Well, less than 24 hours after penning, “Not to be an Alarmist…” the market stages a decent up move. I don’t profess to be a market timer! However, I will stick to my conviction that rallies are to be sold. Jeffrey Saut of Raymond James seems to agree with me.

My watch list/trading ideas:

ASYS is acting well. I am accumulating shares now. For me, I will add 200-300 shares every .10 cents lower from today’s closing price of $7.60. When it is for the portfolio, I will tell you as close to real time as possible, that I’ve bought X number shares. More than likely, I will tell you beforehand that I’m bidding $X.XX.

TTG is consolidating nicely but not giving me a chance to get in lower. I’m still patient on this one but as said previously, I will buy the break of $8.95. My gut still says a test of the 20EMA around $8.30 will come coinciding with a general market down day. As always, I will be looking to scalp small shares too. (You can use the search bar on the right-hand side to find previous posts. Simply enter the ticker and that’ll pull up any relevant information.)

NAL : I still own the calls. Search the posts for more detail.

Tapestry Pharmaceuticals (TPPH), I haven’t mentioned before, came up on a scan I ran. Oh no, not another small bio-tech.

The chart is consolidating between $1.50 – $2.00. Since it trades very thinly, I’ll look to pick up shares in the $1.60 area when they become available. No rush on this one either. Just another speculative play not meant to tie up a lot of money.

Lastly, I’ll mention CREE (Closing price today was $16.49) for a trade opportunity. The chart looks okay. Daily slow stochastic, although turning down the slope (towards 20) is widening suggesting a pop to $17 might be forthcoming. Unfortunately, the daily RSI, another indicator I like, has turned down from 50 but it has been hugging this line for a month and I think it makes another attempt at crossing it soon. Ideally, I’m thinking the market maker shakes out those foolish folks who placed hard stops at $16. I will have my bid in around $15.95 and watch from there.

That’s all for now.

CC