Big Board Stocks - June 12

[J-Tea]

The market's were supposedly ready for some rebounding, but despite the futures pointing to a higher open, things were looking dim by 9:00 am. The close was quite depressing as it sank the NASDAQ below a somewhat psychologically important point - 2400. All in all, I think these conditions make it especially important to trade with strict technical analysis so that you can get in and out with a systemic, disciplined way.


MY PUBLIC CHARTBOOK

SOL - shorted this in during an intra-day bounce in the $21's, after it broke the first descending triangle support at about $22.00. as you know, support becomes resistance once broken, so i shorted it as close to the newly formed resistance as possible. now, the real test will be the support line of the overall, bigger descneding triangle. the support line, as defined in the chart, is right where it stopped today, and coincidentally, where the 50 MA is, pretty much right at $19.00. if this breaks below $19.00 by at least 3%, i feel that SOL has some ways down left to go. next major supports would be at about $17.60's, and then the $13.60's. i feel quite good about the short at this point and think it's gonna keep going.

SINA - if you didn't get in on this short already, it may be better to wait and see whether it falls below the 50 MA. this is key support and today's doji-style close suggest a reversal. after all, it has lost almost $10 in the last week or so.

PSS - making an ascending triangle here. a piercing of the 13.00 line with 3% and high volume could set this off.

LDK - failed ascending triangle, now below the support line. this is also right at the 50 MA, but it breaks below that, there is likely some short left.