On the heels of Thursday's massive market meltdown we have been left with more Fast Ball expansion set ups than I know what to do with. That being the case I have narrowed the field to those with the most acceptable risk reward ratios, and these will be the focus of my Friday trading. Readers should bear in mind that the collapse into the end of the trading session on Thursday resulted in some extension moves that are hard to plan in terms of stops. The reason for this of course is that we try to plan stop losses at natural support and resistance, and a very fast or protracted move with little or no consolidation generally does not generate logical exits. So my strategy on Friday will be to examine early trading activity in the stocks discussed in this column and to try to pinpoint natural areas of support and resistance that can serve as an exit if the market moves against me.
The first stop on my watchlist is Apartment Investment and Management Company (AIV). The stock made a Fast Ball expansion move lower violating the lower channel of its recent consolidation and setting it up for an expansion move on Friday if the market continues lower. 32.67 will serve as my alert price for a potential short side entry.
Apartment Investment and Management Company (AIV)
Becton Dickinson & Co. (BDX) is another fastball candidate. These stock made a significant move lower in Thursday's trading and price activity below 86.55 will have me interested in a short and this one as well.
Becton Dickinson & Co. (BDX)
Federal Realty Investment Trust (FRT) will be on screen as a potential short entry on trade below 67 .11. The stock and the sector are vulnerable to additional downside and FRT has significant pent-up energy which could lead to a significant move.
Federal Realty Investment Trust (FRT)
Among the refiners, Holly Corporation (HOC) looks ready to retest these support and resistance areas established in late 2007 and early 2008. We will look first to the sector and then to the stock for signs of vulnerability during Friday's intraday session and trade at or below 47.20 will indicate a potential opportunity for a short side entry.
Holly Corporation (HOC)
Vornado Realty Trust (VNO) is the final candidate on my stocks-to-watch list. I will set this Fast Ball candidate up after the open and look for support and resistance to confirm the validity of the setup. 79.45 will serve as my potential entry price on weakness in the REITs.
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It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.
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