If you’re looking for new entries, watch these 4 stocks

THE DJIA

The shorts were profitably stopped out
yesterday when 10453 was violated.  I am flat entering the open today.  The
active channel figures are 10553–10427.  The 50 day MA is  at 10562  and the
200 day rests at 10539.  I have no directional bias today and will trade the
system mechanically.
Flat/no bias

OIL

My black gold trade has been flirting back
and forth across the break even level of 65.88.  My confidence still remains
high for a test of the 62 level soon.
Short/profitable

US DOLLAR

I closed the dollar longs in the EUR/USD
pair trade yesterday with nice profits at 1.2030.  I have been learning to
aggressively daytrade this pair recently.  Every advance has been met with
selling and a mean reverting strategy is currently working well in this arena.
One lesson I have learned when it comes to daytrading FX, set stops will KILL
you due to what appears to be the dealers propensity for sharp, unexpected
spikes. 
Daytrading/short bias

EQUITIES


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DAL |
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Keeping this one on the list for now.  The critical 1.03 go long level remains
elusive.
Flat/long bias


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ALL |
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The 200-day MA rejected Allstate’s recent advance yesterday.  I am sliding the
go short figure up to 52.47.
Flat/short bias


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GOOG |
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The internet bubble type advance actually seems to be slowing at this time.  Our
short trigger is currently 303.97 Flat/short bias


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SIRI |
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This new addition to the watch list, picked Peter Lynch style, has disappointed. 
Removing from list.
Removed. 


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IBIS |
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–  

Another little company I was expecting a nice pop from that has
not materialized.  Removing from list.
Removed\


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GLD |
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I
am stepping into the metals arena with a short bias on the shiny yellow
commodity.  The gold bugs are out in full frenzy due the recent upmove
potentially indicating a top soon.  My short level is 46.13.

Flat/short bias


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PALM |
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A nice gap down and the price stopping directly on the 200-day MA
perked my interest in this one.  Here’s the strategy: 30.03 long, 27.43
short.
Flat/no bias

Best wishes in the market

Dave G

 

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