Stock pick for 04/11/2012
Dear traders,
Last two days our swings short improve and give us really nice gains. Some are closed and some are just protected because I think that we will see more correction in the future. If we look at indices daily time frame charts we can see that DIA and SPY closed with CCI under -200 what is oversold area and right now I don’t think that will be smart to take swing short trade, unless it is “own way” chart or if is with bigger stop. For today, after Tuesday trend day down with big volume) I will expect to see possible morning weakness and after that I will look for intraday long setup. That mean I will look for reversal signals (phoenix) on smaller time frames (5/15 min time frame) for day trade bounce because I think that we will have good odds for that if DIA will reach weekly 20sma support area ($126.50), SPY previous low from 03/06/2012 ($134.36) or QQQ weekly 10sma ($65.50 area). I like to note that focus will be on day trades unless I will find some good looking “own way” long chart.
We can expect to see consolidation day (usually after trend day) with more scalp sharp moves in both directions. Those who are not good with fast trades like me, I will advice to be patient and just wait some good opportunity. For me it could be very possible day without trading, but I can’t know that at this moment. I just try to describe what we can expect from today.
I hope all this have sense and if don’t please feel free to contact me and I will be happy to give additional explanation.
Wish you all great trading day!
Kind regards
Ivica Juracic
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