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  • April 21st Morning Trade Setups-SOXL, AFFX, ELNK, ERII 0 comments
    Apr 21, 2011 8:55 AM | about stocks: SOXL, AFFX, ELNK, ERII

    First the bad news. SOXL which is ETF 3xs Bull Semi conductors, looks to be setting up repeating distribution pattern of 2010. The classic go away in May worked right on que last year 2010. Big decline followed by two months of distribution, followed by big decline into September.

    This year the big decline started in March and if history repeats, despite INTC big earnings report, we can expect one more month of distribution before moving on to new lows.

    AFFX comes to us via Improving Money Flow Scan. Stock has clearly defined trend channel that developed  over last 4 months; which it is now attempting to break free off.

    The top of the channel has been tested a few times forming a bullish flag pattern. All we need now is money flow to continue its bullish trend, and break up out of this bull flag. 

    ELNK as with ERII to follow have both completed a 5 wave down pattern. ELNK went into a typical simple sideways consolidation pattern and now appears to be attempting to reverse trend and move higher.

    ELNK has great free cash flow, was just upgraded by S&P and has formed a Bullish Engulfing Pattern the last few trading days.This one seems like a good safe day trader. To do that, I recommend waiting for the open price print, then check FIB points below that level to look for buy entry; hope the stock trend higher rest of day, sell on the close.

    ERII like ELNK before, has completed a 5 EW down trend. Like ELNK before has now developed a simple sideways consolidation pattern. Maybe like ELNK currently, will work its way to a trend reversal and begin to exit the simple consolidation to the upside.

    This one looks safe to day trade up to the BB band around $3.42, then see what happens. Again I always recommend, checking the open print price, then figure fib retrace below the open and look to take entry there. Your Que on these trades is volume spike-wait to see everyone else jumping on board.

    See ya!
    Stocks: SOXL, AFFX, ELNK, ERII
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