Day Trade - Amazon.com, Inc. (Public, NASDAQ:AMZN)

AMZN was an earnings gap as discussed in Thursday's post. I placed my fibs from PDH to ORL. Price consolidated in the retracement zone and rolled over. Took a partial after 3WRBs and closed the position after AMZN carved out a hammer after tagging the weekly pivot P.

If the 20 EMA holds as resistance in early trade Monday, we could get a continuation play as we did with QCOM after its earnings gap.

QCOM was an earnings gap short on Thursday, but relatively disappointing given that we didn't get more sellers. The late day move up towards the downsloping 20 EMA proved to be resistance as it had no follow through and breached the PDL in early trade Friday for a gap continuation play.

I'll be watching AMZN for a similar setup tomorrow.

AAPL - Scalp trade - I knew that AAPL would attempt to BO of the base forming at the blue line. Once the triangle formed, it allowed for an early entry. Good thing, because the rally out of the base turned out to be lame.

Gap B&B - Apple Inc. (Public, NASDAQ:AAPL)

AAPL gapped up yesterday on a huge earnings beat. It took a day and a half to consolidate the wide gap and form a perfect B&B setup this afternoon. Sweet!

CYD formed a bullish handle at resistance. Rally formed a bull flag shortly out of the base, after which it reached full extension of the week's trading range. I'm targeting $25.00 near term if it can hold these gains.

STEC finally succeeded in breaking out of its base, but the trade was choppy to say the least.

QCOM - wide earnings gap but couldn't extend below $39.00.

AMZN rallied ahead of earnings, but at these lofty levels, the whisper numbers were well beyond consensus. AMZN issued an earnings beat of just $0.05 and guided Q2 in line, hence the stock gave back all of the week's gains after hours as depicted on the chart below. I'll be watching to see if the daily trendline gets taken out tomorrow.

Scalping - Amazon.com, Inc. (Public, NASDAQ:AMZN)

AMZN held support of last week's lows, formed a mini inverted H&S on the 1 minute timeframe, setting up a scalp long. I took a partial at full extension. Price then retraced back to base of initial entry for a successful retest of the base. Added back full share size on break of next mini-base. Exit at 200% of initial setup. Final scalp into the close.

Swing Trader

STEC basing at $14.20. Last week's thrust into resistance followed by 2 inside bars, looks good. Next resistance level $16.00, followed by $18.00.

Picked up some POT on test of daily 200 SMA. The sector has corrected and I'm looking for a bounce back up to the FIB retracement zone of last leg down.

Base & Break - Research In Motion Limited (USA) Public, NASDAQ:RIMM); Google Inc. (Public, NASDAQ:GOOG)

Using the daily timeframe as your anchor, find a few good setups for the next day. RIMM formed a mini C&H pattern on the daily and fired off long early in the session as depicted below on the 15 minute timeframe.

RIMM has room to run on the daily chart pattern, so keep it on the focus list.

GOOG was a HCPG pick from last night's news letter.

It fired off on the open, but I waited for price to consolidate the early move. Eventually, GOOG formed a bullish flag on the 15 min. for a full extension.

Technical Picture - Minor New Highs

We aren't overbought yet as depicted by McClellan oscillator below. Keep watch of open interest as this may signal a correction when the reading becomes too bullish.


BIDU and AMZN provided leadership today as internet stocks move into a mini base.



A weak $USD is helping oil and commodities. OIH looks ripe for a BO attempt.