Woo:

Here’s an updated 1 month:

I’ll have to redraft this for you guys in a bit. This 5 count isn’t necessarily perfect either and my 1 wave (1140s start) is completely cut off now, so this will have to be revised into a 2-3 month chart. We need a 1140 break to even consider a short position. I wouldn’t take a long position until we break into new highs, and even then, only for an intraday scalp where stops are raised immediately to lock in profits.

Idan:

We are working very hard this week to provide you with a new site starting March 15, 2010 called Focal Equity.

Focal equity is a merger between stocktock and khrnostock and will contain both the intraday commentary blog and a few services:

1. Focal Equity’s ETF Pro, which is brought to you by our very own Woo!
2. Focal Equity’s Alerts and Analytics, where you get the trades my hedge fund would be making via emails a few times a week!
3.  Focal Equity Live’s Trading (coming soon), which will include LIVE daytrading videos of me with my traders. So you can follow me right when i make the trades.

The intra-day commentary will stay the same with minor changes. Hope you will like the site. I love this community!

3:22pm
Wynn is now on our short list… it might still have a few more % points up but taking a small short here, and adding to it later seems like a good idea to me. This stock is so incredibly overvalued by any metric possible, and is now above it’s bullinger bands. With strong triangle resistance in the $72-74 range I feel like we have a good idea of where to put a stop if need be. I am going to wait one more UP day on this stock before I go short (hopefully somewhere in the $71.80-72 range.

Here’s the daily:

For those holding CLNE short, the earnings report is coming out today at 4:30 pm EST.

11:06am
Take a good look at GLD (Gold ETF). I mentioned how i expected 112 be a stopping point for this ETF despite what the market does. I said a good short there was possible, but now we have a beautiful ionverse H&S starting to form… 107 on GLD could be a nice buying point where the 50 and 20 SMA nicely intersect.

I have been using the weekly SPX chart as a nice guide that has kept me in the bulls camp most of the way up (and at times it has made me more unpopular than others) . The 60 and 30m charts are not worth a hoot these days (as demonstrated last week) for anything. The daily charts (which I live and die by) can remain overbought or oversold for extended periods of time.  Since we are approaching a major top you need to back it out a little and begin to include the monthly and weekly charts in your analysis.

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CLNE reports March 10, 2010 which means that for those who don’t want to take any risk, you should take any downward action and enjoy the profits. IF  we do get some 3-4% down-moves ahead of it’s earnings i will take 50% off and stop out the rest.

I don’t see any bearish signs on the SPY anymore, we broke right back into the support area (now making it resistance), and while  1140 is some resistance, and lets not forget the double top at 1150, unless we get some type of mid-day reversal i’m going to be bullish biased. I suggest you stay with individual names though, GS looks very bullish now that it has broken out above it’s former H&S neckline. A break back down below the neckline at 165 ish would make me bearish again.

Idan  2:36pm EST
I am taking my additional short on CLNE as we are up at my target for this rally at 19.47-19.50… This time i’ll be shorting twice as much bringing my average cost price to 19.28, and I am going to put a stop around 20 assuming this market does decide to go higher, which is what it looks like.

Woo:

9:28 am PST:

1 month SPX

Idan:

12:34am
The uup or dollar ETF is showing some slightly bearish signs here, as it may be forming a H&S formation. You can see very nicely on a daily that the target of $24 from the inverse H&S was practically reached but now we have a H&S on the 60 minute (shown below). That said, notice how the last push down, or the right point of the neckline is a little higher than the left side, which makes the H&S not as strong usually.

Looks like a Kiss of Death setup to me. Market seems to rallying the stock on hopes the gov’t will not institute the Volcker rule or some other form of financial regulation that restricts prop trading.  Recent focus on healthcare has many traders thinking the gov’t may do nothing. I think that’s doubtful. I’m going to side with Meredith Whitney who is adamant that major bank regulation is coming through the pipes. Also, Goldman is risky in the sense that we have no idea how they make money. I mean, we know they make money by being smarter than everyone else, but even the smartest guys in the room can be on the wrong side of a trade. Does anyone know their exposure to sovereign debt, particularly Greece? If the stock rallies above the neckline and holds, I will have to reevaluate, but this chart looks like a classic kiss of death.

2:18pm
Ford (F) might be getting a little ahead of itself right now… i would like to take a short around 12.90 if i can get it, with a stop in the 13.05-13.10 range.

3:12am
I still am unsure of what is going to happen in the general market (SPY) in the next couple of days, but the SPY has tried to constantly break back into the megaphone formation and yet has failed. We keep getting DOJI/Spinning candles and unless we get a massive rally in the next day or two, i’m going to favor the downside here. Here’s a daily SPY (retests are circles):

That doesn’t mean i’m playing the SPY at all. In fact we are up already on our short on CLNE, which i think could see some major downside. We went short yesterday at approximately $18.78 and can put a profitable stop tomorrow if it continues it’s trend lower. CLNE also broke the  $18.60 support between the double top formation, which is a great sign for the bears. I would like to see more downside on this name tomorrow.

1:04pm
We got gold hitting up at GLD 112… which is some strong resistance for a completion of the double bottom formation. Technically we can continue to go down from here, but if we break higher that’s a sign that GLD is maybe ready to make another crazy run up. I would side with the shorts for at least a day.

12:52pm
Let’s welcome CLNE to our short list today… it can still have slightly more upside, but it’s looking toppy on a lot of levels here. I’d like to take a nice short here at $18.78. CLNE has a very clean 5 wave move up pattern and might be forming what is a big double top like the S&P did back in 2007. The Fib retracements targets for this move higher have a target up at 19.40, therefore i suggest not shorting all at once, but I think this could fall 15-20% from current prices. Your stops should be eventually in the upper 19s.

1:30pm
Bidu is starting to look a little toppish. This isn’t a name that i would get in the way of. I would want a break of my red neckline first before going short, but this is starting to look promising (10 min):

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