Tickerville Brunch Summary 5.16.09

Disclaimer: The majority of these ideas come from the @Tickerville Saturday morning brunch. In fact, many of these are direct quotes that I use as a check-point during the week. Trade at your own risk. Any reference to "I" is from @tickerville. The blog author did not grammatically update that piece.

**Thanks to StockTwits for hosting. An excellent venue!

All I can say as the author of this update, is WOW! The last two weeks of Brunch with @Tickerville and @Stocktwits has been phenomenal. But, who cares what I think, you are here for the summary and it starts now...

Morning all. Will do live version along with @StockTwits stream. {Author's Note: this was the coolest integration, and after last week's rowdy brunch, a welcomed changed from the norm.}

Market consolidation week. About time. Tough to play though with so much back and forth. S&P down 5%. First chart is S&P 500. LOTS going on here. Worth our dissecting. S&P 500 daily. TA 101 says breakdown coming. http://twitpic.com/5a9l1 S&P 500 weekly still a powerful base but would LOVE to see dark space filled in. http://twitpic.com/5a9sd

QQQQ daily, same precarious state. 2nd wedge on tape. http://twitpic.com/5aa6l But..... QQQQ weekly still looking strong. http://twitpic.com/5aa92

So, in summary with S&P and QQQQ we're at a very tricky point. Dailies suggest roll over, weeklies suggest consolidation. So what to do? High levels of cash. Unbiased opinion. IF we roll, there are charts to play. We'll discuss. If we bounce, we must adapt. I think the summary is that we're in a key state here.

So, being in a precarious state. We must study the heart! What is the heart of the market?? That's right...the FINS. The heart and soul of the tape. Heart and soul of market XLF on trend line and flirting with break of Base 3. This is our guide. http://twitpic.com/5abep

Question about strongest sector right now...and a new words was born...FERTS!

SMH, this one clearly looks like breakdown coming. Yet weekly still good. I started here long. http://twitpic.com/5abuu

MOO bucking the trend. If we do not fall to abyss. We must play MOO http://twitpic.com/5ac4h

PER REQUEST:

DBA Excellent risk reward still. http://twitpic.com/5acei

ALXN one I have been watching on weekly to short. http://twitpic.com/5ad6f

BLL Daily I am already short. I would add on clear break. http://twitpic.com/5adcr

CEPH daily. A long that found its way on my radar this morning. http://twitpic.com/5admd

FNF a decent looking short on daily. http://twitpic.com/5ae2x

MA not a short for me but looks like it wants to roll. http://twitpic.com/5aelz

CLR http://twitpic.com/5aewu I would look for a smooch of trend.

NTAP A decent looking short, not enough reward for me just yet. http://twitpic.com/5afex

So, in conclusion. Daily charts say Warning lower prices coming. But TA 101 is so in vogue I have to think outside box. If we do not break down, as dailies suggest, we must have our long candidates (FERTS, MOO, DBA etc) ready to rock.