Weekly Calls: Sept. 11 -- 15

On Major Indices:

Both weekly and daily charts clearly indicate that the 4-wk long rebound is stalled to say the least. NASDAQ closed below MA200 (2175) again. This Friday's action, however, may give bulls the hope that the overbought correction is nearly done. Unless NASDAQ closes above MA200 with a bullish candle, I think that the short-term risk is on the downside. Overall, I expect market to be range-bound until the FOMC decision on Sept. 20. If that is case, day-trading or overnight swing should be favored over 3-day or longer swing trade, and short-on-top or long-on-bottom based on key S/R levels should be favored over trading break-outs.

1. AAPL: L2 on bottom, CS=70, IDS=69.7, IT=73.7. While daily chart shows possible top around the 6 mo high, the weekly chart is very bullish. The wild card is next Tue meeting, if the new products disappoint, if could quickly retreat to 66/67.

@@ B

2. ADBE: S2 on top when it approaches 33, CS=MA200=32.4, IDS=33.1, IT=29.

@@ F (great earning report)

3. ADI: S2 on top when it approaches MA50=30.6, CS=30.6, IDS=31, IT=28.3.

@@ F

4. AEOS: look for top and a quick pullback, IT=38.5. The stock is showing signs of bearishing divergence, and it is overbought. but be patient and use tight stop when shorting such a bullish stocks, intra-day strong bearish reversal signals are required.

@@ F

5. AMD: I suspect that it will be ranged bounded near-term between MA200=26.7 and MA50=23.7. CTT when it approaches the boundaries use very tight stop and trade along the break-out when either boundaries is breached.

@@ B

6. BRCM: S2 on top when it approaches MA50=28.3, CS=MA50, IDS=29.2, IT=24.5.

@@ F

7. CHRW: S1 on top when it approaches 45, CS=45.1, IDS=MA50=46.2, IT=42, may breaking down.

@@ F

8. ESRX: consider CTT between 85 and MA50=79 or MA200=76.1.

@@ B

9. MOT: Consider CTT between 22.2 and 24.25 with very tight stop.

@@ F

10. NTAP: Is it ready to dive or break out to the upside? currently holding short position (33.89), CS=34.3, IDS=34.81, IT=MA50=32.5.

@@ B

11. QCOM: S2 on top when it approaches MA50=37.8, CS=38, IDS=38.5, IT=35.5.

@@ B

12. RBAK: L3 on bottom use 12.3 as stop? further decline is likely based on the weekly chart, but will the big wins in Thailand/China make this a buy-on-bottom play worthwhile?

@@ C

13. SBUX: CTT between 29.5 and MA50=32.3.

@@ F

14. SNDK: S3 on top, CS=57.6, IDS=56.7, IT=MA200=52.1. Its weekly chart makes a good case of near term top after nearly 6 weeks rebound.

@@ F

15. TXN: S1 on top, CS=32, IDS=32.51, IT=29.8.

@@ F