Saluting The Flag
Sometimes the simplest patterns play out just as they should — and
when they do, the worst-case scenario is a profitable daytrade. In the Insights
From The War Room our team of analysts often look for simple
pullback and consolidation patterns, as we scan the market for potential setups.
One from yesterday:
13:08:51
ASTROPOWER
(
APWR |
Quote |
Chart |
News |
PowerRating)
is touching the top of a flag pattern. APWR has a TradingMarkets.com
3-month RS ranking of 97, and is currently trading at 46.90, up 1.15.
The stock broke out this morning in the face of the market’s
down open. When a stock does that, it is often talking.
Will APWR continue to head to higher ground? I don’t know for
sure, but it stands a very good chance, especially if the market as a whole
moves to the upside. Swing traders often use the setups we profile, and
daytraders can play the moves out of these patterns, one day at a time, going
home flat on the close.
Until tomorrow,
P.S. Dave, did you make it back to Louisiana all right? I came
home Saturday night and saw on my caller ID box that there had been a collect call
from Cancun. I am hoping that was not you, needing 100 pesos for bail money.