If you are like me, you were jonesing for some market action on Friday. Next week starts the second quarter and the "correction mongers" will spread their wings starting Monday. As I said on the blog yesterday, we are overdue for a pullback, but set ups are set ups and there are some good ones.
Chasing breakouts probably isn't the play here, because a pullback can lead you holding the bag, so finding some strong names thath ave pulled back or overdone to the downside is what I'm looking for this week. I don't think Kim Jong- Un can stay off his porn sites and put down his Crown Royal long enough to bomb anyone on Monday, so I wont worry about this troglodyte for the time being.
Here are some set ups.
$MELI .... broke out around the 91 level and is now consolidating. Look for a continuation (this one is more of a potential break out play) to get this one to 100-105
$C .... The financials are probably giving us all another shot here. I like this corrective bullish wedge. It is also close to uptrend line support.
BIOS ... had a high volume breakout a couple of weeks back and is currently working a constructive bull flag. A break above the flag (green line) takes this one higher.
$CLDX.. we originally caught this breakout around 8, it has moved higher and is now puling back in a healthy consolidation (bull flag). A move over Fridays high with volume can get this one higher.
$CM... This was a great performer in 2012 and has pulled back from its January highs. This one "may" have put in a bottom on Friday as the volume was decent and it put in a bullish engulfing bar. One to keep on your radar, if getting long, your stop should be just below Friday's low.
I will have more setups along with a comprehensive video this weekend for my Premium Members, so come on by for a free trial.
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