Below is the text from our weekly journal last weekend so you can kind'a see our strategy for the intermediate term trades. We keep a group of stocks that are in an uptrend (defined by their 7dma above their 50dma) and follow this buying off support (making a new daily high after hitting support) or breaking a recent high, and selling at predetermined resistance points or trailing stop.
This coming (past) weeks strategy.....
APOL hit support Wednesday and alerted a buy on Friday at 41.01, it dropped back to close at 40.22 so the jury is still out on this one. A stop should be set at 38.88.
CYTC also hit support Wednesday then alerted a buy Friday at 27.54.
DLX hit support and has potential Monday at 34.67.
GDT broke-out Tuesday, stopped out Wednesday then broke-out again Friday. Stop here would be about 39.25.
JNJ alerted Monday and kept going, stop should be set just below Friday's low at about 57.55.
PDCO hit support Thursday, may alert Monday if it breaks Friday's high.
PEP is hanging right at its 50-day moving average, it also could alert Monday if it breaks Friday's high. The beverage stocks have seemed to have lost some of their fizz, (COTT the other beverage stock was cut of this week). I'm hoping PEP can holdup, it is a well rounded company and defensive in nature.
ROST never hit support last week, it is looking more of a breakout at this point, if it can break 32. But, breaking 31.50 will more than likely indicate that 32 will go.
SLM alerted last Monday at 84.10 and went over 85 before slipping the rest of the week, stopping out at 83.28. It is again at support here so it has the potential of alerting Monday at 83.10.
WLP also alerted Monday at 107.18 and after a slightly higher high on Tuesday it came down hard Thursday stopping out at 105.68. It recovered a lot of ground Friday and potentially could alert Monday at 105.02. However, without some strength early this week, WLP will be close to being removed from the watchlist.
XTO who was sitting on support when we added it to the list last week. It alerted Tuesday at 16.75 hit 18 Wednesday before coming back down Thursday and stopping out Friday at 15.98. But as perverse as the market can be, XTO ended up closing Friday back above 17. Having tested support again, it would alert on Monday at 17.45.
In the new additions....
ATK was perfect on Thursday, and had one bought it then it would still be holding, I'd like to wait and see how it trades Monday, hoping that it still trades up but giving a lower alert price than one would get using Friday's high.
MHK, I'd like at 42, or if it breaks 45.
TJX is stuck between the channel right now (no-mans land), but it could potentially make a short term play it it breaks 36. |
