We hope you had a good weekend and you're ready for a new week on Wall Street.

Lisa and I have been reviewing charts for many hours today. We have been looking for charts that are setup candidates for long and short positions. We have identified some stocks which are displaying signs of becoming a "confirmation" entry, but we have to see what the market is going to do next. We are being very honest in saying to you that many of the charts we have looked at are at a precipice. They simply could go either way from here.

First of all we have looked at some of the big names everyone is 'pumping' in the media. Stocks such as RIMM, AAPL, AMZN, NILE, and so many others, all have the appearance of potentially rolling over. RebelTraders does not buy into what the media says we should buy. That is just following the 'pumpers'. And usually when everyone says you need to buy something, it might be the time you should think of going the other direction. Jesse Livermore said in the book "Reminiscence's of a Stock Operator" (MANDATORY reading for anyone interested in the stock markets) that the time to sell is when everyone is in unison and saying you must buy. And the same goes for the opposite. When everyone says to sell, then you need to buy. Of course, as technical traders we apply chart analysis to our entries and just don't sell and buy blindly. We will leave that for the yahoo message board and stock picking services that only get caught up in the emotional 'pumped' stocks that everyone says is "going to the moon". Anyone can say a stock will fly to blue skies. But a smart trader will not get caught up in emotionally driven stocks. They might be good for a day trade here and there, but for longer term swing trades we look for the stocks that are NOT emotionally driven. As emotionally driven stocks will be the ones that fall the fastest and hardest.

The charts that we looked at throughout the day today gave us some trading setups, however as I said above, they can go either way. The major indices have floated upwards over the past few sessions and this gives rise for concern and is why we have not been a supportive (yet) of this market advancement. We need proof, and the financial sectors are not on board with this advancement. If you look back over time you will observe that the financial sectors are necessary components in a bull market. At this time the financials are not speaking 'bull' at us here.

We will share with you some of the stocks we are looking at as possible setups and we will monitor for trigger points to be reached, at which point we will then communicate to you in more detail the trading plans for these stocks.

Apria Healthcare (AHG) on a weekly chart is trading in a downward channel, which is actually a bull flag formation over the long term.