By Orion
I thought the market was going to be as hot as the weather. But as the heat of the day kept going, the market turned cold. I thought alot of the patterns I was looking for broke on the big gap up this morning.
So, I’m still holding C which showed good strength today, and almost got stopped at of FO today. However, I did pick up two stocks in the sell off this afternoon.
Here’s the first one I bought, BBBY. it was on my watch list. Nice down channel heading into the EMA200. All the charts look good for a bounce, but time will tell. I bought inat 41.20. Target sell is around 44.00 for 6.2%. I have a dollar stop set on it.
And for the second one…..
CCL wa another on my watch list. It is bouncing off the EMA200 in a slight ascending triangle. The only problem with this one is the stochastic line. It hasn’t quite gotten to overbought yet, so it may go lower or chop around a bit before heading back north. Time will tell. I bought in at 34.82. I have a dollar stop for protection. Target sell is 37.40 for 8.2%.
Still watching SCVL, DBRN, KIRK, GNW, MT, and SWC. Watch the market, it will be iteresting to see what happens tomorrow.
Until next time, good luck and green trades!
-Orion
By Orion
I’m back!
Man has work been crazy. I work in preconstruction, what most companies would call sales. When the cosntruction market started going south, my department got extremely busy trying to keep the volume up. The good news is that life is returning to normal. Yeah me!
I’m getting back into trading, but I am goig to leave the pinkies to W$. Unless you count C as a penny.
That is the only thing I’m in right now. Swing trade from below $4.00 to somewhere around 4.50 to 5.00. It just completed the reverse head and shoulders. I’m looking for the break above the neck at 4.00 and then we will see what happens after that.
On another note, I have fired my brokerage and am in the process of moving to a Schwab SDIRA. The brokerage account just was too slow to trade in a market like this. And the fees are killer. I have time, renewed forcus, and a plan… we’ll see how it goes.
Until next time, good luck and green trades!
-Orion
p.s. Feels good to be back in the saddle again.
By Orion
Lots of interesting stuff happening out in the big wide world. It should be an interesting week. I’ve narrowed down my watch list to the ones that appear to have the best chance to perform. Here they are:
BAC
I’m looking to play BAC on a retrace to the EMA50 or the bottom trendline. Should retrace to the previous high, or the top trendline. If the rising wedge fails, it’s time to get out!
CY
Falling Wedge. Entry around current price. Target exit around 11.50. May stay in the wedge for one more bounce.
DE
Big Acending Triangle. Entry either on bounce from lower support line, or a break above the top trendline. Target exit after break 56.00.
PNFP
This is an interesting one. The pattern is a big falling wedge with a double bottom. If the current support level is lost, then stay out. Target exit is below the last high at 16.00.
QCOM
Channel play. Watch out for potential breakdown. Might be good to wait until it closes above the EMA20. Target exit around 55.00.
THC
Another channel. Buy around 5.80. Sell out around 6.70.
I’m looking for a good week out of DELL and C. Let’s see what happens!
Good luck and green trades!
-Orion
By Orion
I need to get ahold of the Dallas Cowboys’ Cheerleaders. Maybe they can come up with a cheer to light a fire under C tomorrow. I almost sold out of C at close for 5.00. However, I decided to take a small gamble.
GS and C are announcing in the morning pre-market along with several other companies. C has to beat a paltry loss of 38 cents. Last quarter they beat earnings by almost 250%. I am thinking that earnings will be better than expected, but who knows by how much. After the big run today across the board, I am looking for a big gap up in C.
I have decided to set a limit sell at 5.00, to hopefully trigger a sell at whatever opening price is. Since I have a full time job, I will not be around for the open. I was happy with 6% at 5.00, so if there is a big gap, it should work out well.
I should have my cash position back from the FWLT trade on Monday. I’m still looking at FWLT, VZ, and a few others for a potential entry tomorrow.
Good luck and green trades.
-Orion
By Orion
This week has been exciting so far.
I got head faked in FWLT on Monday. It went up past my trigger, and consolidated, started going up again and I bought in. Later in the day I got stopped out. I am going to wait for this to get back to the trendline.
On a good note, I bought into C. So far so good. C was interesting, it ran up all in the first hour or so and consolidated the rest of the day while all the other bank stocks caught up. I’m still in this one, betting on the come. The nice thing about this stock is it has showed incredible relative strength during the last two days. JPM is announcing in the morning. Hoepfully it will be a good day.
I like W$ pick of TDC, looks near short-term support. I am also watching closely: BLK, CAT, DE, DELL, DF, FDO, FWLT, GLW, JNJ, KFT, MR, PNFP, PWRD, STAA, VZ, WIRE, X
As I review my watch list of tickers, I am noticing a lot of big acending wedges, a few decending triangles and a few accending and symmetrical triangles. Interesting mix I thought. Here is an interesting chart for you to ponder…
I’ll leave you to ponder on this chart. I will give you a big hint though, it is the ETF that tracks the US dollar against a basket of other currencies.
Be careful out there. Good luck and green trades!
-Orion
