Here’s Why You Should Not Fight The Trend
I cannot stress enough
how important it is to trade in the same direction as the market.
Look how poorly Retail HOLDrs (RTH) closed yesterday. It appeared we
would see a continuation of the downward move. This morning RTH gapped up at the
open. I don’t know exactly what caused this minor rally, but it is clear that
RTH has changed its direction.
10:35:55
(From TradersWire)
Fastenal (FAST)
is attempting to move out of a flag on its daily chart. Long FAST if it takes
out 62.21. Our target is near 64. Risk 0.5-0.75. FAST is up 0.86 at 62.02.
It was a simple breakout play. Why did it successfully work out? You know the
answer. The market is very strong today.
12:25:18
Follow up on the 10:35 story (FAST)
The issue has covered our initial risk. Take a partial profit and move your stop
to breakeven. FAST is at 62.73, up 1.57.
Do not fight the trend!
If you have questions, feel free to mail them to me.
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