Got back in too early….

The market seems to be turning around this week so I’m taking a risk and buying Medifast (MED) as it broke out this morning from an enormous cup.

stop loss alert: 34.64

stop profit alert: 45.18.

The market uptrend is still under pressure – it popped up a today, but without the volume needed.  It’s not a great time to buy, but a good time to protect profits.

VanceInfo Technology (VIT) – still trading close to it’s buy point, gained 6.67% – way too extended to buy and too early to lock in profits.  Going to sit on this one for a bit longer.  I still hold 22 shares long.

* Industrial Services of America (IDSA) – It’s the first time this ticker has caught my eye. They provide “waste and recycling management services to commercial, industrial and logistic customers nationwide” .  Just finished a HUGE cup a few weeks ago and just broke out of a very short cup formed over the past three weeks.  The buy point would be 20.38 and it’s trading just 8 cents over that.

* Steve Madden (SHOO) – Just had a 3:2 split today and are announcing earnings tomorrow.  Keep an eye out for a new base to form.

Coinstar (CTSR) – had a crazy breakout and still going strong….  Way too extended..  Going to watch for a new base, but no slowing in sight yet.

Green Mountain Coffee Roasters (GMCR) – watch for it to hold support around 72 and form a new base.  I wouldn’t doubt that it retraces itself back to it’s recent 52-week highs near 100. UPDATED 5/4/2010: As pointed out by Mike P in the comments below, this is a broken stock.  The fundamentals have changed since the last time I looked and I am removing GMCR from the list.

These stocks are holding gains and are staying in my watch:

BCSI, CTSH, EZPW, DBRN, NUS, WBMD, VMW, WCRX, ULTA, MED, PCLN, ATHR

Vanceinfo Technologies (VIT ) is really taking off after it’s breakout 2 weeks ago.  It’s too far extended to buy right now, but I might consider buying more if it starts another base.  Earnings are due on 5/13.

* Medifast Inc. (MED): perfect fundamentals… trading on the right side of a huge cup.  The buy point would be 36.68. Earnings are due on Thursday 4/29 so I’m going to watch for a good report to push it past the buy point on above average volume.

* Priceline.com (PCLN): good fundamentals…  earnings due on 5/11. Pulled back into buy range after passing a buy point 267.12 after several weeks of consolidation. The max buy point I would use would be 280.48.

* Atheros Communications (ATHR): good fundamentals (let’s just assume “good fundamentals” for now on, otherwise it won’t be on the list.)  Earnings are still a ways out – July 21st. Almost pulled back to buy range after clearing a cup with handle base.  The target buy point was 39.34 and the max buy point would be 41.31. Going to watch for it to come back into buy range and possibly grab some then.

Still in the radar in buy range (ticker/buypoint/max buypoint):
Blue Coast Systems (BCSI/33.76/35.45)
Cognizant Technology (CTSH/54.45/57.17)
Coinstar (CSTR/35.45/37.22)
EZCorp (EZPW/22.29/23.40)
WebMD (WBMD/46.63/48.96)
Warner Chilcott (WCRX/28.49/29.91)