Action Points

I've added a "Pivot Calculator" to the blog. It's located at the bottom of the home page. I know pivots can be determined several different ways, but I've included a couple of examples below in how I prefer to use it. The calculator can be used for any security in any time frame. I tend to stick with the daily & weekly for the S&P 500 & NDX 100. I hope to add some improvements to it in the next couple of months. Support Resistance

I use the following scans to find short setups. They are all based on "Moving Averages." After I run the scan, I scroll over them using a 8 year weekly chart. Patterns are much easier to spot when you stretch the chart out. It also reduces the noise you get when you look at the shorter time frames. I use the scanning software provided by stockcharts.com . Short Scan #1 [type = stock] and [country = us] and [daily close >= 5] and [daily volume >= 100000] and [daily close >= daily sma(50,daily close)] and [daily close >= daily sma(200,daily close)] and [daily close >= daily sma(20,daily close)] Short Scan #2 [type = stock] and [country = us] and [daily close >= 8] and [daily volume >= 100000] and [daily high >= daily sma(20,daily close)] and [daily high >= daily sma(200,daily close)] and [daily close Short Scan #3 [type = stock] and [country = us] and [daily high >= daily sma(10,daily close)] and [daily high = 100000] and [daily high = dai...

I've included some market breadth & sentiment charts I follow in the weekend update. I also added a few new and fresh setups to the watch list. Since it's likely going to be another slow and boring week, anything I do will be small with tight stops. The fireworks / volatility should be back next week. I'm going to be adding more educational content over the next couple of days including scans. SpreadSheet

Breakout Setups (Click on Symbol for Annotated Chart) HEV Ener1 ZLC Zale Corp XTXI Crosstex Energy ORBK Orbotech RRI Reliant Energy IVN Ivanhoe Mines LEE Lee Enterprises XIN Xinyuan Real Estate IBNK Integra Bank ES Energy Solutions BC Brunswick GOL Gol Linhas Aereas OPNT OPNET Technologies SEAC SeaChange TSYS TeleCommunication Systems EBHI Eddie Bauer Holdings KIRK Kirkland's ACAS American Capital GKK Gramercy Capital XJT ExpressJet Holdings MEG Media General Short Setups (Click on Symbol for Annotated Chart) AUXL Auxillium Pharma VIVO Meridian Bioscience CALM Cal-Maine Foods KGC Kinross Gold PAYX Paychex ITT ITT Industries LMT Lockheed Martin ORH Odyssey RE Holdings AGG Lehman Bond Fund iShares ORLY O'Reilly Automotive HCC HCC Insurance Holdings MVL Marvel Enterprises MYGN Myriad Genetics UL Unilever NEM Newmont Mining RYAAY Ryanair Holdings RATE BankRate NLY Annaly Capital Mgt CMN Cantel Medical HEI Heico CEF Central Fund of Canada CM...

I have about 1800 charts annotated and stored at stockcharts.com. As you can imagine, it takes an enormous effort to keep them all up to date. With the market volume likely to shrink the next couple of weeks, I'm taking it as an opportunity to get everything current. Unfortunately, I haven't had the time to go over my scans so I don't have a lot of new setups, and I'm not going to be able to post all the charts I normally do. I have, however, attached a SpreadSheet with the "Short Setups" I'll be watching during the week. I've included the price level with an objective and low risk stop loss. If I find the time, I'll post some long / breakout setups early in the week. I'll use Twitter thoughout the week to give the new folks an idea how I trade. If you're interested in knowing when a new post is made, I encourage everyone to sign up for the email alerts. ShortSetups

I posted a few "Intraday Setups" that are aggressive and suited more for the short term traders. If discipline is maintained with tight but objective stops, I feel they offer sufficient risk vs. reward. As illustrated on the Index Charts posted, the S&P and Gold both closed at resistance while the Dollar finished the day at strong support, which indicates to me the market is likely to be under some pressure in the short term. However, the sentiment indicator I follow looks the same now as it did this weekend so my enthusiasm is somewhat tempered. Until it changes, I'll continue to focus on trading around key S/R levels with tight stops.

I've scrolled through thousands of charts over the weekend, and I'm still seeing way more short setups as opposed to clear and objective long setups. The 50 Day Moving Average is starting to "catch up" to many of the bounce setups we've had during the past month, which eliminates their explosive potential. Once the 50 Day gets under the price and flattens out, we'll start having more long opportunities that we can hold for more than a day or three. It's just going to take some time. I created a Twitter account last week. Once I find the time to figure out how it works, I'm going to post some of the trades I make. Hopefully, it'll give some of the new folks an idea how I trade. I also intend on posting more scans and other content over the next 3 weeks including improvements to the "Weekly Spreadsheet." SpreadSheet

Breakout Setups (Click on Symbol for Annotated Chart) BGP Borders Group TCK Tech Cominco APL Atlas Pipeline Partners ASH Ashland ENG ENGlobal JRT JER Investors Trust GVHR Gevity HR LYV Live Nation LVS Las Vegas Sands IO ION Geophysical LSR Life Sciences Research BKD Brookdale Senior Living ARA Aracruz Celulose MFW M&F Worldwide NSIT Insight Enterprises AVNX Avanex HDNG Hardinge CNTF China TechFaith Wireless BIOD Biodel XRM Xerium Technologies AHII Animal Health International SIRF SiRF Technologies FORD Forward Industries XJT Express Jet Short Setups (Click on Symbol for Annotated Chart) BLL Ball Corp CLC Clarcor MYGN Myriad Genetics PEGA Pegasystems AIR AAR Corp PLXS Plexus TCL Tata Communications TEVA Teva Pharma PNRA Panera Bread BKE Buckle RYAAY Ryanair Holdings ORLY Oreilly Automotive RGLD Royal Gold LIHR Lihr Gold NEM Newmont Mining GVA Granite Construction CHSI Catalyst Health Solutions UAM Universal American Financial AMZN Amazon.co...