Steckler's Star Studded Stock Picks

[DSteckler]

Worth watching

CMCSK - if it starts trading below the 20-day EMA, there's nothing to stop it from falling to the 50DMA.

GHCI - very nice consolidation action the past 3 weeks.

IDCC - extended and has formed a small symmetrical triangle.

[DSteckler]

Psta

Somebody is cutting carbs out of their diet!

[DSteckler]

SPX to 1210?

With the SPX in a clear corrective wave, the target objective is around 1209 - 1210. How so? 'A' runs from 5/8 to 5/24: 1326.70 - 1245.34 = 81.36. 'B' runs from 5/24 to 6/2: 1245.34 to 1290.68. A common EW rule on correction is A = C. Subtract 81.36 from 1290.68 and you arrive at 1209.34.

This applies to time as well as price. A took 23 days to complete. If A = C and C started on 6/2, then it should run until June 27.

It's not uncommon for C to equal 138.2% of A or even 161.8% of A. If 1209 - 1210 is clearly taken out, look for a downside drop of 112 - 113 points or 1178 - 1179.

[DSteckler]

Mark Cuban to Finance Stock-Fraud Web Site

Mark Cuban to Finance Stock-Fraud Web Site
By DAVID KOENIG, AP


DALLAS (June 14) - Dallas Mavericks owner Mark Cuban is financing a new Web site that will investigate stock fraud and corporate wrongdoing. The billionaire also said he'll buy and sell stocks based on information before the site publishes it.


Dallas Mavericks owner Mark Cuban says he has not been a direct victim of fraud but was motivated to start the site by his approach to investing. He believes stories from the Web site can be repackaged for his high-definition television networks, HDNet and HDNet Movies.


Cuban said he has not been a direct victim of fraud but was motivated to start the site by his approach to investing.

"I'm a firm believer that out of (the more than 10,000) public companies the odds are that there are more than just a few crooks and frauds," Cuban said Tuesday in an interview with The Associated Press. "Finding them can be rewarding and entertaining."

Christopher Carey, a 17-year St. Louis Post-Dispatch staffer, said Sharesleuth.com will launch next month and also carry work from a network of stringers that will include burned investors.

Neither Carey nor Cuban would disclose how much he is investing in the site.

Cuban mentioned such a site two weeks ago in his own Web log, blogmaverick.com, although he didn't mention it by name then. He faulted the mainstream media for failing to tell stories in a compelling, multimedia fashion.

Cuban believes stories from the Web site can be repackaged for his high-definition television networks, HDNet and HDNet Movies.

Cuban also said that he could use information that the site uncovers to buy and sell stock.

"A journalistic conflict you say?" he wrote on his blog on May 31. "Not any more. Not in this world.

"It will be fully disclosed and explained. This site is for the profit of its owners and we will buy and sell stocks that are discussed, before they are made available on the site ... If we can uncover companies whose stock is public and that can be bought or sold and that allows us to pay for more in depth research and effort. I'm good with that."

Cuban, 47, made a fortune that Forbes magazine recently estimated at $1.8 billion by selling Broadcast.com to Yahoo Inc. in 1999. He bought the woeful Mavericks in 2000 and spent heavily to improve the roster. The team is on the brink of an NBA championship this week, and Cuban is soaking up the adoration of long-suffering Dallas fans.

Cuban's interests go beyond hoops. He co-founded HDNet, and with his Broadcast.com partner Todd Wagner, he owns two movie-production companies - one made the Oscar-nominated "Good Night, and Good Luck" - a movie distributor and a chain of art theaters. He is threatening to shake up Hollywood by releasing movies simultaneously in theaters, on cable and DVD.

On his blog, Cuban writes frequently about other subjects from politics to movies to stock-trading. The media are a recurring theme.

Carey, a finalist for the Loeb Award, the highest honor in business journalism, for a series about securities boiler rooms, said he pitched the idea of a stock-fraud Web site after reading a Cuban blog in February.

"With newspapers getting increasingly locally focused, I thought maybe the best way to tell these stories, which tend to be national or international in scope, would be via the Internet and other multimedia," Carey said. "I tossed it out as a general proposition, and he was interested."

Carey, 45, who will leave the Post-Dispatch at the end of this week, said he doesn't know what it will be like to work for Cuban, who sits next to the Mavericks' bench during games, joins team huddles and screams at the referees.

Carey hasn't even met his new boss. All their discussions have been by e-mail.

[DSteckler]

ARGN moving again

Nice followthrough after last week's big move higher.

[DSteckler]

RTP bounce

Right off the 200DMA. I'm not chasing it even though this is a C wave bounce; I've got a feeling this is turning from corrective to impulsive and we're seeing ABC turn into 12345, and this is a Wave 4, not a Wave 1.

[DSteckler]

Excellent EW article on corrective waves

http://www.elliottwave.net/educational/basictenets/basics3.htm

[DSteckler]

Oh, why couldn't I own...

ENCY. Zowie!

[DSteckler]

I'm still not buying it

This is a sharp squeeze into expiration. Sentiment was hugely bearish as of yesterday. It's worth keeping in mind that bear rallies are sharp and unpredictable.

[DSteckler]

RS >= 95, Float < 7 million

SIMC - pulled back to the 20-day EMA yesterday and held. Still more than 2X its 200DMA.

GROW - now THAT'S a reversal!

IBCA - banks have been holding up well. The 50DMA and 20-day EMA are at 38.50 and 38.70 respectively, and IBCA closed yesterday at 38.49.

MIKR - one of the few tiny fighters that held above all its major moving averages the past few weeks.

[DSteckler]

Upside bow tie candidates for next week

MSL



1. The MAs shift from proper downtrend order (10-SMA < 20-EMA < 30-EMA) to proper uptrend order (10-SMA > 20-EMA > 30-EMA). What you're looking for is for the MAs to converge and then spread out again, giving the appearance of a bow tie.

2. Today's low must be less than yesterday's low.

3. Tomorrow, place a buy order 1 - 2 ticks above today's high good for tomorrow.

4. If not filled, continue to work the order above the prior day's high good for the next trading day until either filled or the stock trades below its 20-day EMA.

5. If filled, place a protective stop below the lowest bar in the setup.

[DSteckler]

Downside bow tie candidates for next week

FSTR
LFC
EMCI
SPSX
AGE
ISYS
PME
NUTR
TRP
TGX
CDMS
BEC
DATA
SNDA


1. The MAs shift from proper downtrend order (10-SMA > 20-EMA > 30-EMA) to proper uptrend order (10-SMA < 20-EMA < 30-EMA). What you're looking for is for the MAs to converge and then spread out again, giving the appearance of a bow tie.

2. Today's high must be higher than yesterday's high.

3. Tomorrow, place a buy order 1 - 2 ticks below today's low good for tomorrow.

4. If not filled, continue to work the order above the prior day's low good for the next trading day until either filled or the stock trades above its 20-day EMA.

5. If filled, place a protective stop above the lowest bar in the setup.

[New-born baby]

http://www.elliottwave.net/education...ts/basics3.htm

Thanks! Nice article!

[DSteckler]

ERG &gt; 240, float &lt; 7 million

HSR - symmetrical triangle.

[Websman]

HSR - symmetrical triangle.

This should be an interesting one for today...Heck I may even play it, if I get time.