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.Â
Removing from list. Removed.Â
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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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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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