Welcome readers! This will be my first watch list post and I plan to make this a daily occurrence. I want to share with you what I am watching so you can learn to find similar plays yourself. I want to offer my readers value and this is just one of the ways I plan to do it. For some reason the text tool on FreeStockCharts.com isn’t letting me print the text on the chart, so these are not annotated. In the future I’ll leave notes on the graphs so you can easily see what I am seeing.

SBGI (Sinclair Broadcast Group) – LONG

As you can see there is a strong support line that has been set for many months. You can also see that it has set up a cup and handle patter and the handle is fully formed and has been hanging out around that $5.30 mark for a week or two now. Finally note the ascending trend line – or ascending triangle. All this stock needs is one strong day. The breakout is imminent. The first sign of significant resistance I see is around the $6.55 area where the stock consolidated for a few weeks.

BGC (General Cable Corp) – SHORT

BGC fell hard on Friday from it’s morning high of 30.78 to it’s low of 29.06.  Needless to say when a stock has dropped that far it’s usually due for a bounce.  Most stocks that fall that far, that fast, will correct at least in the short term.  If it does bounce it could find resistance around 29.40 and this is where I would look to go short.  If it does not  bounce, I would watch it and see what it does around the 28.80ish level as this is the next sign of resistance.  This may be a resting spot and once it beaks this level it could be a good short.

That’s all for tomorrow.  I am still trying to get the blog rolling and I don’t want to spend too much time doing watch lists.  I have a ton of work to do on the website.  In the future look for 3-5 trading ideas depending on the market and the time I have to create these posts.