Still a sluggish market despite the repetitive dip-buying. But of late, the dip buying is more out of the need for damage control' then actually moving the market significantly higher. With five long positions in total right now, I am a bit weary of adding additional long exposure here, but would rather focus on managing my current positions.
My favorite setup on the entire list though is Bank of America (BAC). The stock broke out a few days ago, and I wasn't able to get in it then, but now it has pulled back three straight days.
The original breakout was at $11.98 so if you can get close to that and use a stop-loss of $11.64, the setup should then offer a nice risk/reward setup for you.
Ixia (XXIA) has some potential there too, as it bull-flags near the highs, and above the 10-day moving average. My initial though is that this stock isn't done moving higher.
Finally J.C. Penney (JCP) continues to find strength off of the rising trend-lines off of the November lows. Today, despite dipping lower initially, buyers have come in and supported the stock, which is a very good sign.
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>
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