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Long: CROX, Short: VECO

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May 03, 2011 – Comments (0) | RELATED TICKERS: CROX , VECO

Market is due for pullback after such a strong run. Though I believe there is still more upside for the bulls. This  pullback may be either mild or violent all depending the headlines for the next few days. If there is no major shaking news in the market, we should see a mild consolidation or light pullback toward the 10MA. I'll keep my positions on light quantity this week, and perhaps taking advantage of this move with some bearish setups.

 

CROX (long) The stock broke out 2 weeks ago and impressive volume and is forming the first pullback to test the old resistance. Supports can be seen in the pullback candles. This is a good setup for a positioning play while market is in profits taking mode.

 

Here's CROX Chart Analysis

 

VECO (Short) - This stock been trading in a wide range consolidation for month now and is approaching resistance once again on declining volume while formed a shooting star on Monday. It is currently overbought since it's been running up with the market. With market pulling back, I expect VECO to also bounce off resistance. 

 

Here's VECO Chart Analysis

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