Posted by lasertrader on January 28, 2010
Wednesday was a busy day both with many shorts triggering and the SPX hitting it’s downside target and reversing on volume. Its always important to know the Big Picture which is described here here . A bounce was expected and when the volume came in I decided to remove all shorts (and short related trades) until we see how the bounce materializes. For now I remain nimble on swing setups and will remove them quickly as the market reaches important levels.
On Wednesday the following stocks triggered short WSM, AFL, DXD (long but a short ETF), EMN, DVY and USG. All of these were closed shortly after the market bottomed and were closed along with the FTO and GMXR shorts. All were at a small profit except for one.
Three new long setups are being added to the watchlist today. SNDK, BID and CIEN
SNDK long over 30.20
BID long over 25.50
CIEN long over 13.50
Posted in Trade Setups | Tagged: AFL, BID, CIEN, DVY, DXD, EMN, FTO, GMXR, SNDK, USG, WSM | Leave a Comment »
Posted by lasertrader on January 27, 2010
On Tuesday 3 trades triggered TQNT long, FTO short, and GMXR short. With the gaps we have been experienceing I cannot emphasize enough that you enforce the first 30 minute rule. Don’t automatically take any alerts that go off shortly after the market opens on a gap in the stock price. Give things a chance to settle down and look for a retrigger or another valid entry near the trigger price.
There are two more shorts added to the Watchlist today but I suggest we pay attention to the Big Picture realizing that we are at or near a point in the markets where we could expect a bounce off support. Keep a short leash on any new short positions added today in case the market decides to start a relief bounce.
EMN short under 57.50
RHT short under 27.30
Posted in Trade Setups | Tagged: EMN, FTO, GMXR, RHT, TQNT | Leave a Comment »