Sell some SHLD here, pick some up on pullback

SHLD has had a nice run since my first post from 167 to a little over 188 now. I'd take some gains right here and wait for a pullback for re-entry. Looking at the stochastics and RSI, the stock looks a little vulnerable here and it's better to take some profits than watch them disappear.

A Ton of Set Ups

Look at FNSR, CTRN, CTXS; They are all great setups, the kind that could lead the market higher.

I've already written about FNSR.

CTRN is consolidating coming down off of the jump it took after earnings. It is in a bullish consolidation pattern and I'm watching for a breakout before buying. If the breakout does not materialize then look for it to come back down to the 50 sma after filling the gap it set after earnings.

CTXS jumped after earnings like CTRN. It has consolidated it's gains and is looking like it will head higher in the weeks ahead. Right now it's in a sideways consolidation pattern with the bollinger bands coming in to squeeze the price action. Better news: The 50 sma is rising underneath the action to support it and take the stock above the 200 sma very soon.

That's all I have right this second. I'll be back in a bit.

Trade FNSR

FNSR is there for the taking. It has broken above its 50 sma and has been sitting on it today. The 200 sma is just waiting to be hit and that's a good 4.5 percent in a short amount of time if it stops its run at the 200 sma. If it fills the gap it set back in December, it has room up to 3.70. That's almost a full ten percent in around a month. I don't have a problem with free money, neither should you. Do youself a favor and trade FNSR.

Reading on the Holiday

I'd suggest reading this article about David Swensen, money manager for the Yale Endowment. Very fascinating, very educational.

Here's the link: http://www.nytimes.com/2007/02/18/business/yourmoney/18swensen.html?_r=1&ref=business&oref=slogin

Another Leg Up in SHLD

My first pick SHLD, is on its way up, as this week it made a higher low and broke out of its consolidation range. It is currently trading at 187.26 and is riding its upper bollinger to higher prices.

I just got back from touring B of A and Wachovia in Charlotte, so you'll have to bear with me as I try and get with it here.

I'll post more later.

Picks and Pans

All three stocks I mentioned yesterday are continuing their run. IRL, HOLX, and NMX (which recieved an upgrade this morning from JP Morgan) all are up in the face of a neutral market.

CAT is up around 2 percent today after it announced a 7.5 billion dollar buyback plan over the next five years.
To read more visit http://www.thestreet.com/_dm/newsanalysis/manufacturing/10339107.html .

Another link worth mentioning is http://money.cnn.com/2007/02/14/news/companies/berkshire.reut/index.htm?postversion=2007021419 . In this article cnnmoney.com talks about Berkshire's recent updates to their portfolio including a new addition.

That's it for me right now.

Ireland's Big Break

IRL, a closed end fund that invests in Irish companies has broken out of a large consolidation pattern. It actually happened yesterday and it was to my detriment that I missed this yesterday because it's run pretty well today. However I think it has more to go considering how large the consolidation was and the fact that these foreign funds get bid up pretty quick. I think it should be bought here in bulk because these emerging markets funds always tend to get overbid. The next resistance looks like around 37, it's all time high. I think it should have a relatively easy run up there.

Big Move in the Transports

A huge sector move in the transports is leading the market today along with the Nasdaq. FDX, CSX, YRCW all are experiencing big action. A look at the chart IYT, the ishares transport etf, shows a few consolidation patterns with multiple breakouts. Resulting from this action has been a 81 to 92 move in two months! That's a 13.5% move. I think the near term move is about over right now with many stocks at the top of their bollingers and getting overbought. I'd look for a little consolidation and pullback before getting into these.

I'll be back later.

Bouncing for Two Days

All the major averages are bouncing up for the second day now. There looks to be some good oppurtunity to get long some individual names although i'm a bit wary of the indices.

GRMN reported great numbers and is up 10 percent this morning. I had an order about to be placed last night after hours and then I decided against the risk. Not feeling to good about that one this morning.

The reaction to DE earnings was very positive. The stock is up 7 percent this morning. That makes two that I missed out on.

HOLX who went significantly higher after earnings earlier this year had been consolidating until this morning where it looks to have broken out of consolidation and move higher. I'm in this stock currently.

NMX looks to have found support on its 50 sma. Thats another higher low for the stock and i'm looking to get in at the best price today.

Oh yeah, did I mention that PALM is now touching its 200 sma. I think i mentioned that before, haha. There are many nice little trades that go on like this where the stock once crossing its 50 sma just gravitates towards its 200 sma. In fact, NVDA just did this last week! Hopefully I can find some more of them to share.

There's a few other things happening today that are worth mentioning.
For those I will point you to thestreet.com as I gotta go!

Palm Running Higher

PALM, in spite of the broad market, is currently up almost 4 percent for the day. I believe it will run for perhaps the rest of the day or one more day. The 200 sma should stop the run however as it is currently moving downward and will provide tough resitance for the stock.

Otherwise, the broad averages are meandering around with the Nasdaq currently down around 10, Dow down around 15 and the S&P down around 3.

Back Again Part Three

I'm back ready to give this blog another go. I've had a few things come up and involvement in some organizations has limited my time but I view this as important enough to work in. For this entry I'm looking at the coming week, which seems to be very promising for the active trader.

Blue Nile (NILE) and Priceline (PCLN) report tomorrow but besides that I don't have many reports I'll be watching.

As for a few charts:

PALM is making higher highs and lower lows both in price and rsi. RSI broke out of its range that it had previously established as well (30-60). It's also not filled a recent gap from back in November. I'm looking at probably .75 or around 5 percent move up to its 200 sma as a trade.

FIG will probably be rather volatile after its IPO on friday. If the action is monitored closely and nothing is bought all at once, there could be some profit in it.

FXI is coming back down to touch its 50 sma for the second time in a month at around 103.30 ish. You could buy it off the 50 sma, however be very watchful of indicators such as bollinger bands if there is any break of the 50 sma. I'd probably wait for a break out either way (down or up) before I bought. Either way, the consolidation pattern is huge and could bring with it huge implications on the stocks future movment.

Oh by the way, looking back at my first call SHLD, its outperformed all the averages about 3 to 1 (7.5% to 2.5%) since my call. Not too shabby. Friday it tried to break out of consolidation but was brought down with the afternoon market downturn. Did not close where it needed to. So the consolidation continues it looks like.

That's it for right now, i'm looking forward to the week and i'll try to keep this updated.