Here’s How To Make Crime Pay!
Our shorts in the DJIA were quickly and almost
painlessly stopped out near the open this morning. The channel this week
is 10563 — 10677. The Dow is approaching the lower channel line as I
write and system is ready and waiting to fire shorts should the level be
breached. Whoa, there it goes! System entered shorts at 10661.
Holding here with profits. Short/profitable
Oil
The shorts turned negative this morning as the volatility continues. I
am holding at this time expecting a nice downdraft soon. Patience and wide
stops are the key in this volatile market. Over the weekend, the headlines
in the New York Times magazine screamed about the end of oil. Man, if this
isn’t an extreme bearish indication, I don’t know what is.
Short/loss
US Dollar
I was stopped of my shorts at even in the EUR/USD pair. There appears
to be a base building between the 1.2227 and 1.2240 level over the last few
hours. I will short sub 1.2197 and go long above 1.2257.
Flat/no bias
US EQUITIES
This week’s choices for good swing trading candidates are:
(
CPV |
Quote |
Chart |
News |
PowerRating): This REIT that invests in prisons shows that crime can actually
pay! I am long this one from 29.65 as a longer term hold. Long/slightly
profitable
(
GOOG |
Quote |
Chart |
News |
PowerRating): The king of all search engines continues its downward
trajectory. My go short point remains at 269.97.
Flat/short bias
(
EBAY |
Quote |
Chart |
News |
PowerRating): The auction house has been an excellent performer in the
portfolio over the last week. Short entered at 40.77 are adding nicely to
profits today. holding here. Short/profitable
(
BHP |
Quote |
Chart |
News |
PowerRating): Billiton was entered long last week when 30.67 was violated
. A nice gap up this morning put this trade in profitable territory.
Holding here. Long/profitable
(
STEM |
Quote |
Chart |
News |
PowerRating): Removing from watch list today for lack of performance.
(
ELOS |
Quote |
Chart |
News |
PowerRating): Removing from watch list today.
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.