Sunday, February 28, 2010

Weekend watchlist

Let's start with the airline stocks first - a sector that the regular readers of this blog know that I have been really bullish on the last few weeks. LCC has probably been my most traded stock this year, and I have also had positions in AMR and UAUA during this time period. In fact, heading into tomorrow, I hold a position in LCC. Airline stocks, generally speaking, broke out on Friday and are looking good to run some more.

Leading the way on Friday was UAUA. I had put up this set up last week too calling it a buy if it crosses 16. I somehow missed the move but I hope some of you readers were able to profit from it! It did breakout after 16 and the volume was good too. Clear skies up ahead! Sorry, couldn't help it :)

LCC was another stock that I had kept posting about. 7.20 was the watch point for this point and I did enter it on Friday at this point. It did break through this resistance and is at a 52 week high. I would like to see some more volume come in though in the next couple of days. It had a very bullish volume pattern throughout the month of February. Keep your eye on this one. 7.20 should act as support now.

AMR - Broke through the 9.15 resistance on good volume. Also on 52 week highs and expect it run from here.

CAL - Nice bounce off MA(50). Lagging behind the rest of the airline stocks a bit. Could breakout if it manages to cross 21.

DLTR - Like the pullback on low volume and how the support held. A buy if it manages to break 56.50.

For my thoughts and strategy on the overall market for the week ahead, please see here.

Take care and good luck next week!


traderstewie said...

nice charts. airlines look good.

Anonymous said...

Charts are rising but what's driving airlines? News doesn't seem good for most of them.

positiontrader said...

Thanks Stewie! They are on a roll today.

Who knows Anon? I for one, dont really care. Just go with the tape!