Skiracer's stock slopes

[skiracer]

I'm not happy with the sizing. Still working on it. Very hard to read.

[skiracer]

I'm posting a section of a current chart of a stock I like. I was curious as to what different views on what the direction of the stock might be over the next week. The stock is HTRN just to be honest. I already have taken a position on Friday which I normally wouldn't do on a Friday but they are reporting on 4/04 an I wanted to get in ahead of that reporting.

From the channels I have drawn what would your synopsis of the next possible direction of the stock. This is a daily chart and goes from Friday's closing at 11 back 6 months or so.

[Runner]

Sorry wrong thread

[Runner]

I like the chart on HTRN I see short signal possibly failed off the 10.33 swing low. Monday may give better confirmation signal for direction, but 10.33-market structure low (MSL) is in tact. Also it appears to me that the Bears may be getting nervous off Friday’s price action. It does however need more volume to shake some shorts out.

[skiracer]

I'm prejudiced because of holding the position from Friday but I felt basically the same way you do about the stock. It held up well under the circumstances on Friday.

I like the S&P 500 and the SPY for tracking the markets over the DIA. Of course the Nasdaq can't be ignored for it's presence of technology stocks but the S&P is better suited and weighted with a more well rounded sorting of stocks than the DIA in my opinion. Most of the people I follow use it over the DOW.

I'm still waiting for some type of indication as to which way these markets want to track. So I'm still in cash except for one position in HTRN. Here are two charts of the SPY from last week. We're at a point where it could go either way but I'm seeing stronger signals that it will drop even farther to match last years lows rather than reverse and start a new trend up. Not a great time to be entering anything either long or short but I would be leaning towards the short side right now. It seems that direction would be easier if you had to trade something. Excersising control over that feeling is the best road right now.

Any breakthrough to lower lows will only reinforce the exiting of positions and the panic and hysterical selling that accompanies breaking of a 200 ma by a major indice. It that happens to the SPY or S&P 500 there are going to be plenty of short opportunities of current leaders where there is no underlying strength basically in the sectors or markets themselves.

[Runner]

I see a warning light flashing on HTRN. Looks to me as if it put in a structure high. Buying energy has been lacking. Seems that many charts I’ve been looking at have been doing the famous pop and drop. I’m in cash at the moment.

[skiracer]

I thought this morning was going to produce the breakout I was looking for. Had to leave the office early for a jobsite meeting and missed the open and never set a stop because it wasn't that far above my entry. I checked in with my broker around 10:30 am and it was around 11.90 or so. I had a bunch of things on my mind and never thought to set the stop. I wish I had of set a stop because I would have taken a good .5 point gain or more and got back in almost at my initial entry after the stop out. I'd like to think that it was profit taking on the momo and swing players because this is the 2nd time it has failed to hold this level. I'll hold it for the time being.

I thought they were supposed to report earnings on 4/03 but I was wrong and they won't be reporting until the end of the month.

[skiracer]

The SPY still hasn't been able to break through that downtrend line an until it does were in a horizontal range mode. Very choppy environment and probable better to sit it out in cash over trying to press any issues. Still not clear whether it's better on the long or short side yet.

I'm hearing whispering of a bigger drop in oil (OIH) which could be setting up for a short but in trying the play last week was a little early to the party. If oil does pull back then the airlines could be a good sector for a long play. I like Jet Blue (JBLU) which was up .86 today. Another stock which I have been watching is SRNA. Took a hit today but I'm looking at it as a decent opportunity to get into a position. Fundamentally very strong and can't figure what happened today with the big gap down. It had been trading in a horizontal line for days within tight bollinger bands an I was expecting a bounce but not in this direction and not as much as it did today.

[skiracer]

Looking for a rebound in SRNA today after yesterday's pullback. This one is worth keeping an eye on. Anywhere in that 21.50 range.

[Runner]

SRNA noted registration low n30 @ 21.05. Must have had some news or earnings.

[Runner]

[skiracer]

Here's a good example of Fibonnaci numbers at work citing resistance levels on the SPY. They always seem to work an using them to figure support and resistance levels will give a good idea of where a trend could be going or how high or low.

Very little working right now an it seems better and safer to wait it out for awhile. Last weeks leaders will be the stronger ones out of the gate if we do get a trend up
but I can't figure what it wants to do. The SPY needs to break through a few lines of resistance on some decent volume to show some signs of strength but it just can't seem to muster up whatever it takes to do that.

[Runner]

SRNA violated the reference low, Short trigger today!

[skiracer]

Did anything change as far as uploading charts etc. to this forum? I tried earlier to upload a couple of things and the uploads failed for a few reasons which I don't really understand. Yesterday everything was fine but after the maintenance work they did I'm having problems with the uploads. Anyone else having problems?

[Runner]

Skiracer, good call on HTRN!