Sunday, April 27, 2008

Weekly Trading Calls -- April 27, 2008

Overall Trading Strategy for the Next Week

As I stated in my “Weekend Notes on the Market”, technically, the path of the least resistance is now up. However, the market fundamentals as well as the inter-mediate term direction could be changed next week by such major events like the FOMC rate decision on Weds and Q1 GDP/April job report later in the week. These key events, along with continues pouring of ER, will bring a lot of volatility next week. It is prudent to establish SW position later in the week when the market direction/underlying fundamentals become clear.

1. AAPL: CTT between 158/160 and 190, bullish technical bias;

2. ACI: SW-S2, ez=59.8-63, stop just above 63, IT=55

3. AKS: SW-S2, preferably ez=68.5-69.50 with stop just above 70, but could enter at higher level on daily chart over-bought conditions. IT=MA50.

4. CF: SW-S2, ez=154.5-159, stop just above 160, IT=MA50/130

5. CTRP:
speculative SW-S3 if it spikes towards 63, IDS just above 64, CS just above 63 on bullish candle, IT=58.

6. FCX: SW-S3, ez=119.8-123, stop just above 124, IT=MA50

7. FSLR: SW-S3 if it spikes towards 300, stop just above 310, IT=265/MA50

8. ISRG: It is trying to bottom here, but if it breaks/closes below 270, it may quickly run down to 250/230.

9. MA – ER on April 28 (V’s ER on April 27): for reason I stated before, I may consider a speculative put position if it runs close to 250 or higher before ER, IT=220.

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