May 26th 2009
Today in the Stock Market
Dear Fellow Trader,
Welcome back after this long week-end. Friday, our last trading day, was full of Gaps. While some of the Ag’s tried to come back most oil and coal stocks didn’t do much and that tell you the market was out of sync. TTNP continued it’s move, we are now up 56% in a few trading days.
The 2 small tops similar to February are not usually good to see and i mentioned them last week. The SPX needs to hold 875 or we could see lower prices near term…
TTNP Did well friday, this stock we entered at $0.83 could have been also bought the next day in the $0.95 area for now a move of over 30% to 50%.
SPNG is consolidating in the high of it’s move which is positive. We need to get ready with this one, it could move any day if it will not pullback lower…
LVLV had a little shakeout friday and i like to see the fact that it was bout back and that this tail proves there are buyers even when some sellers force it. This sometime happen just before a strong move, as if some traders/buyers want to force out the weak hands…
CTIC might be ready to resume it’s uptrend has it did not breakdown or pullback much and the fact it stayed there for many days is indicative of strong hands…A possible Bull Flag in formation, but do not jump in before you see strong volume to the upside, as it could breakdown as well…
UOMO, here is my post of last friday and i wish i could call all the stocks like this all the time, i still do a good job but this was a clear and obvious pattern for me…
Friday: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.
By the way i will need some type of reversal pattern here to get in UOMO, as it came down very quickly…
Below are a few nice looking charts to add to your watch lists.
STZU had very strong volume out of nowhere on friday so we need to watch it more before doing anything…
VTSS is a stock i remember trading in the 30’s, 40’s , 50’s and more at the turn of 2000 and i picked it up while screening for stocks….
You can see some clear accumulation with a nice volume surge…so we need to watch this for sure…
UNCO had a very large buying impulse on friday, if this is to continue, i still want to see it come back to level where we can buy it safely.But it goes to the watchlist for now…
Finally PAYD is a stock i missed on friday but with this type of pattern we should see it higher soon. The best entry was friday but we could venture in now but need to be ready to average it down on the pullback and this is a strategy for the people who understands it.
Here is one of the rare large cap stock that still has a positive pattern holding the top of it’s recent move.
HOT
GRO had a very good move friday with all the AG, i did not post it friday morning but was a buy on pullback since last week. The only problem was that i had not yet accumulated my full position on the pullback…but still this stock exploded friday.
Have a Great Trading Day !
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