Monday, April 23, 2007

Wraps Monday

Stocks Drop on Rising Oil Prices

You betcha they did - rising oil prices and no volatility and no liquidity and nothing to buy - oh my - oh my.

Still holding AKS and GGB and one went up and the other stayed about the same. Dropped AMAT - actually it hit a very close stop that I put in place because I didn't like the action and I was correct - see I don't need to sell them - I just put my stop up under a pivot and say - this far and no further. Try it - you'll like it.

Added to ANR at the end of the day on an RSI(2) < 2 indicator which was also at a pivot point. And I put KEP in the trading portfolio for a 5 to 10 day ride (or stop out whichever comes first). KEP comes in from my new filter - LRS going up and RSI going down that I wrote about over the weekend. The other pick from that filter was TWX and I don't like Time Warner or AOL.

Day traded DNDN off a gap up, pull back, and reverse crossing formation on the 4 minute charts - I wasn't going to stay in for a buck and change but I did.

The volume increase informed the trade and the hanging man at about 1:30 said let's get out of here. In at 15.12 out at 16.79 not a bad piece of work. I used my "gap-up" filter from stockfetcher to catch it for my gap-up watch list. I like trading stocks I've traded before - I understand how the traders work with them.

The NewMoMo is reversing again (down) and that is good -

The INDU ATR is up a bit to 100.67 which suggests a continuation of the rally. The model portfolio is at 14.97% which is up a little today and the benchmark is 5.4% down a little today.

AAPL is up a couple of bucks on news (see Notable Calls) and GOOG has lost the love from last week and dropped a couple. Still don't know what anyone sees in that stock or what they are expecting from it.

Is range bound one word or two? - Oh that's right, it's one word and it's spelled MSFT.

The VIX remains in neutral and the up/down ratio prints 40%. This is probably enough to get the market up tomorrow but I don't know how far it will go.

My forecast is up -

The coin's guess is ... heads - up also.

Wonder of wonders - technical ability beat luck for a change - the score stands at Marlyn 26 - 26 and 10 and the coin is 29 - 23 and 10.

1 comment:

Anonymous said...

"....range bound one word or two?" reminds me of a joke I heard recently where an elderly man in a nursing home who is smitten with his next door neighbor asked her this question: "How often do you like sex?" She replied, "I like it infrequently." To which he asked, "Is that one word or two?"