Thursday, March 10, 2011

Pass the Dramamine Please

Another choppy session in the market on Wednesday and another day of adjusting our trading plans to fit the action. Here is an update for today...

$ABAX long on any pullback to 28.50.


One short position and some short setups going forward.

$ATML Breakdown on volume, MACD/RSI confirming, weekly chart confirms MA Crossover. Needs to close below 12.45 (200MA on weekly). Next support at 12 then 10. Short here or on a pullback to 12.75.




$AMAT Broke below 15.66 on volume, MACD/RSI all say lower. I have a sell order in at 15.30 but will watch this level and adjust the order accordingly.




$ALLT Broke support at 13.69 on volume and selling accelerated into the close. MACD/RSI point lower. Short here or on a pullback to the 13.70.




Going to be another choppy end to the week I'm afraid. Futures are pointing down as I write this.
Trade well; trade smart. See you all on the stream.

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