12-29-13 Weekly Review & Watch-list

First off, hope everyone had a great Christmas or other celebrations.  I have been taking it easy on the trading, mainly just managing trades I already entered and taking few new positions.  Any stocks covered here is just for new entry purposes, I won't go over the positions I am already managing or any unreasonably late entries.
Another green week.. surprise, surprise.  I suppose it was inevitable being that this was Christmas week.  SPY hit and surpassed it's first Fibonacci target and is still showing great strength as is.  The next target is at $186 so watch for that next week.  QQQ is just a monster, and the RSI on the weekly chart is really concerning.  That thing is still stuck at or around 80, which we haven't done since the tech bubble.  I don't hear anyone saying anything about that? I guess too many chips on the table.  Other than that though it looks fine.  IWM is the one that is signaling a pullback as it is coming into that upper wedge type trend-line.  I wouldn't be surprised to see it pullback to at least the mid-point (or a 50% retracement) if not the lower trend-line causing a pause or a pullback in the rest of the markets, so that is something I will be paying attention to next week.
To be honest, this is the first time I looked at the VIX since last week.  Looks like it got slaughtered, but may be trying to recover some ground off of the lower Bollinger band.  That fits into the scenario of the overall markets taking a breather or pulling back a bit next week.  The S&P 500 percent of stocks above 200 SMA indicator is sitting at 84%, which is still a pretty high number and it did end up recovering off of that 75% level that is so crucial.  It looks to me that it is finding some resistance off of that trend-line, which also fits into the scenario the VIX and price action of the indices is telling me.  Keep in mind if it does turn around here, that would be yet another divergence.  That is a lot of divergence...


AAPL - Looks like a fade from here but looking for long again on reaction around $550
ABX - A counter trend trade to an extent, but think it has potential to see $20
AIG - Posted last week as well, still looking good for entries to long side
AKAM - If we can hold this zone and get good bullish reaction, will look for long entries
BITA - Like this retracement here, first target is $38.. will watch hourly for good entry signal
COP - Like this retracement too.  Looking for re-test of the highs at $75, can wait for close near $71 for entry
COST - Posted last week, still waiting on breakout (close near $120) of this consolidation for entry
EOG - Nice consolidation after bullish reaction from zone.. will use hourly to scout entry to long side
FDX - Kind of not my ideal setup, but if it get going to upside could have another run similar to Oct.
HAL - Nice reaction off of zone.. will watch hourly for entry looking for $55 area
HD - Like the weekly chart.. need to see more on daily to get involved though
JPM - Same as HD, nice weekly but need to see more on daily to get involved
NOV - Very nice retracement.. potential to see the highs again at $85
PXD - Good market structure, a close above $190 could trigger move to upside
QCOM - A close above $74 could trigger upside, will use hourly on this one
QIHU - Been waiting on a move to upside after consolidation above this zone.. just keeping on watch
SCTY - Would be in this already if it had a better close today, but overall structure is good.. will keep on watch
SLB - Good bullish reaction off of zone.. potential to see $95 again
TSO - If this can get a close near $60, it could trigger an upside move.. need to see that first though & entry on hourly
TWTR - Volume on the top candle is insane and will keep my attention, but if it can base above $62 w good structure I'll look for entries.  At the same time, this trade could be over.

Obviously I won't be taking entries on all of these, they are just the watch-list.  They will be narrowed down based on how they are acting, whether or not the setup remains valid, and whether or not I get a signal to enter.  By the way, if you read my education post on how I have my screen setup for equity trading.. these are the stocks that I have highlighted for the week on my list of stocks and I am going to post them here every weekend.  Hope you all enjoyed it.

Trade well,
-Michael