  in preparation.

2:00pm
USO is about to test a triple bottom at $40.85, if we break that number on the 10 minute (close below it) I think it’s worth a short on as an intraday trade.

1:31pm
A correction in the market is very near. Looking at the SPY we are very close to ascending resistance, and even though we might touch resistance and then rally a little bit more to touch it again higher, I think starting to think, which stocks are worth shorting is the right way to go about it. The 1210-1230 range is going to be key.

12:56pm
I plan to go short AAPL at 248-249 with at least 500 shares. AAPL is extremely extended but my fib projections show that AAPL could reach the 248-249 before falling back down. That said, we still have the ascending support that has held it for about 2 months, if that breaks we might see a correction in the stock before the 248.

12:53pm
Ford might be ready to fall back down. After it broke down double top support, it’s now retracing it in a bear flag manner… might be worth a short with a stop right over the 12.85-12.90 range.

12:22pm
FSLR is up already 5 points from my entry on friday at 124… today we are confirming the fact that friday’s down day was only a retrace of the breakout and that we’re going much higher. Assuming we can make more headway up above the 142-144 range, I think this is a double.

12:20pm
GS has been consolidating over the last two days after it broke out of it’s massive inverse H&S formation. Guess what, this is a great long entry with a tight stop right below the neckline at 177.

Daniel Shporin

10:46

I scalped 1 point in soybeans on the short side.  It approached last week’s high though, a breakout may mean bullish activity in the grains this week.  But I am done for today, good day to begin the week.  The nat gas stop out cost me some profit, but that’s trading.  Oil’s clean gap fill was a textbook trade to make as we gapped down to test last week’s low and immediately saw a green candle off the open.  Long with a stop below the low, and you could even still be holding if you chose to–who knows, it could be the low of the week, the trend is up in oil.  But I’m not making that call, just saying it’s a possibility.  Take care!

9:44

I took my profits on oil and I am out.  We are right at the pivot and Friday’s close.  I think we’ll burst through this and head higher, but I took a stop-out on nat gas, so I won’t push gains here.

Oh and with the VIX at 15.63, the /nq breaking above 2000 overnight, and the /es getting mighty close to 1200, I’m staying out of the stock market indices today.

9:14

I am long oil here as we gapped down to test last week’s low and had consencutive green candles to start the day.  My stop is below the low of today (84.19), and I’m looking to take profits around $85.

12:00am
FSLR (mentioned friday) to me looks like a stock that could grow a lot in the next month to a year. People that know me well, know that i have a short term portfolio that is hedging a longer term portfolio. Well FSLR will be one of those stocks that i would add to my longer term:

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