Watchlist 08/01/11

$SINA (Internet, 1.94) Still bottoming out here…though I feel like today was not all that constructive.  The stock didn’t rally with the rest of the market, then proceeded to finish down 1.3%.  I have designated 104 as the price I’m going to focus on.  $SINA was supposed to report earnings today (8/1), but I can’t find any news…then I have read on the Stocktwits stream that they are reporting on Thursday, 8/4.  Like I said in my first post about $SINA: while seemingly legit, it is a Chinese stock…so plan accordingly.

$SINA 08/01/11

$CVX (Energy, 1.54) Humm.  I do not like sharp price movement around where I’m looking to buy (what I refer to as the “sweet spot”).  Today’s advance was much too ‘sharp’ for my preference, so I’m going to sit back and watch.  The possibility exists where I’m going to miss a move back to 108-109.  Today $CVX was one of the strongest energy stocks that I’m following, so I could see that relative strength continuing if we rally.  Even still, for me to be comfortable starting a position, I would need to see $CVX pull back to the low 104’s.  I’m taking this one off watch for now.

$CVX 08/01/11

$CAG (Food and Beverage, 1.43) $CAG closed beneath the lower Bollinger Band (20,2) today.  As a result, I’m removing it from my watch list.

$KO (Food and Beverage, 1.43) Coke has been trading around the 3 month EMA since late May.  Over that time, the moving average has served as support and resistance on multiple occasions.  Today, prices were drawn to it once again…this time the average served as support.  So, what would make me a buyer?  Answer: continued support above the 63 EMA, a reduction in volume along with pricing indecision represented by a “doji”.

$KO 08/01/11

$SLE (Food and Beverage, 1.43) Mass producer of shit that tastes real good but with absolutely no basis in sound nutrition.  Nevertheless, I like how this one has essentially shrugged off the weak market over the past week.  Yes, the price of the stock hasn’t exactly been doing wonderful things.  19 stuck once again today, with a ton of volume on the candle where price briefly traded below 19.  Buyers seem to really want to defend that price.  I think this is valuable information as it gives confidence to put on a trade with a risk tolerance down into the 18.5-18.7 range.  I like it.

$SLE 08/01/11

$D (Utilities, 1.16) I like it here.  Target: 50, max pain: 47.50.

$D 08/01/11

$ACAS (Financial Services, 0.66) I spoke about this one on Friday night, and it held up quite well today…gaining over 3.5%.  Unfortunately, much like my observation earlier with $CVX, I don’t like this kind of drastic price advance right out of the sweet spot.  You could also translate that to: “shit, I missed this one”.  Either way, I’ll be watching to see what happens, but I’m taking it off the primary watch list for now.

$ACAS 08/01/11

$FCX (Metals and Mining, 0.60) 53 is the price I’m watching along with the 63 EMA and lower BB…they are all in play just below where Freeport is trading.  All three were tested for the second consecutive session and they all held as support.  One of my favorite bloggers, chessNwine, uses $FCX as a bellwether for market health. If it can hold this area of triple support, I like it (and the prospects for the market) moving forward.

$FCX 08/01/11

$KGC (Metals and Mining, 0.60) Gold (and silver) stocks seem to behave differently than other stocks, so I have less confidence in my pattern recognition when it comes to names in these industries.  Still, this looks like a great time to get into $KGC.  Target: high 17’s, max pain: <16

$KGC 08/01/11

$VALE (Metals and Mining, 0.60) What can I say, this is producing some nice setups right now.  I wouldn’t want to get too overweight in it (metals and mining), but I like the look of all three here…so it’s basically “take your pick”.  Target: 33.50, max pain: a close <32

$VALE 08/01/11

As always, please feel free to follow me on Stocktwits for blog and position updates throughout the day.

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