Watchlist weekly wrapup - Mar 28

28-Mar-08
Symbol	Comments (based on 3 Month daily chart)
AAPL	filled gap on daily, encountering overhead resistance at 145
ABX	massive unimpeded selloff as institutions abandon precious metals, encountering overhead resistance at 45
ACH	found support at 35 with renewed institutional interest but on light accumulation volume
AIG	downtrend continues with overhead resistance of the 30MA
AMX	moving sideways with support of 30MA
AMZN	moved up thru 30MA to resistance at 75, pulled back to 30MA
AVB	strong m,ove up thru 30MA making a higher high, pulled back to 30MA
AZO	sideways around 30MA, made a lower high
BEN	moved up thru 30MA to resistance at 105, pulled back to 30MA
BG	big downward move with rest of market and restatemet of Sales, finding support at 90
BIDU	selloff made lower low, moved back up to 30MA
BNI	making higher highs in spite of overall market, pullbaclk to 30MA underway
CAT	making higher highs in spite of overall market
CB	selloff fpund support at 49, consolidation underway below 30MA
CF	lower low, below 30MA
COH	strong move up off of base thru 30MA to overhead resistance of 33, pulled back thru 30MA to support at 29
CROX	downtrend
DE	lost the 30MA on strong volume, support at 80 and overhead resistance at 30MA
DRYS	downtrend seemed to find support at 55, move back up to 30MA stalled
FCX	moved lower thru 30MA to support of 85 with general commodity selloff, bounced back to 30MA making a lower high
FSLR	moving up on renewed institutional interest, encountereing overhead resistance at 230
GLD	hit 100 and then sold off thru 30MA, made a lower high, looking for support
GOOG	downtrend moved up to overhead resistance of 30MA
GRMN	bottoming out at 55 with some institutional accumulation getting started, encountering overhead resistance of 30MA
HOV	moved up thru 30MA to overhead resistance of 13, pulled bacl to 30MA, institutional accum continues
HPQ	sideways movement cut thru 30MA
IBM	established higher high then pulled back to 30MA
JASO	quick move up thru 30MA with renewed institutional interest
LEH	downtrend pausing at support of 37
LVS	downtrend
MA	punched thru 30MA and overhead res of 210, bullish technicals, higher highs
MCD	basing just above a sideways moving 30MA
MMM	basing just below a sideways moving 30MA
MON	strong move up pushed thru 30MA, basing just above a sideways 30MA on light volume, EARNINGS!
MTD	downtrend
NIHD	downtrend
NOK	downtrend
NRG	reversal moved down tru 30MA to support at 37.50
NVDA	downtrend found a bottom at 17.50, encountering overhead resistance of 30MA
PCAR	higher high with pullback to 30MA
POT	enountering overhead res at 165
RIMM	bounced of of 30MA to make a higher high, EARNINGS!
SKX	lost 30MA, at support at 19, lower high
SNDK	downtrend
TSO	downtrend
VIP	downtrend
VSEA	downtrend
WCG	basing
WFR	big move down cracked 30MA, big volume selling
XOM	consolidating around 30MA
DBA	big sell off
DIA	moved up thru 30MA
EFA	moved up thru 30MA
EWH	overhead resistance at 30MA
EWJ	moved up thru 30MA
EWT	big move up on strong volume then sellof to 30MA on volume strength
EWZ	downtrend pushed thru 30MA
IWM	pushed up thru 30MA on light volume, lower low, at support of 30MA
IYR	rapid move up thru 30MA to overhead res at 68, puooing back to 30MA
OIH	consolidating at 30MA
QQQQ	broke thru 30MA, pull back to 30MA
SMH	sideways, congestion at 30MA
SPY	lower lows
USO	sustained upward movement with pullback and bounce off of 30MA
XHB	triple top with pullback to 30MA
XLB	consolidating at 30MA on light vol
XLE	pullback to below 30MA
XLF	lower lows, lost the 30MA
XLI	moved up thru 30MA on light vol, encountering overhead resistance at 38
XLU	congestion below the 30MA, at support of 37.50

IWM finally cracks

A glorious day indeed with the IWM retacing to the 50% fibo! While I probably should have covered my short position going into the weekend, the big body red candle, trendline break, 50MA and 30MA breaks all convinced me that there is more downside room. The technical indicators continue to rollover so I'm still in. A little more volume would be nice on these down days but I like the steady decline of the various A/D indicators, showing that big money is moving out. Nice tight stops will keep my profit locked in, but I'm not in any hurry to get out. A full retracement to 64 would be just fine thank you.

IWM - the ongoing saga...

The IWM continues to be a bit fickle during intraday trading, but it ultimately finished the day by retracing to exactly a point of fibo, trendline, and 20MA support. A welcome move for the bears indeed, however, we now sit at a pretty significant support level. Volume is still quite light with just over 57 million shares trading today. On Balance Volume is about 1 Billion - it was 2.4 Billion on Oct 9 (the last white candle before rolling off of the highs). Offsetting the "support" issue is the fact that several technical indicators are rolling over and Historical Vol is at the highest its been since mid 2002. I'm hanging onto my puts for now and watching to see which way things move when we get some volume strength.

Free money from AAPL!

After the gap fill I like the short side of AAPL. Bought puts when it kissed the intraday downtrend and now looking at the fibo kiss for another set of puts.

IWM Setup for Mar 27

Nothing serious happened above the 70 so I stayed away from the short term long. The low volume kept me from adding to my PUT collection. I'm short LEH, IBM, and XLF as well - all quite profitable today. AAPL is my favorite stock to day trade - I love the big moves it makes and lately it has been quite predictable. I was in and out of Apr08 100c and 170p all day. Great day!

IWM setup for Mar 26

While the IWM fights with resistance at 70, it's clear break through the established trendline could mean a run for 72 is in order. The low volume on this trendline break makes it doubtful so I have opened a short position (long May08 80p). A significant break above the fibo at 70 will make me a short term buyer - out at 72 and then open more shorts.