Sunday, June 23, 2013

Trade setups for this week (SPX, AAPL, GOOG, CMG, VPCO)

Hello Traders,

 Looking forward to this next week's trading setups. Check below for me detail.

 SPX - 
The spx has moved its way out of the up trend and broke below 1600, we could see more selling pressure to the down side with support being in the 1550 area where we spent a lot of time in that range.

Apple's huge down move the past 3 days has lead to put profits! On the other hand could we be setting up for a short term bounce? With the overall markets week at the moment and heavy selling we could also see a short term bounce with short covering mixed in. Above is apple Friday intraday chart. As you can see it formed a nice wedge pattern with increasing buy volume end of day. If we get a gap up and move we could see 418 test which I will look for calls on that move. On the other hand if Apple gaps down and holds, we could still see an apple blood bath and see further down side, which puts will be in play. Just watch and see.


I am very interested in this chart setup on GOOG. If you take a look at GOOG weekly chary you can see the uptrend is still in tack and we could potential see a new high on GOOG in the near term. Looking at fridays intraday action you can see the accumulation of buying in the channel with a break above that channel end of day. Will be looking for Call's tomorrow if this continues with a target of 890. The help of a market bounce will only further accelerate this.

CMG - 
Still watching CMG setup for a breakout above the high, the wedge formation looks great, although if we get a strong sell and close below that uptrend line will cancel the overall trend for now.

I like VPCO, with all the hype around e-cig's this is still a great play to look forward to. After the run up there was a lot of profit taking which brought it back to the .84ish intial break out area with a nice bounce. Will look to see if it can hold above 1.00 and continue its bounce. I will only look to swing this with small size for a quick scalp.

No comments :

Post a Comment