The Wrap 4/10/12

spx80 300x198 The Wrap 4/10/12
S&P

You can click the chart above to enlarge. Today the S&P closed below its 50 day moving average, typically not a good thing, but again, volume was as light as all get out.

If you look at the chart, you will see some support at the 1338- 1340 level. We may get there tomorrow. If we do, I will look to buy TQQQ, TNA and FAS.  I would also buy AAPL …AAPL has support at 626 then 616 then 606 in case you are wondering.

You can give or take a little, but you can definitely start long positions there.

As I mentioned in the Sunday video a few weeks ago, I am starting a completely different compliment to my site. I told you that I wouldn’t launch the aforementioned site until we corrected a bit. We are now in correction mode, so it will begin.

This new addition will be a compliment to the site, and will in  no way will change anything. For you day traders and short term swing traders, it will remain the same. The chat room will still focus on day trades and great conversation. The nuance will be longer term ideas in names that I think will completely outperform the market.  How will I define longer term? Six months or longer (updates will always be provided). Stops may not, I don’t want to play that game. You will like it.

No, I  have not converted to a “value” investor by any stretch, but there are just too many stocks that need to be held longer to create real wealth. Many of these stocks are now starting to set up. These will be long AND short ideas. I am making this tweak because that’s what you guys want. I get it in the emails. Many of you are intermediate traders, so am I on some names. The chat will continue on, in all its glory, as an epic conversation hub as well as an idea generator.

I made some stops today. Some crashed through the levels, so I am in pain and holding.

I would love your comments. I am trying my best to further run this site like my own money and this is how I am personally moving forward.

I will not be in the room tomorrow, but I will see you guys Thursday morning. Good luck tomorrow.

 

 

Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.