Missing The Boat

I better get over whatever this is that is fuzzing up my head - miserable spring colds are the absolute worst - here is what I missed already today

IMCL - From the breakout filter


AFFX - Ditto


MRX - A gap-up return to 4 bounce off pivot point


Meanwhile my two touts of the morning WEN and ALTH are both making like bombs and dropping.

NSM my overnight trade also gapped up this morning but only 6 cents worth - then it dropped back to the pivot where I doubled up and now it is flying. I love BOB (in a purely heterosexual kind of way - of course).

MVL did a reverse crossover (red candle over EMA 21 - 4) and I dumped it immediately. I'm still holding MPW even though it is flat right now - GGB and STD (I still think that is the worst handle a stock could have) are both up on the day. KNOT is down again but is currently showing an RSI(2) < 2 so I'll probably add. I still think this afternoon will be up after the Fed announcement.

Wrapping Wednesday

Took HANS today as soon as it broke yesterday's high which was the last tick yesterday. Made a buck and change on it and am very happy. Also played AFFX but that turned into an investment - it was only up about 20 cents all day from where I bought it and I decided to hold it overnight. I'm OK with this because I believe that the market is going up tomorrow based on the internals that I watch. More about that later.

I took AFFX as a result of something I saw on the 2-hour charts using a new theory that I'm working on. I'm not ready to divulge it yet because I think I might have just got lucky but if it pans out I'll share it with you. Yesterday, if you recall I mentioned that I would be watching AFFX, CTXS, and BRCM today. Of course I won't play a stock unless there is a viable set-up.

I played AFFX off a gap down set-up. As I mentioned it went up about 20 cents from where I played it. Had I picked up BRCM from its gap down set-up I would have made a little more. CTXS didn't set-up until late in the day and by that time I was busy with other things. So all three stocks set-up and all three went up from their set-ups on an overall down day but I want to make sure of my proposition before I share it with you. It might take a while because I don't like rushing these things. In the meantime if you look at the 2-hour charts on your own and figure it out for yourself - even better for you since it will be like you are discovering it on your own and that's not a bad thing.

For tomorrow, using the same approach, I'll be watching ATHR, SYMC, PTEN,and CRM for playable set-ups. As well as trying to find a spot to unload AFFX.

For tomorrow the up/down ratio is printing 41% which is nearly oversold territory, the new 20 day highs pulled back by a third to 724 and the new 20 day lows increased by 10% to 178. The three sisters and the proxy for the 22nd century all printed very strong white candles and only IWM printed red in the final hour. Put it all together and I see an up market tomorrow.

The magic coin has fallen on hard times having fallen to 33 and 26 because it missed today too. For tomorrow --- tails - bear market - I doubt it but, we'll see.