It’s been hard to find good long setups since Friday, and a lot of the past couple days’ activity felt like a mass headfake. I went into 100% cash this morning and sat out the rest of the day.
This past evening, I perused through about 200 of my closest charts, looking for easy-to-spot long setups. Being a part-timer, I stick to trading equities long to keep it simple. But I’ll still point out the occasional short setups as I see them, like the rising wedge in GMCR’s post-gap action, and the double-top with volume support in NFLX.
As for the longs, I found a few pushing to pop resistance, turning around from a gap down, or still riding a nice uptrend. I’ll be watching their action over the next few days for entry.
To follow up on the last post, LAVA broke resistance and has quickly settled back, but the potential is still there if it stays above 6.84. PAET is still rising strong, but may take a breather at the 50% retracement of 3.72 for a few days.
Good luck this week, cheers!
Long Watch: NKE, NOVL, USA, ABAT, CZZ, LIZ, MPEL, QTM, VVTV, LULU, PAET & LAVA.
Short Watch: GMCR, NFLX.
