Think oil’s going back up soon? Think again…
DJIA
After a quick sell off at the open yesterday, the DJIA stayed within a narrow
range until the end of the session when another brief sell off occurred
followed by a rally into the close. This late day show of strength
indicated potential upside in the morning today. I am holding system longs
and expecting additional upside in the DJIA. Long/profitable
OIL
My black gold shorts gave back some profits
yesterday. The profit protecting stops are still at 65.77. My
studies are still indicating a target of $62 (or lower) in the next several weeks and I will look to re-enter shorts should this
trade be stopped out. Short/profitable
US DOLLAR
Staying flat here. I find this market extremely difficult to ascertain
at this time. Flat/no bias
EQUITIES
(
WEGI |
Quote |
Chart |
News |
PowerRating) This penny is plummeting. There is still potential here,
so I am keeping it on the watch list for now. The go long figure remains at .75
Flat/long
bias
(
SVM |
Quote |
Chart |
News |
PowerRating) ServiceMaster continues to flat line. Keeping on watch
list for near future. Go long figure is 13.77 Flat/long bias
(
GOOG |
Quote |
Chart |
News |
PowerRating) Awaiting 283 to break on downside to enter shorts. I am
still convinced that this one will have a glorious fall from the heights.
Flat/short
bias
(
EBAY |
Quote |
Chart |
News |
PowerRating) The auction house was punished yesterday for announcing a deal
with Skype. I will re short it at 38.23 on the downside. Flat/short
bias
(
CPV |
Quote |
Chart |
News |
PowerRating) Gave back a little yesterday. Holding here.Â
Long/profitable
(
SGR |
Quote |
Chart |
News |
PowerRating) After a fat run up in the pre-market after the FEMA contract
announcement, Shaw Group disappointed me by selling off during the rest of the
day. I am still confident of additional upside. Long/profitable
Here’s a new one for the list:
(
CMVT |
Quote |
Chart |
News |
PowerRating) Comverse Technology made it onto my watch list due to several
converging technical factors. Looking to go long should 27.33 be broken on
the upside. Flat/long bias
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.