Wrap up 2/26/14

Topics:

• Pot stocks
• New buys
• Market participation
• Stock Setups

Pot stocks are starting rip after a month of basing.  CANN got a mention on CNBC's show fast money and ripped from 24-34 in ten minutes.

This CBDS had a nicely crafsed bottom.  It measures to about 15 but who knows how hard these things can run.    

I purchased FSPM at 5.35 after the major CANN rip.  The tight setup looks explosive.  We'll see how it goes.  I've already raised the stop on this to breakeven.

I also added AWAY at 46.10 this morning.  Two days in a row it's found stakes in the ground at 45.  Under 45 is the stop.

The other thing I bought was this UVXY as a way to hedge longs.  Things like SOX and IYT are struggling at key levels so figured it was worth having some protection.  We'll know soon enough if it's needed or not. 

Market Participation

Notice smoothed TRIN is no where near a topping zone.

The Nasdaq A/D line was pretty perky today just under new highs

Both the Russell 2000 / Dow and Wilshire 5000 to S&P 500 ratios look stellar, suggesting a healthy market.

The consumer ratio suggests they're still healthy for the time being.  Keep an eye on the rising wedge though

Stocks

STAA had earnings last night (2/26).  Weakness might be buyable

FIX has pulled in pretty hard since breaking an 8 year base.  It's finally seeing signs of stabilizaton.  If you can be patient this is the type of stock that'll see 25 later this year.

EBAY is the new hotness.  If you're gonna buy it, now is the time.  Whatever happens between the board and Icahn doesn't matter as long as it doesn't lose 53.

I also posted MIC and NMRX as investor setups on twitter.  Notes on the charts

Faro had earnings 2/26 PM.  This could be a real ripper.  The December high is the key to the chart.  Over that and it's likely a 100 roll candidate later this year.