Julie Day posted this 10 November 2012 (Nov 10, 2012 9:34 PM).
Hi from the States., I'm really glad the Presidential election has come and gone and now it’s time to see what the markets are really made of. The day after the elections, the markets pulled back. We will have to wait and see if the move lower is the start
of a new downward trend or simply a retracement to lower support levels. Therefore, I'm on a neutral stance. This is what I'm looking at I currently have longs on Yahoo, QCOMM, SRE. This is some of the stocks I'm looking at to trade in the near future.
ADSK SHORT - Autdesk Incl (design and software) sector is computer and technolgy the company is fairly valued compared to it's industry, sector and the S&P500.
Trigger Price 33.55 limit 33.45 target 30.25
Technicals: The stock’s overall pattern is sideways, that is, it is trading nearly where it started out a year ago. Along the way, it tagged a 52-week high of $42.69 and a 52-week low of $27.70. During the last couple of months prices have
been coiling about the 30-dma and are now at the apex of a wedge. The stock has overhead resistance at the mid $33.00 level. Therefore, I;m looking for the stock to move up to this level for my fill price. If it fails to move higher then I'll reexamine the
stock and entry price. The lower indicators are still revealing buying pressure so we could see a move up to resistance where I will look for resistance to hold and the stock to roll lower.
Long Stocks watching: BEAV, HOLI, NUS, and CEVA.
Short Stocks watching: OXY, NTAP, BBY, and MOS.