The market on Monday started the day off in positive territory allowing many names to hit new highs. This lasted until the last couple of hours of trading where we rolled over and went negative. The good news was within the last 1/2 hour the market was able to get some legs and head back above the intraday consolidation point. The negative side of todays session was many of the stocks that ran to new highs intraday did not participate in this last 1/2 hour surge. This lack of participation can be viewed as a negative sign for the market and a short term top for those stocks that fizzled late in the day.
Running our screens tonight gave us quite a lengthy list of stocks to look to take profits on. We have had some beautiful runs and many of the stocks we nailed some quick moves on are slowing their acceleration to the upside. Many are hitting up against old resistance levels, some have unsustainable moves, and luckily only a couple are breaking through support levels on heavy volume.
Before we go over our list of stocks you should look to take profits in tomorrow, we would like to focus on some of our strong, open positions.
Two in particular were TSTC, GMCR
Here is tonight's list of stock we would look to sell.
Shorter term trader may look to sell the entire positions outright and longer term traders/investors may look to sell 1/2 position and move their stops up to breakeven.
These stocks have all run like crazy to new highs and may be fizzling.
F, CREE, MED, SNDK, INFA
SNS was up as much as 50% and is still up 35% from our entry point. One should have already or should now be taking profits in this highflier. It is pausing and the short term pullback can be sharp.
TUP is struggling right at the 50 day MA and needs to be watched very closely .
GLD COULD HAVE ANOTHER LEG LOWER IF CAN'T GET ABOVE 50 DAY
TLEO had a nice +9% quick move higher but is fizzling in the short term. Look to take 1/2 off
HSNI could stall and consolidate. Look to take 1/2 off
AONE BE AGILE, TAKE PROFITS ALONG THE WAY DONT GET GREEDY.
If haven't yet take 1/2 OFF VIT
Would look to sell 1/2 WDC which is up over 17% over the past few weeks
TSRA is in trouble and would look to close position
SNDK has blasted up 50% since December 1st, If have not already done so look to take 1/2 off or sell entire position
HOG is done for now. Would close position unless shows signs of life early Tuesday morning
Would look to sell EJ
AIXG would look to sell
BRF did a great job of holding the 50 day moving average and may soon see higher prices.
NFLX has gotten back above it's 50 day MA which is a very positive development but now needs consolidation above that level.
The fact our screens only gave us 2 stock setups for Tuesday December 29 makes us feel the market is due for a pullback over the near term
If you are hungry for trade ideas we did have 2
ABVT HIGH RISK TRADE with a move above 65.20
ROST on a move above43.08
For those interested in playing airport security stocks we would consider buying the following
ASEI OSIS, ID, RTN, LLL
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