Selling Short Apple Computer at today's closing price of 501.75 on a sell signal from my leading indicator on the lower half of my chart. My 1st target price will be 461.04 with a stop loss set above Friday's closing price of 520.30. 

Campbell Soup Co. Ready to Move

Expect a breakout in Campbell Soup Co. (CPB) now that the Bollinger Bands have moved inside of the Keltner Channel on the daily chart. I will go long on a move above 35.50 for a day trade and look for a retest of 36.28 using a trailing .25 stop.

Looking for C.H. Robinson Worldwide (CHRW) to continue it's downward trend. I will be selling short below 55.50 with a target of 50.80 which was the July low. My stop loss will be 58.08 which is just above the August high of 57.83. I have found that whenever the Bollinger Bands get inside the Keltner Channel I can expect a breakout in the same direction of the longer term trend.

Intra-Day Game Plan for Tuesday 5-Apr-2011

Longs:
TCK 20 day high. Look for continuation above 57.24 and next resistance is 64.59
FTI New highs. Look for continuation above 50.33
ACE 52 week high. Look for continuation above 67.37 and next resistance is 68.00
TRV Testing the 60.00 resistance level again. Look for a break above 60.00 with volume and the next resistance level is 61.15
RHT Looking for continuation above 47.21 and 47.88 and next resistance is 49.00
CLF Looking for a break above 100.43 and then a break above 101.62 for a new 52 week high.
Shorts:
RIMM 20 day low. Look for continuation below 54.31
NTAP Look for continuation below 45.40 and a break below 44.50 for a new 20 day low.
BRCM 20 day low. Look for continuation below 37.78
RVBD 20 day low. Look for continuation below 33.25 and next support is 31.42
JNPR Looking for continuation below 39.40 then 38.85 for a new 20 day low.

Dom’s Intra- Day Game Plan for Wednesday 30-Mar-2011

Momentum LONG

DNDN 36.10 close Closed at a 20 day high with twice the average daily volume and will look for a long entry above Tuesday’s high of 36.17

HAL 49.00 close Closed at a 52 week high with strong relative volume. Looking for continuation above 49.25

CAT 110.51 close Closed at a 52 week high. Look for continuation above Tuesday’s high of 110.79

VLO 30.44 close Closed at 52 week high. Look for continuation above Tuesday’s high of 30.47

OVTI 36.07 close Closed at a 52 week high. Look for continuation above Tuesday’s high of 36.38

HON 59.60 close Closed at a 52 week high. Look for continuation above Tuesday’s high of 59.63

CVX 107.37 close Closed at a 52 week high. Look for continuation above 107.48

Momentum SHORT

APOL 40.55 close Gapped down on weak outlook. Look for a failed test of Tuesday’s high of 40.63 to initiate a short and add below 40.00

CCL 38.04 close Closed at a 20 day low. Look for continuation below 37.86

Economic Calendar

8:15 ADP Non-Farm Employment Change

10:30 Crude Oil Inventories

Stocks In Play

VRX makes a $5.7B unsolicited offer for CEPH sends share prices higher.

IBX earnings sends share price lower after hours.

Momentum Scalps Using Range Bars

Conoco Philips continues to trend higher making new 20 day highs which makes for textbook momentum trading. I use a 25 cents range bar to trade COP which provided 3 momentum scalps good for a total of 1.89 of profit. As you can see from the chart above my first entry provided the best scalp of .77 in only 10 minutes. The second entry was good for .49 in 13 minutes and the last one produced .63 of profit in under 5 minutes as it took out the previous day's high...textbook!

Conoco Philips Momentum Scalp

Today Conoco Philips provided another 20 day high breakout momentum trade for me. As COP opened above Friday's range I waited for the first pullback to go long using 25 cents range bars. My entry was 77.45 at 9:37am that had very good momentum as I watched it go straight up for 20 minutes. I booked my profit at 78.47 which was 27 cents of the high of 78.74 as you can see on the chart. My re-entry of 78.09 at 10:37am did not have the same momentum and I took a small 27 cents loss. My net profit in COP was 75 cents and I passed on the reversal at lunch. Using the range bars keeps me from taking big losses and never allows me to turn winning trades into big losses.