Watchlist for the week of 9/21/09

Because I felt bad for not getting my watchlist out last night...I went through the entire S&P 500 looking for good set-ups, and came across 33 that really look good to me one way or the other. We should have a "drifty" market until the FOMC meeting on Wednesday, pretty similar to the day we had today. I except the SPX to drift between the 1050 to 1075 range the next two days. A little update on some of postions:

FSLR-added 50 more shares short, avg. now 155, I have a hard stop at 161 and will not move it.

ABX-covered the last half of my position at 35.75, +3.25...perfect trade

MTXX- It popped big today just like I thought it would, sold everything at 6.10, +.40, Looking to get back in around 5.70 level.

C- got back in this am, 4.30...gonna hold and see what happens

On to the watchlist....

A long that I really like this week is CLX, Clorox Co. It's got a nice falling wedge pattern, good support around the 57 area, stochastics are turning up, and MACD is going to get a bullish cross soon. I'm in it at 57.40.



A short I like is PSA, Public Storage. It has formed a nice double top in at 79.50, with stochastics turning down, and MACD is at an extreme level. I'm short at 77, target is 72, stop loss just above the highs.



Another long I like is GLW, Corning. Tech was really strong today, and this one has a great trendline going all the way back to May. If you can get this one under 15 I think its a great buy.



SYK, Stryker Corp, I like as a short, its been trading outside its top Bollinger Bands for almost two weeks, time for it to come down to Earth (just a little bit if nothing else) it's been getting some upgrades, but it just looks toppy up here, I like the back to back red chandles its printed. I'm short at 47.50, first target 45.



A long that I started to nibble on today is DE, Deere. It's made a nice inverted head and shoalders, and if it can ever get through this 47.50 area, then it's off to the races. Started half a postion at 44.50.



BA looks like a good short here, double top, been trading on its upper Bollinger Band for a couple days, stochastics are at extreme levels, looks like MACD has made a lower, low.