Markets are Overbought

Markets are in the overbought territory. NYMO and NAMO readings were over 50, which are considered overbought conditions. Markets could stay overbought though. The 4 day rally with a little over 4% got me looking to short SPY, at least short term.  Support and resistance at $131.41, 50 DMA and a declining trend line should be a good resistance at least for a couple of days. Looking for at least a pullback to 20DMA - $129 area on SPY which is short term support. Consolidation around 20DMA would be healthy if this market wants to run much higher. Today was the last day of the Qtr. markets have been struggling since May. Also with 3 day weekend I'm expecting people wouldn’t want to hold longs into the long weekend nor take new positions. Also Canada day is tomorrow expecting a slow grind lower with much lower volume.

AAPL 6.28.11

Just a quick update from yesterday's post and today's trade. Nothing majorly has changed on charts for me to take down the trade, $335-$340 is still resistance. Here are the updated Charts.

Long Jul1 330 Put; would look to add at around $338 and would stop out around $340. Weekly option move quick if we start to consolidate around $335 area I would exit weekly options and would look into July - Aug. AAPL is scheduled to reports earnings 7/19/11 would look to be completely out by then.

AAPL - ( Short Apple ) - 6.27.11

Looking to Short Apple (AAPL) at resistance from here through about $335, with a hard stop @ $340.

60 min P&F ATR 10 is at a double top at $332.08. $335.07 is a double top break out; which would provide a buy signal.

Daily P&F ATR 20 is on a sell signal. 3 box reversal is a normal price activity looking for retest of support at $311.85 with a possible breakdown.

60 min chart -  $333-$335 is the highest volume at price bar on chart. Looking  for it to provide price resistance at these levels. RSI is rolling volume and the Sell Volume has clearly picked up in the last hour of trading.

Sloping down 50ma @ $337.94 and $335 resistance. RSI is weak and looking to bounce off the black trend-line, same could be said with MACD and Stoch. 

FFIV - F5 Networks

Updates 5.30.11

Stopped out of the trade for break even.

Updated 5.24.11 

FFIV gapped up in the AM hit resistance against at the 10 day moving average and quickly sold off. A great short entry would have been on the failed bounce around $104.50 with the stop at the highs of the day. Overall markets were weak. Looking to cover some around $100, 50 daily ma.

Possible short term support $ 102 but a retest of at least $100 is very likely given the overall weak markets, and $100 being a big physiological number.  

5.23.11

Notes are on charts. With market weakness this might a good short opportunity. 

Valero Energy Corporation (NYSE)‎ $VLO 5.18.11

P&F and Daily Chart. Swing play with a stop @ 25.22. See Notes on Chart.

Updated Chart 5.23.11

Watch List for Monday - 03/28/2011

Brief recap from last week, biggest winner $CAR (10.91%) and $RES (8.90%), biggest looser $MAKO (-1.76%). Average percent gain from last week’s watch list is 4.38%

SPY, broke through the descending wedge on hourly chart this week, but on low volume, weekly volume in general was thin. I’m expecting a retest of the upper wedge trend line, around 131, or perhaps a 20ema test on hourly. 

Watch List for Monday - 03/21/2011

Watch List for Monday - 03/14/2011

My heart goes out to the people in Japan, it’s very unfortunate but it’s a fact. I’m expecting a quick turnaround but it will a tough struggle in the begging. God Bless!

Be careful trading breakouts this week, markets are still very choppy and with all the gloom and doom, I would not be surprised if we do pull back in the markets. … Egypt, Libya, Middle East’s geopolitical turmoil, crude... What’s next? Can Bernanke and POMO hold the markets?!?!

Watch List for Monday - 03/07/2011

Few that I'll be watching this week, if the volume is not there I simply wont trade. Position CASH is what I'll be long this week, unless markets picks up a clear direction. Don't get chopped up, lock gains and have a stop.