Huntin’ For Bear

Will be posting various plays throughout the evening tonight.  Plays both long and short with limited risk exposure.  Based on USD near-term resistance, I can envision a short bounce in SPX so I’m looking for quick day trades or potential shorts that I can get into on the bounce [at higher prices].  Overall I still believe our trend will be down therefore I’m a seller on any bounce here. 

BAC 10.28.09

Noted that BKX finally broke down so that affords me the opportunity to short good-old BAC; a company I detest.  Stop above Tuesdays high, target just above the 200d which was prior breakout support.  Ca’ching 😉

JOYG 10.28.09

Short $JOYG as it breaks down with a target of the 100d EMA where buyers have lingered in the past.  About a 10% move.

TWM 10.28.09Given FSLRs poor guidance, I feel TWM has at least another 10% upside in it.   Good for those in an IRA or who cannot or do not wish to short.  

NEM 10.28.09Short gold miner NEM not only off the double top, but its sick enough to be trading below its 200d.  A sign of weakness in my opinion.  Stop at $42 Target just under $47

PCX 10.28.09Set an alert for PCX @ $11.25 or less.  You want to short it when it breaks below its 50d.  Risk the high of day but the reward is a price target of under $7

SPXU 10.28.09SPXU broke above a three-month triangle trendline.   While the breakout implies a $10 higher target, I would trade in/out of the ETF as a day trade only and do not advise holding overnight.

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