A feeble rally attempt today, with the indexes closing slightly lower after a mid-day rally. The indexes could be forming bearish flags, as seen here in the S&P 500.

I had 2 stocks trigger from the Watchlist. I actually took them against my better judgment, and am still holding MGM.

 

I was stopped out of TQNT for a small loss after raising my stop in the afternoon.

I am also holding BID, which I bought yesterday. Hoping to sell this into a market bounce.

I mentioned JDAS in Sunday’s post as being a great chart, but with earningsafter hours on Monday. Earnings were good, and it actually provided a great entry this morning.

AAPL also reported yesterday, and had fanastic earnings. It did well early in the day, but closed well off the highs. If this stock cant rally, then there is little hope for other stocks for now.

The market is oversold, making shorting difficult. Longs are risky here. I am not being too aggressive right now, waiting for some direction. Thus, I am only adding 1 stock for tomorrow.

Trade Ideas for 01/27/10:

 

Good luck and good trading!