Saturday, April 30, 2011
Never Make Your Move Too Soon
Earnings are still coming in and some or most are beating the estimates. Charts look good... and tempting. Remember, always wait for the trade to come to you. Don't chase!!!
Have a good weekend all.
Friday, April 8, 2011
Don't Just Stand There... DO SOMETHING!
Well, I cashed out like I said I would and headed for the track. The good news... they weren't running!
So I came back and decided to just sit out this market until it gave me some direction. I keep thinking "How long can you tread water"? And the answer to that is "Until the current gives me a reason to start swimming". I don't see any reason to get back into the market until it starts to DO SOMETHING. That will take discipline and patience and I have plenty of both.
In the meantime, it's a beautiful day and is promising to be a spectacular weekend. I'm going to kick back on Saturday... well, maybe I'll do some scanning. Can't help myself it seems. Other than that I'll be enjoying the long-awaited sunshine and warmth. Sunday I'm spending the day with an old and dear friend. We have so much to catch up on and we always enjoy a good laugh or two.
So, I'm wishing you all a safe and warm weekend doing things that you really enjoy. May have some setups later in the weekend. See you all on the stream on Monday.
BTW: Two weeks filled with earnings coming up. Trade smart.
So I came back and decided to just sit out this market until it gave me some direction. I keep thinking "How long can you tread water"? And the answer to that is "Until the current gives me a reason to start swimming". I don't see any reason to get back into the market until it starts to DO SOMETHING. That will take discipline and patience and I have plenty of both.
In the meantime, it's a beautiful day and is promising to be a spectacular weekend. I'm going to kick back on Saturday... well, maybe I'll do some scanning. Can't help myself it seems. Other than that I'll be enjoying the long-awaited sunshine and warmth. Sunday I'm spending the day with an old and dear friend. We have so much to catch up on and we always enjoy a good laugh or two.
So, I'm wishing you all a safe and warm weekend doing things that you really enjoy. May have some setups later in the weekend. See you all on the stream on Monday.
BTW: Two weeks filled with earnings coming up. Trade smart.
Sunday, April 3, 2011
In Need of a Pullback... Who Said That???
I've been going through my charts this afternoon and it looks to me like we need a rest here OR a pullback. There are breakouts and gaps up and good volume. Not just on Friday... we all LOVED the action on Friday. But some of the price action took place 3 or 4 days before the dreaded jobs report.
I pulled up the weekly charts and found that the prices had returned to their multi-year highs in many cases. There's still hope, though. There seems to be plenty of upside if you go out to the monthly time frame. I don't know if we can take out the highs here without a rest and consolidation. I'm not going to run in and chase anything. You can never catch a runaway train so you may as well wait until it comes back into the station.
Here, then are some of the possibilities I see for the week ahead. A lot of the traders are still in the oil patch. Other favorite sectors: real estate operations and medical. FYI
$EAT Above 25 on volume. MACD/RSI rising. Next resistance at 28 then 32.
$LAVA B/O on good volume. MACD/RSI confirm. Resistance at 7.50; 9.50 then 12. Weekly says more up. Long right here or break at 6.80. Sector: Computer software.
Other names in this sector: $TIBX $ASIA
$ERTS On watch for Monday. Long over 20.25. Need volume and confirm from MACD/RSI. Over 24, then 30 then 43.
$KRC Nice pop on volume. Closed right at resistance. Long over 39.50. Nothing in the way until 48 on the weekly. Volume, MACD/RSI and MA Crossover all look good.
$PRXL Price up against long term resistance. Long over 25. Next stop 29.
$MDR Stepping higher. Over 26 with volume goes to 33. MACD/RSI curling up.
$MIC Good volume move into resistance. Over 25 with volume; MACD/RSI confirm. Next stop on weekly at 30.
$TEX Long over 38 with volume. MACD/RSI need to confirm. Some resistance at 43 than 50.
$YSI Prices stepping higher. Low volume on Friday. B/O over 10.75 goes to 13.50. Need MACD/RSI to curl up. This is in the same sector as $KRC: REIT's.
$WNR Another oil play. This has been on Twitter screens before. Nice price action into long-term resistance/support. Over 18.50 next stop 24. Nothing after that until 49.50.
$FTO $DK $EROC also in this sector.
That's about all for this weekend. Let's not forget that we get into some serious earnings reporting in the next couple of weeks. Trade carefully. Stay smart and trade well.
I pulled up the weekly charts and found that the prices had returned to their multi-year highs in many cases. There's still hope, though. There seems to be plenty of upside if you go out to the monthly time frame. I don't know if we can take out the highs here without a rest and consolidation. I'm not going to run in and chase anything. You can never catch a runaway train so you may as well wait until it comes back into the station.
Here, then are some of the possibilities I see for the week ahead. A lot of the traders are still in the oil patch. Other favorite sectors: real estate operations and medical. FYI
$EAT Above 25 on volume. MACD/RSI rising. Next resistance at 28 then 32.
$LAVA B/O on good volume. MACD/RSI confirm. Resistance at 7.50; 9.50 then 12. Weekly says more up. Long right here or break at 6.80. Sector: Computer software.
Other names in this sector: $TIBX $ASIA
$ERTS On watch for Monday. Long over 20.25. Need volume and confirm from MACD/RSI. Over 24, then 30 then 43.
$KRC Nice pop on volume. Closed right at resistance. Long over 39.50. Nothing in the way until 48 on the weekly. Volume, MACD/RSI and MA Crossover all look good.
$PRXL Price up against long term resistance. Long over 25. Next stop 29.
$MDR Stepping higher. Over 26 with volume goes to 33. MACD/RSI curling up.
$MIC Good volume move into resistance. Over 25 with volume; MACD/RSI confirm. Next stop on weekly at 30.
$TEX Long over 38 with volume. MACD/RSI need to confirm. Some resistance at 43 than 50.
$YSI Prices stepping higher. Low volume on Friday. B/O over 10.75 goes to 13.50. Need MACD/RSI to curl up. This is in the same sector as $KRC: REIT's.
$WNR Another oil play. This has been on Twitter screens before. Nice price action into long-term resistance/support. Over 18.50 next stop 24. Nothing after that until 49.50.
$FTO $DK $EROC also in this sector.
That's about all for this weekend. Let's not forget that we get into some serious earnings reporting in the next couple of weeks. Trade carefully. Stay smart and trade well.
Friday, April 1, 2011
Come Out With Your Hands in the Air
Another First Friday... another jobs report... another collective sigh of relief. The indices are forging ahead and all your setups are working. At least I hope they are.
Here's to all the hard work scanning for setups. Here's to getting in at the right time and taking your money off the table with a nice gain. And here's to giving yourself a nice pat on the back for a job well done.
It's been a good week for me all in all and I have a few folks to thank. @chessNwine @SunriseTrader @JackDamn @szaman @FibLine @harmongreg @alphatrends @lasertrader @wallstreetbean... the list goes on and on. I've learned from the best.
So, all of you, throw down that mouse, come out with your hands in the air and belly up to the bar. It's 5 o'clock somewhere.
See you on Monday. Have a safe weekend. Will share some setups late Sunday.
Here's to all the hard work scanning for setups. Here's to getting in at the right time and taking your money off the table with a nice gain. And here's to giving yourself a nice pat on the back for a job well done.
It's been a good week for me all in all and I have a few folks to thank. @chessNwine @SunriseTrader @JackDamn @szaman @FibLine @harmongreg @alphatrends @lasertrader @wallstreetbean... the list goes on and on. I've learned from the best.
So, all of you, throw down that mouse, come out with your hands in the air and belly up to the bar. It's 5 o'clock somewhere.
See you on Monday. Have a safe weekend. Will share some setups late Sunday.
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