Finviz Scan for 8/01/10 - 4 Bull, 1 Bear

Hi All,

Notes: Market continue to go higher and higher but NDX seems to be losing strength. Today I had filter many bull stocks. Many of them do not have open interest greater than 100.

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

Bulls Scan Results
IBM - Spinning top on EMA30. XLK 3rd Coldest sector for past 10 days. Entry $129.88, Stop loss $128.86 Target $132.83.
LIFE - Inverted hammer on EMA30. XLV 5th Coldest sector for past 10 days. Entry $51.26, Stop loss $50.83, Target 52.89.
NTAP - Doji at EMA30. XLK 3rd Coldest sector for past 10 days. Entry $33.25, Stop loss #32.95 Target $34.92.
SPG - Spinning top on EMA30. XLF Hottest sector in past 10 days.

Bears Scan Results
AEM - Hanging man on EMA30. Gold is one of the cold sector now for past 13 days. Entry $57.74, Stop loss $59.04, Target $52.45.


Review (Watchlist)
Bulls

1. AXP - 8/12/09: Entry $39.62. Target $41.93. Stop loss $38.73. Now $41.49. 7/1/10: Target hit at $41.93.
   
2. MEE - 9/12/09: Entry at 36.36. Target $42.81. Stop loss $35.23. now $47.83. Broke our of pennant and previous high. Pennant target is $50.46. This is the first time I saw Pennant breakout. Not sure if the target is reliable or not. Will stick to Fibo extension target.Target hit on 23/12/09.. Continue to monitor to see if pennant target is reach. Relative strength still present.
   
3. HUM - 10/12/09: Hidden Divergence - Red Spinning top and doving pigeon. Now $48.12. Relative strength still present. but Healthcare was down.
   
4. MCD - 9/12/09: Spinning top. Price bounce from SMA50. Now $61.90. Relative strength broken down.
   
5. V - 9/12/09: Bullish Engulfing but no T30, swing trap or ghost town. Price continue to move up. Now $85.96. Losing relative strength.
   
6. CL -21/12/09: re-Entry $83.01. Target $86.68. Stop loss $80.95. Swing trap pattern. Bullish divergence. Now $83.00. Losing strength.
   
7. SINA - 10/12/09: Entry at $44.27. Target $47.95. Stop loss $42.57. Now $5.14. Losing relative strength
   
8. RIMM 7/1/10: Although, usually setup need to have SMA200 below price. Let's try this setup. - Broke out of downtrend upper resistance with high volume. Now $65.40. 7/1/10:  1st T30 setup after SMA10 cross over EMA30. Relative strength still present. Entered at $65. 82. Stop loss $64.39, Target $71.31.
   
9. CNI - 18/12/09: Price gapped down into SMA50-EMA30 zone. Spinning top. now $54.90. - Losing relative strength.
   
10. UUP - Broke out of downtrend channel resistance. Waiting for pullback to TAZ. Now $23.00. - Building strength. Forming flag?
    
11. ESRX - 7/01/10: Spinning stop at EMA30.  Entered at $86.66 Stop loss 86.17, target $89.76. XLV is the 2nd coldest sector . Now $88.67.
12. MHS - 7/1/10: Hammer on EMA30. No other support. Lower high formed but could be a swing trap. XLV is the 2nd coldest sector plus MHS relative is losing strength. Let's log in the entry and see if this will be a loser. Entered $63.91, Stop loss $63.15, Target $65.93. Now $64.32.
13. EL - 23/12/09: Bullish Harami but very near to 52w high area.Entry at $48.09. Stop loss $47.51. Target $50.39. Head and shoulders? XLP is down but EL relative strength is up. Now $49.11.
    
14. CTRP - 24/12/09: Piercing Pattern. 1 day late. Doji + spinning top. Wait for it to form mini double bottom. IYC is moving up but CTRP is down. May have weakening Relative Strength. 7/1/10: Dark cloud cover? Transportation just found support. Now $73.11. Will drop counter now.
    

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.
   

Net: +$1548. (Details pls see table)