TraderHank’s stock picks for October 8th, 2012

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HD – 123 continuation play


CREE – Retest and failure, possible pivot I

HPQ – 1234

FSLR – Break Down

ORCL – Daily sell setup triggered

News:  None scheduled to impact inter day trading.

Market:  QQQ update

The market gaped up on Friday and basically sold off all day, and taking out the prior day’s low.  Price is currently seating at Major Support which can be seen on the 


hourly chart of the QQQ.  Monday’s play would be to short any type of break down from Friday’s low of 68.80 with a nice target of 68.15.  The entry would be on a 5 minute pull back just below the 68.80 area, at or near 10 am.  If the market rallies or gaps up from Friday’s close, you could look to go long on the second higher low on the 2 minute chart with a target from Friday’s high of 69.80 area.  My bias is short and one could look to play a retracement long near 10:30 or over lunch with a late day breakdown short after 2:15 pm.


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