Trade Review and New Opportunities - MSFT, X, HPQ, STAA, PEIX, NLST, VLNC

Hey All, Hope everyone had a good week.  There were some good moves in a few tech names despite negative earnings by Google. 

As I mentioned in prior blog posts MSFT has been looking really strong and has made an awesome move over the past couple weeks. It continued its upward push on Friday.  I took an entry when MSFT hit its lower trend line ($24ish), but sold in the $26 range....wish I was still holding this one.  Oh well, that's how it goes sometimes.

I mentioned a recent position in HPQ, which had a strong day on Friday too.  I'm looking for some continuation in the price movement before it hits some resistance at around $28.5 to $30.

I sold my shares in US Steel, X, last week for about break even.  Right after I entered the position, the stock sold off for about 4% I purchased some additional shares around the lower trendline. Luckily, the stock bounded strongly off this level and allowed me to exit without any losses.  It still may move up, but the market is moving into a resistance zone and this stock tends to trade with the market.  If the market drops, this could follow in a big way.  I was a bit worried that it had been lagging the general market and was setting up for a move lower.

Here are some other stocks I will be watching this week.

STAA - I will be looking to buy around the lower trend-line pull back at around $10.69 (which is close to its 20 day ma).  This will have a pretty tight stop at around $10.45/.50.  First target is back at the recent highs of $11.70.  If it breaks that level, it could see $12.50-$13 pretty quick.

VLNC - I purchased this on Friday at $1.05 as it broke out of its flag.  I'm keeping a close eye on this one Monday.  If it moves up with volume, it could see $1.20/.25 pretty quickly. I'll stop out at around $1.02.

NLST - I wanted to buy this at the lower trend-line around $2.75, but didn't watch it close enough.  Its had a nice bounce of that level.  A push over $3 could get this rolling.  I might look for a lower open and move to a positive level for entry around $3.  Stop would be around $2.95.  Target $3.25/.45.

PEIX - Keeping an eye on this one. Its coiling up in to a wedge that is supported by its 50 and 20 day ma.  If it breaks above the $1.20 level, it could get going and run for a while.  First target is $1.50. Stop would be around the 50 day ma, $1.10. 

These small stocks can be tough to trade, so I typically take 1/2 size positions on these.

~JP