May 20th 2009
Today in the Stock Market
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Dear Fellow Trader,
The market started out slowly once again but within an hour stocks were well on their way to some nice gains until a late day selling spree caused numerous stocks to end well off their highs of the day. |
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But most averages are still looking good.
SPX is still in the small channel and holding the 875 support area…
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TTNP is up $0.32 from the entry of monday closing at $1,15 yesterday.
OPCN had a higher high tuesday, the first in 6-7 trading days, so now our trade looks good.
CGLD is definitely acting bullish and like the other large gold stocks.
Also i started to buy slowly into this little stock (WDRP) based on the fact that the volume is slowly building and more importantly one of my partners saw them at the New York Lightfair and apparently this is a story starting out. So i advise all of you, my view here is to this based on volume and activity, but i would not mind sitting on it for a few months if needed, or until it really get active. (so what i do in this case is that i take about 25% of the full position i would like to have eventually)
I use a weekly chart below as it gives a better idea in unliquid issues. Ideally the liquidity will pick up soon.
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MOS did surprise me as it’s been making new highs for the last 2-3 sessions. But we still hold a part of the initial lot.
FIG tried to reverse this downtrend (pullback) but it might take a bit more buying. But it’s a possible key turning point
ASIA is one to carefully watch, the action of yesterday makes it a stock that could really go far. This stock did a breakout in a so-so day, and it’s now sitting at new Highs….
PCX is also at a buy point after breaking this line yesterday,
Have a great Trading day !
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