CAMARO’s Watchlist for 3/7/13
AAPL - Well AAPL today touched its 8ma and reversed lower right away in the morning. This 8ma line has proven itself to be a great spot to trade against. Tomorrow I think we crack under 420 and make new 52w lows, maybe down to 415ish level. I am looking for a gap down under 425 and then want to see it stayed pinned under 425. Today it tried cracking 425 a few times but overall held up well. Tomorrow we need extensions beneath 425 in first 15min. Very bearish on AAPL and the only way I will consider a long side trade on AAPL is if it can break above that 8ma which is at 435.
SFRX - Great breakout today above .03 as it closed at the highs off really good volume. Its in blue skies right now so as far as a target I think .08 is a good target for a multi-day hold. Why a multi-day hold? Well because look at the chart for 2013 so far. Slow grind up from .005 to .03.
SPY - Really believe that the markets are going to pullback some going into friday. There are just so many technical signs that Its hard for me to go long the S&P up at these levels. Today SPY for the 2nd day in a row closed above its upper BB line (bollinger bands). here is a chart showing recent times SPY has been outside the upper and lower bands. Also today SPY formed a shooting star which can be a sign of exhaustion. So SPY is at multi-year highs, above its upper BB line and today we had a shooting start candle. I like my chances going short SPY but I am prepared to take losses if she keeps on rolling upwards.
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