Guess Which Popular Stock Has Insider Selling?
The DJIA
The system experienced a very unusual
situation yesterday, triggering both long and short positions in the same day.Â
It went long first and the trade was quickly stopped out when price descended
back into the death channel of 10703–10597. The drop continued through the
entire channel breaking out of the bottom thereby firing the shorts. I am short
entering the open today. The stops are 10607. I am expecting a sustained
directional move soon. This intraday wide range and daily churning is
indicative of something big brewing.Â
Short/ Slightly profitable
Oil
It’s been tough maintaining my conviction
that a top is in or very very near in crude. As you know, oil hit another all
time high yesterday. The peer pressure to close this trade is getting stronger,
however I am holding shorts until the wide stops are hit. The stops are at
67.07. What a ride!Â
Short / Loss
The Dollar
Oh Yeah! Our long EUR/USD position is
turning into a very nice trade! The difficult 1.2400 level was shattered as the
dollar continues its slide. Holding long here.Â
Long EUR/USD, Short Dollar/nicely profitable
US Equities
Google
(
GOOG |
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PowerRating)
What a trade so far! The shorts gained
another 5.89 points yesterday. Sergey Brin sold over 30 million dollars worth
of his GOOG shares earlier in the month. Is this saying anything? Time will
tell. The 50-day MA was broken yesterday and the 275 area appears to be the
next clear support on the chart for you TA aficionados.
Short/nicely profitable
US Steel
(
X |
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PowerRating)
We entered US Steel long on Tuesday
expecting a rise, it happened yesterday! The 200 day MA is 46.34 which offered
some resistance, however my entry is based more on fundamentals than TA. Steel
has the lowest P/E of the SP500 sub-industries at 7.0. I am expecting
additional upside here, holding.Â
Long/profitable
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ECA |
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I closed the ECA shorts yesterday with a
one point loss. Flat here, awaiting potential next entry.
Flat/took loss
Best wishes in the market!
Dave G
David S. Goodboy (marketsurfer) has been
trading professionally for over 14 years. Mr. Goodboy trades ETF’s, stocks,
index futures, energy futures and options. His primary focus is a unique
multi-time frame index trading system based on a combination of time/price
cyclical studies and statistical models. David was a trader/partner with
Biltmore Capital, traded with an option arbitrage firm, and is currently in the
launch stages of IntrendX, a global multi-strategy fund.
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