My Best Trading Day Of 2005, So Far
Our Strategy For Friday
The DJIA
The Dow is dancing in the death channel. On Thursday, the DJIA plummeted
from very close to the upper channel line of 10703 to just 13 points above the
lower channel line of 10697. My projection of a top being in, continues to
prove correct. The system remains flat while the Dow’s dance continues in the
channel. Flat
Oil
Oil continues to oscillate near the top of the range. I am holding
shorts here from 61.97, giving back some profits Thursday. OPEC Production of
oil has not decreased, and is in fact at near all time highs. I remain
bearish on this commodity. Short
The Dollar
The Dollar continues to weaken against the Euro. Our bullish trade in
the EUR/USD pair continues to add to profits. Entered long at 1.2233 and the
pair is currently trading at 1.2383 as of this writing. The Non Farm
payrolls numbers are being released Friday, we will see what happens.Â
Long pair, Short Dollar
US Equities
Thursday was my best day of the year in an individual stock! Here’s
what happened.
(
GOOG |
Quote |
Chart |
News |
PowerRating) I gave back some profits today from my 298.10 short entry.Â
However, I am holding the position at this time. Short
(
GM |
Quote |
Chart |
News |
PowerRating) I will soon be taking this one off of my “go long” watch
list. It continues to disappoint. Flat
(
BOOM |
Quote |
Chart |
News |
PowerRating) Badda boom, badda bing!   Nailed this one
today! The stock rocketed up and I was able to capture 5 points and am
currently flat. I am watching closely for my next entry. Unclear as
of this writing whether it will be long or short. Stay tuned!
Flat
(
DNA |
Quote |
Chart |
News |
PowerRating) Holding long here despite continued adverse movement. Going
to give it a little more time to perform. Long
Â
Thanks for reading!
Best wishes in the market!
Dave G
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