Evening Scans

B

Brandonf

Sponsor
This weekend the leaders of the "Coalition of the Willing" have been meeting in the Azores to try to find a solution to the Iraq crisis. It looks as though we are with in a few days of an end game to this situation, which should free the market up to move- one way or the other. B-1's have been softening targets inside Iraq for several days, and US and British Special Forces have been advancing on key dams and bridges along Iraq's major rivers.

On Thursday the major market indexes had their widest range day of the year on the heaviest volume of the year. The fact that the markets gains have thus far held is a positive sign. Markets do not move in straight lines, periods of rest are required. This weekend as I scanned I was looking for the stocks that have behaved well over the last several months. Below you will find a list of these stocks that also have nice intraday and daily price patterns for continued movement higher.

ADVP
ANF
GILD
INTU
MEDI
DISH
CECO

Brandon
 
All of these are moving very well with the market with the exception of MEDI. Very nice setups. I would lock in some profits and start to use trailing stops.

Brandon
 
Congrats to everyone who was able to profit in the market today. The scans I gave here where a great place to start, but the market offered a lot of opportunity across the board.

Going into tomorrow I really do not have a lot I am looking at. Over the last 3 days we have seen a huge volatility explosion that will likely need to correct itself. That will most likely mean sideways, back and forth scalpish choppy markets. So, that being the case the best advice I can give is to trade small, if at all, and with fast fingers.

Brandon
 
While yesterday we saw the relief of a waiting game finally coming to a head, today we had the wait and see of the Federal Reserve and a 48 hour war deadline. All in all I thought the market held up very well. Internals were very good, volume not bad and we held in the top part of yesterdays range. All of these are good signs. That said volatility is mean reverting, the market does not move in a straight line so we are, I believe, due for some rest. That would likely come in the form of a choppy, less trendy market and purhaps a pullback, though right now there is not much to indicate that yet.

I would not trade aggressively until the war actually starts, but there are some nice setups. Mostly things that are have been basing nicely and forming good 15 minute bullflags. A few names to look at.


NVLS
NTAP
QQQ
SPY
PCAR
APCC
PAYX
LLTC
FISV

Good luck,
Brandon
 
Brandon, those are some nice looking technical setups*. I'm curious, do you ever listed stocks? I find it a lot "safer" holding listed stocks overnight. Love them or hate them, specialists are often a good buffer between a good loss and ripped-my-heart-out loss.

* of course, in the kind of market the last few days, I wouldn't attribute the stock's movement as much to the setups as I would to the market itself.
 
Quote from alfonso:

Brandon, those are some nice looking technical setups*. I'm curious, do you ever listed stocks? I find it a lot "safer" holding listed stocks overnight. Love them or hate them, specialists are often a good buffer between a good loss and ripped-my-heart-out loss.

* of course, in the kind of market the last few days, I wouldn't attribute the stock's movement as much to the setups as I would to the market itself.
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I trade them pretty often if the DOW is the days strongest index (either up or down).

Today I havent really done anything (1 trade all day). Just waiting for the bombs to drop.

Brandon
 
On Sunday night I sent an email out to all members and trial members advicing them to take long positions in the QQQ above 25.75 and the BBH above 92. As I know some of our trial members came from ET and a few have expired today will just put this out there. Should be locking in profits on these positions and start to trail stops out behind prior days lows from now on. We have a nice padding in here, so I am comfortable to hold some, but definatly want to take some gains off.

Brandon
 
Looking at the action today, and the indexes after the close I began to scan this evening looking for buying opportunities in stocks. I was suprised that I really did not find many, in fact the best setups I have found are on the short side. Usually if the market decides to talk its a good idea to listen. Here are a list of some stocks to watch for tomorrow.

c
pfe
xom
ibm
ebay
hal
sbux
dd
mdt
nke
mkc
agn

Good luck,
Brandon
 
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