For newer traders and veterans alike, revenge trading can become a big problem and lead to over trading. When a trade goes against you we sometimes feel the need to get back to even, or make it back on the next trade in the market that took it from us in the first place. This in turn leads to more losses. The most important thing about trading is knowing when to stop. Having a rule, or line in the sand…
We’re asking for your feedback on the blog format, usefulness, ease of use, or anything of interest to you. Click the comments button below if your a member, if not, click follow to the right and become a member for free! Thanks to all!
News of GM and Chrysler on the brink of falling into bankruptcy and President Obama’s removal of GM’s chairman made for an unsettling opening to the week. The markets gapped lower Monday, but strengthened as the week progressed.The ISM manufacturing report Tuesday pointed to a sign that the worst may potentially be over for the economy. This is the second month of improvement with new orders showing a shallower rate of reduction. Friday Employment Situation report showed another 600k+ loss…
Not too much this week in terms of economic news…· Thurs: International Trade 8:30 AM ET· Thurs: Jobless Claims 8:30 AM ET· Fri: Matket Closed/Banks Open – Good Friday We’re looking to the S&P 875 area as the next price target, that being prior resistance. The 820-830 area will act as support if we do pull back and will make for a great buying opportunity. Watch for reoccurring higher highs and higher lows to signify an uptrend. As soon as…
Week 14’s watchlist was quite profitable once again. We’re looking for the rally to continue in week 15, but as always want to stay balanced with our longs and shorts. Long:FDO – A move above Friday’s hammer should lead to a return to the $34 area for this stock. Otherwise watch for a consolidation here at the $30.50 – $32 level. FNF – We like this stock on a breakout and retest of the $20.50 level.HGG – A nice Ascending…
Last week the S&P continued its rally right up to the prior 820 support area. The internals favored the bulls with an especially strong Monday and A/D Lines of +1000 the entire week. If we look at week 13, we can see a long shadow on the weekly bar. The fact that the bulls were able to break out over that bar in week 14 is quite bullish.
In the week ahead make note of these important economic announcements.· Tues: Consumer Confidence 10:00 AM ET· Weds: ISM Manufacturing Index 10:00 AM ET· Weds: Pending Home Sales Index 10:00 AM ET· Thurs: Jobless Claims 8:30 AM ET· Fri: Employment Situation 8:30 AM ET· Fri: Ben Bernanke Speaks 12:00 PM ET Our next target level is the S&P 875 area with a support level at 805. The dailies are forming a bull flag so any break over $833 should constitute…
Long: CPSI – Pulled back to support making for a great entry point.CCK – An ascending triangle is forming on CCK. We typically trade a move like this in one of three ways, an anticipatory trade here, buy the breakout, or buy the retest of support.CLB, MOS and RCII can be traded in the same way as CCK. GMCR – Very nice triangle consolidation pattern forming. A break in the direction of the trend should result, which in this case…