Monday Morning

What a solid open today. I told you bears to stay away from the temptation to call the top. Apparently the market does not see a top right now. Oil futures look to be in a downtrend. Lower highs and lower lows, and the price is down another dollar to $58. As oil drops, this stimulates traders to buy....

I added to several positions today. I am also scared that I have a little too much going on in retail right now. Have you ever created an over correlated position in a group/sector and watched it go against you? I guess I am just trying to get as much as I can while the getting is good. The market only moves like this once and a while, and your job as a trader is to recognize it and get it too.

We'll get to last week's homework in a minute...

Time to share...

I originally sent this in an email to Jeff, but this is really the proper forum. Here's what I bought this morning. Keep in mind that intraday purchases are risky/stupid, but i'm fine with it:

RIMM - bull flag breakout. This one is up for your interpretation, but i include the big earnings gap as part of the move up, then consolidation, then breakout today.

GYMB - looks like a flag breakout to me today. Earnings mid nov.

BONT - potential pennant break after big move. Earnings mid nov. also.

Also Jeff, kudos on CTSH. Uptrend intact and coincidentally, If we get a break above $78.50 or so, that would be yet ANOTHER ascending triangle break with a target of our ORIGINAL $82 target! Is that a good sign? Let's hope so.

Also bought HOG calls on the flag break today.

All very aggressive intraday trades.

Post a Comment

About me

  • I'm Option Addict
  • From Saratoga Springs, Utah, United States
  • I am a professional trader and an instructor for Investools. I've had relations with the markets for 9 years. Born in Concord, CA, but reside in Saratoga Springs, Utah. Father of THREE, Husband of one.
My profile

Prescriptions Here!

Other stuff

Blogarama - 
The Blog Directory
Directory of 
Finance/Business Blogs Finance 
blogs Top Blogs Finance Blogs - BlogCatalog Blog Directory