Citigroup (C) - Quick Takes Pro Chart of the Day

I've bought some STJ recently and just wanted to bring it to your attention. Might want to get a Value Line report and look into it.

Barchart.com's Chart of the Day - Liquidity Services (LQDT) for Apr 16, 2012

The "Chart of the Day" is Liquidity Services (LQDT), which showed up on Friday's Barchart "All-Time High" list. Liquidity Services on Friday posted a new all-time high of $51.91 and closed up 1.52%. TrendSpotter just turned long again on April 5 at $49.36 after taking a profit on a 2-month trade during February and March. Liquidity Services was last featured by "Chart of the Day" on the close of Sep 28, 2011 when the stock was at $34.85. In recent news on the stock, Stifel Nicolaus on April 10 reiterated its Buy rating and raised its target to $59 from $47. Oppenheimber on April 9 reiterated its Outperform rating and raised its target to $57 from $43. Liquidity Services, with a market cap of $1.5 billion, is a leading online auction marketplace for wholesale, surplus and salvage assets.

April 16, 2012 - Cummins (CMI)

Random Thoughts

Lately, I've been saying that a few big up days would make all the difference in the world. Unfortunately, the converse is true when the market is at an inflection point.

Friday certainly scores as a bummer. It has the Ps & Quack setting up as "micro" First Thrusts. It also has the Rusty set up as a Bowtie down.

I hope these patterns don't work this time.

It's not end of the world. It is important that the indices follow through to the upside soon to negate the above.

So, what do we do? The plan still remains the same with the exception that #2 is even more important during times like these.

For now, the plan remains the same:

1) Honor your stops on existing positions just in case this turns into something bigger.

2) Be selective on new positions. Trade the best and leave the rest.

3) Wait for entries on new positions. Again, as I preach, this can often keep you out of new trouble.

One more thing, don't make any big picture decisions. If the market begins to roll over, there should be plenty of time to get short.

There's no need to be a hero.

Futures are firm pre-market.

Click here to watch today's Market in a Minute.

Best of luck with your trading today!

Dave
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"Buy in April, Sell in May" isn't effective so far this year, stocks continued to stay under water, where the S&P500 is returning -2.63% since April started. On the other hand, the bond buyers are enjoying a cheerful time with the weak economic releases recently, the Treasury yields curve fell sharply where the 2yr and the 10yr went down 14bps and 37bps respectively. Aside from the technical, first quarter corporate earnings are reporting strong numbers as Alcoa, Google, JP Morgan and Wells Fargo were all outpacing analysts' estimates on both EPS and revenues; stocks price reactions were mainly positive, which should be a good sign for stock going forward. Investors will continue to focus on more companies' earning announces, also retail sales and the leading indicators are also important on the economic front.

Technical Highlights:
? Stocks remained its downtrend; Positive corporate earnings surprise may help the market to end this short-term correction.
? Market suffered from short-term bear cycle as both the S&P500 and the NYSE Composite turned below their 50day moving average; Internal showed sign of market bottom as the percentage of stocks above 50day moving average are turning to its extreme.
? RSMC continued to rally along with market correction, however the extreme have not appear yet to signal the change in trend.
? Financials led market selloff as the market neutral group (energy and materials) made its biggest daily return this Thursday.
? Bonds are now back to the bullish trend as rates are now trading below their 50day moving average across the entire yields curve.