I will be away from my desk for most of the day and might post some charts or commentary later today, should we get any significant technical developments in the market or with an of the active trade ideas.  We did have a couple of trade ideas hit profit targets recently, which I will post updated charts on asap.  The ZNGA long trade hit the first profit target of 4.43 yesterday & the HSOL short trade hit the first target of 3.40 shortly after the update on that trade (with the target level added) was posted.   From a quick glance at my watchlist, I can see that the SPLK short trade has gapped up, exceeding the suggested stop.  SPLK was recently added as a short setup or active trade with an aggressive entry on Nov 8th or to wait for a break below the 59.50 support level, which never happened as the stock found support just above that level yesterday and followed up with the large gap today.  Anyone who took the aggressive entry & still holds a short position might consider a stop above the current HOD at this point, which is 74.45, trailing your stop lower should the stock fail to build on today’s gains.

There may be a couple of other trade ideas that have hit a profit target or exceeded their suggested stop(s) which will be updated later today or over the weekend.  There are a few new setups that might be added once the current trade ideas are updated.  I did receive a price alert on LL as a possible short entry as the stock has broken below the 2-year primary uptrend line generated off the Dec 19th lows (use a log-scale chart setting).  Exact targets & stops TBD but the first target would be just above the 90.90 area with a second target around 71.70ish.  Of course the trend is still very solidly bullish with a strong bid beneath the market so although we’ve had many successful short trades recently, shorts remain counter-trend trades at this time and as such, sell signals such as intraday breakdowns below an uptrend line or bearish price pattern are prone to an above-average rate of failure (false sell signals).  Therefore, waiting for a daily close below support, especially on a swing trade with fairly large profit potential such as LL, would be a prudent strategy for all but aggressive, nimble traders.  LL also has decent horizontal support at 109.  As such, one might wait for a break below that level before shorting or bringing the trade to a full position.  Chart to follow later.

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