By Inthemoneystocks on January 29th, 2010 5:28pm Eastern Time
Once again it promises to be volatile and wild week. Between earnings and economic news, the market sets up to give exactly what disciplined investors/swing traders need to profit.
Rules To Follow This Week
1. Due to the wild swings, be prepared to monitor the markets more closely than you may have in the past 6 months.
2. Break even stops are a must to protect once a play is in the money decently.
3. Taking half off the table to put some profits in your pocket is important.
4. Follow all the rules listed in the Rules of the Trade.
5. Any charts that have fallen harshly due to market conditions and NOT earnings or other negative news can be viewed as a short term long at these levels or slightly below. The best charts are those coming into gap fill, gap window, double bottom, 20, 50, 200 moving averages.
A List of Possible Plays With Current Prices (per Friday Jan 29th close)
X $44.43 = Price Now $48.05
STLD $15.18 = Price Now $16.36
PCU $26.63 = Price Now $29.40
UCO $10.41 = Price Now $11.73
USO $35.64 = Price Now $37.53
GLD $105.96 = Price Now $109.13
SMH $24.76 = Price Now $25.59
NEM $42.86 = Price Now $45.27
AUY $10.07 = Price Now $10.57
TAN $8.77 = Price Now $9.15
FSLR $113.30 = Price Now $117.37
JASO $4.30 = Price Now $4.86
VZ $29.42 = Price Now $29.73
GS $148.72 = Price Now $156.94
XOM $64.43 = Price Now 66.96
FCX $66.69 = Price Now $72.51
MOS $53.51 = Price Now $56.35
POT $99.35 = Price Now $104.46
GOOG $529.94 = Price Now $531.12
JRCC $15.65 = Price Now $16.32
*Every stock posted in the Hot Charts & Alerts as a Bullish play into major support has run higher. 100% Accuracy on this Alert!
All these stocks are at or near major support. A bounce is likely on all of them. Note how most of these are dollar related. We will revisit these prices on or before Friday and compare. Most if not all are expected to have bounced by Friday.
"It is rare when so many charts are coming into such major support points like the 200ma or a major double bottom, gap fill, other. While the market has gone into a free fall, nothing goes straight down. Look for either a gap down tomorrow, in which case I will be buying like crazy or look for a fade at some point during the day to setup for a nice accumulating of these plays to begin. With XOM earnings tomorrow morning, the markets will likely get a direction right away. Ideally, I would love a gap down though I am not sure it will happen. Either way, tomorrow I will begin accumulating the above mentioned plays at appropriate levels. At or below these current prices seems very attractive. Many of these plays could jump 5-10% on just a two or three day bounce. The key will be finding the correct entry, once in the money, break even stops and take some off the table. 2010 has started off on the right foot, now let's keep it that way!"
Quote Of The Night
Chief Market Strategist Gareth Soloway
The Hot Charts & Alerts are part of the Research Center!
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