In last week’s post there were ten long setups and no shorts.  Seven of the longs triggered and three did not.

This week there are eight longs and two shorts and which ones will work out will depend on how the macro picture resolves as there is conflict between the $SPX and $COMPQ here.

The $SPX broke a downtrend last week (good) but printed a red doji that reversed off the recent high (bad).

The $COMPQ is forming a rising wedge, which if broken could lead to lower prices.

One of the main reasons the $COMPQ is weaker is because of the action in $AAPL. Somebody last week said “if you didn’t know the chart was Apple, you would think it was a short.”  $AAPL closed below it’s 50ma and looks like it could get to the 620 area (blue rectangle) if it breaks support here.  I would like to see an inside consolidation day first to set up a good risk/reward ratio before going to the “dark side” on $AAPL.

Drugs have been hot, and $ALKS is flagging here at 5-year highs.

$CPE was one of the longs that did not trigger from last week and still keeps building a flag.

Hey, bananas may not be sexy, but $CQB is flagging right below a gap resistance level after re-capturing it’s 200ma.

Not sure what they do, but $LNN printed an NR7 bar Friday right below a resistance level it has tested five times before.

$NFLX keeps trying to prove it is not a “dead stock walking.”  It has made a nice run off a triple bottom, and if it can consolidate here for 2-3 days it would set up a nice risk/reward ratio as there is not any real resistance until the gap fill at about $80.00.

For those of you who like to play low-priced stocks, $MERU is basing nicely below resistance after recapturing the 20, 50, and 200ma.

Silver is looking good, but $USLV, the 3x silver ETF is looking even better.

Back to conflicting signals. Drugs have been very strong lately, but $VVUS has lagged since it’s gap up at the first of the year.  It’s broken that gap support and made a bear flag which says it could be a short.

Alternative education schools seem to be finding a bottom, with $DV from last week’s list breaking out of a flag pattern.  $EDU needs a few more days to consolidate below this gap resistance and then it could be good to go up to $22.00.

And a couple of macro charts to watch…..

Last week we talked about $UNG needing a few days of consolidation below resistance to set up, and that is what we got.  A break above the $22.50-ish area with about a buck stop would be a great set up.

I don’t know anything about the Chinese Financial Services industry, but I do know that $FXI is looking like it has found a possible bottom here. A break of the 200ma is a buy.

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