Stocks On My Watchlist This Week

One earnings week down, a couple more to go.  This week, there are a couple of tickers I’m concentrating on for earnings swing trades.  Because of the heavier volume of earnings coming out this week in comparison to last, I will be taking a day-by-day stance on a couple of tickers I’ve picked from the enormous list.  For Monday and Tuesday, I’ve chosen the following tickers to keep my eye on:

• Halliburton (HAL) (4/20, PM)
• IBM (IBM) (4/20, AH)
• Merck (MRK) (4/21, PM)
• AK Steel (AKS) (4/21, PM)
• Caterpillar (CAT) (4/21, PM)
• Sandisk (SNDK) (4/21, AH)  ** My mistake for thinking it was last Thursday, turned out it was not Verified by SNDK **
• Broadcom (BRCM) (4/21, AH)

Most of the Weekly Watch List is yet again filled with energy and basic materials:

1. Energy:  ERX, DXO, BHI, XTO, ACI, PCX, ARLP, BTU
2. Basic Materials:  UYM, GLD, UXG, ABX, PAAS, SLX, STLD

Other names in the Weekly Watch List include:

• SRS
• ENER
• TNA
• UYG
• XLU
• TITN

Most of these tickers have basic technical patterns that can be watched and waited on for breakouts and breakdowns.  A lot of wedges are still intact, and if the wedge broke out, the ticker at hand either:  A) Broke out into an ascending triangle, or B) Broke down into a descending triangle.

Tomorrow, I’ll be adding a ton of charts in order to map out a couple of basic price patterns and how they’ve developed recently.  The coal names (ACI, PCX, ARLP) with the exception of Peabody Energy (BTU) have pulled a price pattern switch that now has a lot of these names on the brink of breaking out.

One thing to watch for is the hold in price of PowerShares DB Crude Oil Double Long ETN (DXO) and Direxion Energy Bull 3X Shares ETF (ERX).  Over the next two weeks, oil companies are going to be tested on how well they can retain a solid balance sheet.  The volume on these two ETFs (as well as many others) in comparison to their price has been diverging while their prices have been holding stagnant.  In other words, the Crude Inventory for this Wednesday is very important.  If there is more of an oil demand this week, keep your eye on these tickers.

Check out the HAL chart I’ve put together for tomorrow’s pre-market earnings announcement:

HAL  60 Day, 60 Minute

Also for tomorrow, watch IBM.  They’re currently in an ascending triangle price pattern with a couple of falters along the way.  If IBM stays below $102.50 (current short-term resistance) during market hours prior to their earnings report, I think adding this ticker would be a good decision.  I briefly looked over IBM’s balance sheet tonight and their cash reserves is through the roof, like many other international power companies (Apple (AAPL), Exxon Mobil (XOM), Google (GOOG)).

Hope everyone enjoyed their weekend and rested up, this week should be interesting!

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