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Guest Post: V.I.C. Stock Watchlist for 1/28/2009 by Daytrend of FINZ.tv’s POSSE

**A guest post by Vic Scherer, aka Daytrend, my friend and fellow blogger over at POSSE: FINZ.tv’s Trade Journal. Vic prepares daily scans of market trends, earnings, and technical analysis and narrows it down to the best trade opportunities for the days ahead. Today is a special post because it is once again FED day, where the Federal Reserve will announce interest rate decisions around 2pm EST.  And don’t forget, we’re still in earnings season!**

V.I.C. Stock Watchlist for 1/28/2009

by Daytrend

Wednesday is Fed day.

There are daily setups GALORE in banks, financials, and real estate, many more than usual. Unfortunately, most are in unstable situations with one or two dojis in the previous two days. Further, there are many rising wedges on decreasing volume, and some of these doji-pairs are near or at daily resistance points which could become inflection points if broken.

It is amazing how all this converged with Fed day, simply amazing. I sense that some very good intraday trends will emerge out of this in the next 1-2 days, but I can’t tell which way. And it might depend on the Fed. Also some very good swing trends could emerge.

Departing from my normal practice of placing trends on the blog, tonight will show these setups. However, this is just to illustrate the instability. FAS or FAZ and URE or SRS will be my vehicles of choice, with maybe 1-2 exceptions. If you’re into individual stocks, some of these could produce swing trends worth 10-15%, which might exceed results from the ETFs, but who knows.

WFC: Earnings before market open (BMO). Don’t touch this unless you do it all the time.

BAC: Inflection point at 6.48, could go all “some” way.

PNC, JPM: Watch for breakdown of V-bottom potential. PNC earnings 2/3 BMO, unless it is changed. JPM could be good to 18ish.

FHN: Coiled from hell. Could go either way.

WL: Nice bear flag, good for test of 14. Earnings scheduled for Friday BMO.

NTRS: I don’t trust the reaction to earnings on 1/21 BMO. If fins implode before the 1/21 high is breached, 49 here we come.

CMA: Loving the super-unstable 2-day doji situation at falling MAs on daily, right after earnings on 1/22 BMO. Could be good for a short to 14.50 at least.

STI: Continuation short.

STT: Watch for rollover. Could be good to 15.

GS: Wedging a bit like JPM.

MS: MUCH more bullish than most banks and fins.

PFG: Wedging on decreasing volume.

COF: Free-fall, but could be good for more daytrades (or a squeeze!).

Check for yourself the similar situations in Real Estate stocks.

** Disclosure: At the time of this post the author is flat. **

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