February 11th 2008
Trading Ideas for 2/11
My personal bias is still bearish. I think we have more to drop, but I would like to see the general market consolidate. There are some interesting patterns forming in the weekly time frame. These negative, longer-term price patterns affirm my bearish outlook.
Breaking down through support here would be significant as price will pierce the daily 200 SMA as well as the weekly 50 SMA.
A symmetrical triangle. Technically, it could go either way, but the head and shoulders pattern formed over the September to January time frame and the overall general market leads me to believe we’ll see lower prices.
I could go either way on PCAR. The daily chart looks like a double bottom where a bounce gives me a target of 47. The longer term weekly chart is a bear flag.
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6 Comments »
jb on 11 Feb 2008 at 4:56 am #
Hi,
I like your site with your sharing trading strategies and possible watchlist candidates.
For a possible long might look at TEVA (daily PP).
Jonathan on 11 Feb 2008 at 11:00 am #
Hi JB, thanks for stopping by. I’ll take a look at TEVA this evening when I do my scanning. Thanks for the feedback!
Rule One Investing on 11 Feb 2008 at 12:24 pm #
Hey.
I ran some numbers quickly and came up with these two comments….
I’d say PCAR is highly overpriced and NTGR is underpriced…
Just my 2 cents.
Jonathan on 11 Feb 2008 at 7:16 pm #
Hi Rule One Investing.
I don’t look too much at fundamentals. I have an account set aside where I trade some CANSLIM-ish strategies, but I live and die by technicals. Thanks for sharing.
Rule One Investing on 12 Feb 2008 at 8:56 am #
I’ve been wondering how many people rely solely on technicals. I’ve always thought that i’d be 100% possible… tricky and difficult but possible.
I added you to my rss feed and keep on reading.
Jonathan on 12 Feb 2008 at 12:19 pm #
Thanks for the add!