Review of Prior 3 Week's Setups

Since my last entry 3 weeks ago, the broad U.S. indices have seen a sharp rise out of yet another "V" shaped pattern, something we've seen several times during this ongoing 53 month (and counting) bull move.  The DJIA has advanced over 550 points while the S&P 500 has added nearly 85 points in the last 3 weeks.

Both indices made new all-time highs this past week, shrugging off sluggish earnings reports from MSFT and INTC.   And rates continue to rise as expectations of QE tapering by the Federal Reserve sometime this Fall are increasing.

With investor sentiment bullish and after such a strong move over the last 3 weeks, some traders are looking to go short in expectation of a pullback.  But my scan this weekend continues to produce actionable setups.

Now that being said, I'm not looking to chase what's been performing well.  (Actually, you NEVER want to chase anything in the markets.)  Rather, I'm looking at rotational setups of stocks that maybe haven't had a big run yet, and are displaying signs of accumulation.

Keep in mind the majority of setups I post on this blog are for skilled short term traders.  When you have a move like we've had over the last few weeks, in most cases you must nail down profit when it's there, then look for other setups to develop.

Here are some charts from that previous post with follow up charts, along with some stocks I mentioned on my Twitter stream over the last few weeks.

When the market complies, these various types of setups do work.  But don't expect these types of moves in individual stocks on a consistent basis.  When the general market makes a move like it has over the last 3 weeks, even a tyro can look like a genius.

Note:  From the last post, APP didn't trigger, and CVO did so poorly.  APP remains on watch while CVO is a dud.  Of the 3 stocks listed at the bottom of the post as scalp plays, all 3 triggered with MERU and TNAV performing the best.

Click on charts to enlarge: