 |
|
 |
 |
|
Every trading day, the ShadowTrader Focus List provides you with detailed trading ideas that have defined entries, defined stops and defined targets. Each issue contains 2-5 plays daily with full chart annotation explaining the rationale behind the setup. Stocks that are in focus may contain new breakouts to 52 week highs or lows, trendline pivots, pullbacks to moving averages, strong consolidations that are "building up steam" for a future move, or other technical events that foreshadow impending price action.
Additionally, each issue of the ShadowTrader Focus List always includes "The Big Picture" which gives a heads up on key technical levels in the broad market and a short term bias outlook. ShadowTrader feels strongly that the highest probability of a trade moving in the desired direction happens when the entry is correlated with pivots in the broader market which provide added momentum.
Good Morning, Traders. First day of the week opened up with a rather bearish tone yesterday as the Dow lost 72.44, the S&P misplaced 11.40, and the Nasdaq Composite felt the sellers sting to the tune of a 19.54 loss. Internals were bearish under the hood with NYSE declining volume passing advancing volume by over four to one and almost three to one on the Nasdaq. Advancers trailed decliners by worse than 1300 on both exchanges, and the ShadowTrader Core Sector List was negative all around with Coal, Oil Services, and Natural Gas selling off the strongest. No major changes technically to the daily S&P, only to report that the aforementioned resistance points that we have been discussing all last week have been holding. The 1250-1260 S&P area just above us continues to be strong resistance as we have expected it to be. Yesterday, the S&P moved to 1256 within the first 15 minutes of trading and sold off from there never to look back. We will continue to monitor this resistance level closely during this trading week. Yesterday's close was back down below the opening level of 2006 for the S&P so we remain with a downward overall bias. Near-term bias is sideways.
For questions or comments regarding the ShadowTrader Focus List, email to focuslist@shadowtrader.net
|
IVGN - Invitrogen Corp.
Industry - Biotechnology
Side - Short
Trigger - 63.40
Stop - 64.60
Target - 60.00
Timeframe - multiweek
Notes
- Wedge formation, bearish pattern in a down market
- Recent topping tail on dailies
- Target is to near-term support area at 200ma on weeklies (not shown)
|
AET - Aetna
Industry - Insurance
Side - Short
Trigger - 38.19
Stop - 40.20
Target - 35.00-
Timeframe - multiweek
Notes
- Weekly $IUX (Insurace Index - not shown) is showing strong signs of weakening together with the rest of the market
- Stock was not able to recover from strong volume gap down in April of 2006
- Stop is just over 20ma daily (green), with an entry below the low of the bottoming tail hammer on 06/15
|
|
|
 |
 |
 |
 |
|
