Aruba Networks (ARUN)–06-03-2011
It’s interesting that ARUN is still on the IBD list given the current chart. This is a nice point for swing trades though since there’s a bit of support/resistance playing here.
Carmax Inc. (KMX)–03-31-2011
I’m not sure how Carmax isn’t on my blog already since I owned it for an extended period in 2009, but it must have been one that was triggered off a machine trade. I always feel weird posting stocks that I already own – like I’m just trying to pump up my own goods – so I usually end up skipping those unless I’m debating adding to my position and need to go through my normal blogging thought process.
Carmax spent a good amount of time on the IBD list a while back, but the reason it’s interesting to me now is because it ate a 7% loss today after beating estimates slightly. The drop was attributed to same store sales disappointing, which can be a good indicator of market sentiment towards retailers right now in general. If sales numbers keep failing to impress, and the market keeps looking for excuses to punish stocks, it will be a strong signal that this is a good year to sit out the summer. Yes, it’s already getting close to the summer…
As for KMX, it just passes the first rule of being interesting: volatility. There should be some nice swing trades in the near future if you’re an agile trader. The weekly chart still has a couple levels of support too. The immediate one is up around $31, and the previous breakout point of $27 is also strong. There might also be some interesting options plays in that no-man’s land, but we’ll have to see when we get there.
Canadian Solar (CSIQ)–03-21-2011
The other day I briefly mentioned the rampage solar stocks have been on… most solar stocks that is. CSIQ has been feeling the pain since coming in below expectations and hasn’t really recovered since. I’m still inclined to play the bullish side on the hotter stocks, but given a sector crash, it’s always nice to look at the underperformers since they often keep their headstart in on the reversals.
Aeropostale (ARO)–03-21-2011
Support turns to resistance and makes a nice short point. ARO was just on my list since the autotrader had been daytrading it in the recent past, but a lot of the retailers are at this point right now so you can take your pick of whichever you like most.
McDonalds (MCD)–02-28-2011
I don’t necessarily love or hate McDonalds, but the chart is nice. A gap down that’s served as resistance a couple times gives some potential both ways. If it breaks up over $76, maybe the weak January will start looking like a sloppy double bottom. If $76 proves to be a ceiling, there’s some nice downside to play.
NetEase.com (NTES)–02-24-2011
I’m surprised that I’ve never posted anything about NTES before since I’ve been in and out quite a bit over the years. I guess they were all autotrades that went longer than expected, so there was never too much thought on my part.
Not for the faint of heart, but another interesting one for short term trading. Typically, opening high and closing low is a bad sign, but this looks like a case of just opening too high then adjusting immediately, and not a case of dying at the end of the day. Maybe look at the intraday resistance at $46 as a potential entry point for a quick trade. Support is a pretty steep drop away though, so size your position accordingly.