Daily Watchlist 24/1/10

Notes: Market was down again! No stock in the watchlist again.

I'm not convinced of the New Moon and Full Moon so I'm starting to track it all over again.
16th Jan 10 - Market not at bottom, so I assume it's peak.
Full moon on 30 Jan 10. - bottom?

Feel free to comment or give suggestions to improve trading the setup.

Bulls Scan Results
BIIB -24/1/10: doji at resistance turn support. XLV and BIIB RS up.
MTL - 24/1/10: doji at resistance turn support. XLB RS down. MTL RS up. MTL might go down with MTL is market continue to fall.

Bears Scan Results
TLT - 24/1/10: Bonds are moving up fast. In TAZ50 but RS is up. If market rebound from here, I think TLT will fall. It's in a very nice down channel now.


Review (Watchlist)
Bulls

1. UUP - 12/1/10: Broke out of downtrend channel resistance. 1st pullback to TAZ but now below EMA30. Will continue to monitor just to see where USD goes. Now $23.12. RS strengthening.
   
2. EOG - 22/1/10: Entered $96.85 Target $ 101.48 stopped out at $95.25.
   

Bears

1. CHL - 6/1/10: doji at SMA50 resistance. Relative strength still down. IXP sector is also losing strength. Entry at $47.16. Stop loss $47.34. Target $45.13. 7/1/10: Did not trigger but CHL is in a nice downtrend. Will continue to monitor to see if price will go down from here. So far when price is near the downtrend resistance, it goes down fast. 12/1/10: Broke out of channel with huge volume. If price shoot pass SMA200, time to look for 1st pullback to TAZ. Now 50.00 - Hit supply and came down with market. Testing resistance turn support now. 24/1/10: Gap support at 46.35.Major demand at 44.70- 45.31
   
2. MON - 15/1/10: I got this from the bull scan but the price just hit a supply level and dropping off. I'm not trading this counter but will just monitor to see how the supply zone will work out. 24/1/10: Supply zone worked out very well. Drop counter from watchlist.

Recycle Bin - Did not trigger.

1. DE 
2. TCK - 22/1/10: GMMA entry. Watch out for reversal.XLI and TCK RS up. Actually bounced on Demand zone but this is not part of the analysis so I did not track it here.
   

Net: +$813. (Details pls see table)