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Trade Ideas for the Week

Posted on February 16, 2009 by Adam

Good evening, traders.

As we gear up for the start of the trading week, I was going through some charts to look for setups. Last week we saw a lot of strength among the refiners and technology. We saw weakness in the REITs, and the rest was meh.

I won’t be around to trade tomorrow - instead I will be using stop loss orders to keep my account from going belly up while I’m gone.

In terms of positioning, I am skewed to the long side here, but I’m starting to regret that now. S&P futures have traded down to 808.25, nearly 13 points beneath where we closed on Friday. It will be interesting to see how tomorrow plays out - oh wait I won’t be here.

If you remember, last week we went on a sell signal, so keep that in your head when placing bullish trades. However, the NYSE Bullish Percent still reads bull confirmed, which has me bullish until it changes.

Without further adieu, a watchlist of ticker symbols for this week:

Bullish

Upward Trends to Buy Into: EPE, FTO, HES, HOC, TSO,  SGP, SPW, SYNA, ARO, CECO, EQT, GES

Flags: ADVS, AXE, CI, TNB, IDCC

Inverse Head and Shoulders: BIDU

Potential Breakouts: THRX, CYH

Cup and Handle: RCII

Touch and Go: FMC

Triangles: LMDIA, HANS, ASML

Double Bottom: PHG

Bearish

Potential Breakdowns: SVU, WYNN, BXP, CNW, FRT, VZ, CRM, SPG, TD, TMK

Descending Triangles: ESV, CVX, JNJ

Symmetrical Triangles: CRI, LFC, MASI

Flag: AFL

Double Tops: ORLY, PCG, RGLD, SUN, VRX, ACN

Happy Trading