The Breakout Scan is Broken

Only 15 stocks made my breakout scan, and of those, three of them were ultrashort ETFs. Three of the stocks on the list interest me. Take a look at their charts and try to figure out the breakout plays.

Analyzing Today’s Trade: WMS

I bought 400 shares of WMS at $39.05, based on my breakout-pullback trading setup. The stock broke on strong volume earlier this month, while pulling back on diminishing volume. Today's confirmation candle at two tiered support (20 day moving average and price) provide the entry signal. Also note that OBV is in a strong uptrend... Continue Reading →

Bullish Chart Setup: DVN

Independent oil and gas stocks have been on fire since bottoming late January (that long tail provided a good entry point), and few have done better than DVN (Devon Energy Corp). I like the stock on a pullback to what looks like new support at $95. The stock exhibits a nice accumulation pattern and could... Continue Reading →

Copper Stocks Breaking Out

Some of my best trades have come when I was wrong about a position and decided to go the other way with it. I am hoping today's trade ends up falling into this category.I was short PCU as it had presented itself as a good short candidate. I was stopped out on today's breakout, and... Continue Reading →

Mastercard’s Bullish Reversal

MA (Mastercard) has been on my bearish short watchlist every since it broke down below the 50 day moving average on heavy volume. However, the stock's technical pattern made a 180 degree reversal in one day, with today's 28 point gain that easily put it back over the moving average and close to making a... Continue Reading →

Trade Notes

I exited DCO at 42 (entry at$38.10) for a $1170 gain (+10.1%) . The setup was an earnings breakout-pullback. I will re-enter on a pullback to $40.I exited 200 shares of NOV at $67.35 (entry at $63.74) for a $722 gain (+5.7%) . This was an oversold bounce play that now looks like a good... Continue Reading →

Short Squeeze Play: SRDX

SRDX, a drug stock, broke out over price and moving average resistance on huge volume today. While that's fine and dandy, what's really interesting is that it has a 30 percent short interest ratio. To put this number in perspective, breakout stocks make my short squeeze setup if the ratio is 10 percent or higher.... Continue Reading →

Watchlist

I like COG on a pullback to $40. I am already in with a 500 share position, as I had a buy stop that triggered at $40.05 (I mentioned this stock on the video webcast this morning).Other stocks on my radar: NFX, HEI, IOC, CYNO, VRGY, JCG, BKE, SII, BYD, BEAV, RIO, NBL, CYTC, AKS,... Continue Reading →

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