Some Saturday Set Ups

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

meli3 Some Saturday Set Ups

$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.

c2 Some Saturday Set Ups

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.

bios Some Saturday Set Ups

$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.

cldx2 Some Saturday Set Ups

$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.

cm Some Saturday Set Ups

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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.