Earnings were somewhat lukewarm with some mixed news on a settlement, but the stock still had a solid volume breakout.  A large chunk of the early gains were given back today, so this one isn’t too far off the buy point.  I usually play these kinds of things on inside bar breakouts if it looks like it’s going to follow through.

Another IBD stock, but this one hasn’t broken out yet.  KORS at $50 looks interesting, but since it just ran up 100%+ at the beginning of the year, I wouldn’t bet on it breaking out of its consolidation phase too soon.  I’ll be interested to see what it can do if/when it does though.

Cirrus Logic on the nice breakout with good volume and a declining volume pullback.  It needs to come back a little further before it’s at a new buy point, but it’s something to keep an eye on.

Originally it looked like we may hit a correction, but now it looks like we might just have some consolidation.  Flat bases are always good for long term investors since you get the benefits of forming a base without the temporary scare of a correction.  There are a lot of stocks hitting buy points right now, and while the market looks like it’s in a decent place to buy, I’m still a bit cautious and keeping shorter leashes than normal.  I need to refresh the watch list on the blog, since I’m actually holding a lot of different things off the autotrader that I haven’t logged here…

Coinstar is probably something you’ve heard of.  They’re all over the place with their change machines and also their Redbox kiosks.  The breakout has a lot of warning signs — enough that I wouldn’t classify it as a real breakout yet.  Low volume and a high open/low close should apply the brakes, and the general market weakness should knudge your hand over to the parking brake.  You shouldn’t trade against the market, but it’s a positive sign that despite a 1% drop in the market CSTR managed a positive 7% day.  I like this one if the market manages to recover its strength.

After the first real correction in a long time, we finally had a bounce, followed by another reversal back to the downside.  Falling through here could get interesting, since there are only a few minor points of support all the way down to $1200.  Without all the breakeven sellers and missed the first boat buyers, the first long term level of support seems like the technical position traders acting on the 200 day moving average.  We’ll see if we get that follow through this week.

After weeks of running up, this is the first prolonged period we’ve had a slide.  I see two interesting lines that converge at $1350 right now.  The previous highs from 2011 and the bottom of the current longer term uptrend channel. Falling through could signal a rough summer ahead, a la 2011, but since this is an election year I’m guessing there’s a lot more news ahead that will swing this thing.  Time to go back to tighten up those stops…

Another IBD stock, but this one will be interesting with a support test.  The initial breakout last year proved to be a decent support zone for this year, so it’ll be interesting to see if this falls through $32 in some general market weakness.  I know I just said I’m not screening for bearish positions, but I also like this as a potential short if the market does breakdown and this stock dips below support.

I was just going through the IBD list to see what’s interesting and CMI’s chart fit the bill.  Nice numbers and it’s on a breakout.  While it’s not actually overextended right now, it looks like it would be really solid on a support test. 

There wasn’t much going on when I last checked in, but since then the market has been pretty interesting.  Pushing above all time highs, the new breakout shows that the recent run still has some legs.  We haven’t had a real correction since last fall at $1150, so I’m reluctant to bet that this can continue.

I’m currently taking a non aggressive approach, which differs for me from being conservative because I’m still holding trades from my autotrader overnight.  I keep looking for an excuse to go to cash, but as long as the run keeps going you kind of have to ride it.  Having said that, I’m not even scoping out any overnight short potentials right now.  Any dips will be seen as opportunities to buy, unless we burn off about 15%, and by that point any short screens I run today will be invalid.  Let’s see what bullish things are out there…