Simon Louie a.k.a. The Closer, Mr. Bartoromo (technical swing trader specializing in bull rallies):
the market -
still bullish. we are in a slight correction in this huge uptrend that should last through the holidays. but be careful. the markets, especially the QQQQs and the Chinese stocks have run up so much that a stronger correction would be healthy. timing and patience is key. don't place more than 20% of your assets into speculative plays, i.e. earnings setups. If you have an itch to take a risk, place 5% in each and go wild. But remember that your main cash flow will come from strong technical patterns and going with the overall trend (of the market). QQQQs remain the leader and if this rally is to continue, the Nasdaq will be the leader. Be careful of FXI as huge drops in the China trades can cause panic to the overall market. Just stay alert and be more cautious these next couple of weeks.
portfolio:
DRYS (bearish) - huge volume today in the bearish engulfing candle. huge run-up makes the risk/reward good. i own this and will have a tight stop on it. my target is 106 for i don't think drys is in a reversal as much as just a 38% retracement.
EMC (bullish) - tech is strong and VMW is very strong. I have a small position in this and like it because of the huge position it holds in VMW. It just hit its trendline today and is ready to restart its bull run.
possible setups:
GOOG (bullish) - this is a speculative earnings play. earlier this month i predicted a 650 target. with this pulback, i see goog doing well enough to hit 650, and with a strong likelihood of it brushing 700. i am cautious though. bullish signs include a strong uptrend, past history of strong 3rd quarter earnings, yahoo's impressive earnings, its merely modest run-up this year (compared to AAPL, RIMM, BIDU, chinese plays), speculation of Gphone, and absence of divergence in the oscillators.
VMW (bullish) - its hitting its trendline and ready to bounce up. it has moved a lot already but still has much more room to grow. i believe it can go to 130.
CROX (bullish) - the lack of participation with the bull market these past two weeks shows a good pullback to its moving averages. it seems ripe for a continuation bull rally once this market gets moving again.
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