xpertstocktrader: Free stock picks for 02/22/2012

Free stock picks for 02/22/2012

Dear traders,

If we look at weekly and daily SPY chart we can see that uptrend channel still hold. On the weekly chart we can see that previous high is here and because of that al options are open. When I scan for individual names I always follow: pace, volume, support area, resistance area etc. If I will see that chart don’t have room until resistance for good long trade I will avoid that chart, despite how good can be pattern. If chart will test previous resistance first time then odds that resistance will hold is bigger. Of course nothing is 100% sure, but I just try to describe kind of risk what we have for long trades. Despite of that individual chart could go with own way, but this time they could be without market help. On the other side there is no any selling signal on SPY charts. If we look at QQQ and DIA monthly chart we can see that both closed above previous high (DIA closed slightly above, but still above) and look ready for new highs and because of that at this moment I won’t count with any big selling (unless some bad news come out). On the SPY daily chart we can see that 10/20sma is trend support area and that will stay in focus. Until QQQ will stay above 10sma and DIA/SPY above 20sma up channel will hold short trades will be without market help. This kind of action what we can see on the SPY daily chart increase possibility for sharp intraday pull back, or gap down open at moving average support. We had something like that before 5 days when SPY was open with bull trap. Because of that smallest risk will be on smaller time frames so please keep that in mind. My advice is to trade with less risk and less number of trades. Without pattern setup for my style will be always higher risk.

I hope that my English is not reason that something is unclear, but if something it is, it will be my pleasure if I will answer on any email with question.

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