The markets has a slightly down following a three day rally that took the S&P above the 930 level. Losses were paired today by gains in Oil as it rose nearly 4% as (OIH) saw significant volume today. Again, I don't mean to harp on all the investigations, but apparently Madoff tried to transfer assets after an account freeze order by a federal judge. I can't get over how stupid he is for attempting this, but I guess when desperation calls for it, people do crazy things.
First, taking a look at the S&P, we can see that we didn't fall down to the 897 level where I would have closed out all of my puts. Still, the harmani cross that was formed today with the candlesticks leads me to think there may be a little more downside here tomorrow. However, being the safe trader that I am, I moved down my stops into a very small profit range to protect myself.
Earlier I mentioned (OIH). As you can see in the chart there was huge volume in this one today as it broke it's 50-day moving average. I am going to wait for a small pull back on this one before I think about going long. Notice that we have almost gone straight up from $66 to $82 and you can almost bet that there will be come profit taking here soon.
Finally, I want to go over some idea I got from fellow traders. (PFE) is a good looking short call with a nice candle pattern today as it hit its Fib resistance level in orange. If it moves below it's 200-day moving average I would consider a short down to around $16.75.
(FSLR) is always a favorite of everyone for some reason. Here you can see that it's making its way to the Fib retracement level at $170 but has begun to stall out a bit, and rightfully so after a run from a low of nearly $87. I think this stock is going to be a great short play later on in the week as I am waiting for it to form a bearish candle pattern first.
Finally, let's look at (CLNE). A bunch of people have emailed me about this one lately. Now this is a great looking short play. Hopefully everyone didn't short it on Friday last week as it made another 13% run up today alone. Looking at the chart you can see that it hit is Fib retracement level almost perfectly today and has run up over 100% since it's lows in November. My one concern is the volume today (over 1.1 Million shares). So, let's all wait for a bearish pattern to form before we jump in hands over feet. If this breaks, it's still going to have plenty of room to move and plenty of time to get in and make a profit.
Thanks for all the great stock ideas these past couple of days everyone! Keep 'em coming!
