Scrounging for Change: DRYS

Stocks to watch:

ABV: Looks to be a pending reversal of a downtrend that started at a high of $32.

Daily Chart: MACD pinching off at the bottom. Stochastics coiling around the buy trigger line. Price level is right towards the mid-top of the downtrend channel, so we are either going to break up and out or fall back down towards a level that is both the bottom of the channel and the 200EMA. If this level is hit, it's an almost certain BUY at that point of major support. Watch indicators but if channel is broken wait for confirmation based on either a retracement and bounce off the upper TL or a strong volume break that reaches the 20 & 50EMAs.
Hourly Chart: Stochastics turning up towards upper TL, MACD just crossed upward near the 0 line. Looking a little weak and ambiguous here. We're riding just below the 20&50 with the 200EMA overhead and out of the channel.
Summary: Looks pretty good but be careful not to get caught in a little shakeout to the lower TL/200EMA on the daily. As usual, use daily to make the decision and the hourly to time the entry. Could be a big winner if it ends up bouncing off the 200EMA @ ~$25.50 and heading back to original ~$30 level. Position Sizer @$800 position size allows for 30 shares at $25.50

DRYS: Been in this one for a while, finally looks like a good time to buy. Cannot believe I chose the entry that I did. Just laying in bed looking at iPhone charts not knowing WTF I was doing all excited about a mobile trade when I could have gotten out of bed and likely noticed the price position in the channel was well into the DOWNWARD LEG! Held and held and held and now ~$100 down on the position. Oh well. Absolutely stupid trade. I could pick up another round lot at the low low price of $5 down here and bring some money back.

Daily Chart: Bouncing off the lower TL of the channel. Good action in the MACD, just starting to show green histo and Stochastics are on the way up. Having a little trouble with the 20EMA it looks like, but nothing significant based on other indicators.
Hourly Chart: Riding on top of the 20EMA with the 50EMA below as well. Just today meeting and somewhat crossing resistance at the 200EMA/sub-trend line. This is one moment of truth that must be crushed before confidently buying more shares. MACD/Stochastics are a little precarious at the upper levels but the daily has enough oomph to have some confidence.
Summary: gdamnit I think this one is going to pop, and certainly hope so. Not going to hold this loser for much longer. Have already waited too long, really, but I don't think I'm being desperate in expecting some gains here.

TTM: This is a stock I've not really looked at much, but I like it. Emerging market exposure, seemingly good fundamentally (need to do some more research into that claim, too), and it's looking good technically. I think some owners were concerned about overvaluation+recall situation which snowballed into an oversold condition that is just now reaching lows.

Daily: This stock has been falling down at a rate that nearly mirrors its earlier rise with the 20EMA as a resistance level for about 2 months. It has just now contacted, somewhat broken below, and bounced off of the 200EMA in the last three days. MACD appears to be turning up, but had similar activity last week too that ended up being a fake-out. This time, though, stochastics are displaying some serious buying pressure, crossing the buy trigger line with strength. Today's high nearly touched the 20EMA; whether or not we can break that level will be a good indication that buyers are ready to start running the show again.
Hourly: Seeing a good bounce in indicators. Also great volume coming in the last few days. I think this is the bottom, tech traders using the 200EMA on the daily as their entry trigger. Hopefully tomorrow's action will meet my more conservative entry criteria.
Summary: Looks like $26 (20EMA on Daily and 200EMA on Hourly) would be a good entry point. Position sizer shows a lot of 25 priced at $26.05 ($651.25) and sold at $30 bringing $98. Acceptable profit but it could take a month to achieve it. There is above average volume going into it, though, so it might be a quick $50 or so. Will tweak numbers depending on available funds.

Daily: Wedge pattern is going to pinch the price range one way or the other. Since the general longer term trend has been up, we are above the 200EMA and the 50EMA, and MACD and stochastics are looking right.
Hourly: Missed the stochastic crossover on this chart, but if the move is to continue out of the wedge, it would still be a worthwhile trade.

Notes:

"Egypt not a key player in commodity markets" http://www.youtube.com/watch?v=4G0B4_bgK1c
Trader Spotlight with Gas on programming indicators for finding setups with stochs lining up on multiple time periods. AWESOME

http://www.livestream.com/daytraderrockstar/video?clipId=pla_04baeb22-ba28-4bfb-ba6e-7edc0445aee9
http://rpmws.com/gas.html

2.03.2011