May 22nd 2009
Today in the Stock Market
Dear Fellow Trader,
Please note that due to the Memorial Day long week-end, the report of today will be shorter and i will comment only a few of the stocks we have been active in recently. And i take the opportunity to wish you a great Memorial Day week-end and do not forget that volume might be lower than usual due to this long week-end….therefore it makes it tougher to trade…also we will be back here for tuesday morning.
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The SPX is definitely back at the support area and it’s obvious on a 60Min Chart, will it hold or not…I don’t know for sure, but one sign that it won’t could be the fact that we have 2 tops recently and that we could not go over the 925-930 area….
Or maybe we could form a channel between 930 and 875 and stay there for a few more days before going back up, that scenario could make sense.
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SNSR
It did go yesterday, did not move much but it did act positively. The volume is really 520,000 which is still a big day for this stock.
TTNP is staying within a tight range and still look bullish, still in from $0,83, but i will be quick on my stop loss if the market turn sour in general….1,04 is my stop loss on this one. We can always reenter…
I wanted to show you this stock and i really like the way this stock is acting right now.
We have now been waiting a long time for MDOR to be ready again…it’s getting there..
SPNG might pullback some more, so no rush to get in, unless the market and everything turns very bullish…
PGYC, this stock has so much selling everytime it get close to 0,08,, again i bailed out, it’s fine as we can get over 100% quick trades, but if you are like me i would have expected this stock to go to 0,15-0,20…Maybe we will get the same return but by trading it between 0,03 to 0,08….
In any case, it’s very liquid but you need to be ultra quick to get in and out. Could it pop and finally breakout, will still follow it for sure..just in case, BUT understand THIS IS NOT THE BEST readable PATTERN i have seen out there…..
Someone sent me an email thanking me for my comment on UOMO where i advised to hold on before buying it, because it looked way extended for me. This stock could go back as low as 0,35 (lowest blue line)on this pullback, so i am in no rush to buy it now….need to see some reversal action.
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As explained yesterday, MOS move was toppy….and for the record, when i see a topping tail like on wednesday, i get out before the close to make sure we do not get that type of open like MOS got yesterday. Actually i got out when the move was no longer positive on the day and when it started to retrace. Many elements combined were indicating the end of this move, like the measured move (which i will cover in the course i am putting together now)
Have a great Trading day !
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