SOLD GRB $4.75, +5%
BUY PRKR $3.85
SOLD PRKR $3.73, -3%
SOLD OLN $16.92, -1%
SOLD STX $13.86, +2%
Equity markets relatively flat today. They are looking a bit overextended on the daily charts so I'm still cautious. S&P has formed five days of doji candles and there is big battle for control. Looking at the Nasdaq, the high today was rejected right at the 50% fibonacci retracement of the high of Oct 2007 and the March low of 2009. This makes me think we could stall or reverse here considering the doji star on the daily today of the Nasdaq. It is also hitting its longterm downward trendline going back to Oct 2007. With this said, I am neutral to short term bearish on these markets for next week.
Swing trades from yesterday were profitable and I will be looking for more of these short term swing trades as we move into September.
BNK.TO was up +6% today and broke again from a nice short term ascending triangle on good volume. I will be looking to add to this name on Monday. Up 38% now on this one!
INCY was another strong stock today, up +5% and broke out of a flat rectangle pattern to new highs. The stock also closed near its high of the day with good volume which indicates good strength in this name. May look to add more next week.
SGY continues to follow its upward channel as oil continues to firm up. Its holding its lower channel line nicely and I will be watching this to continue. If it breaks the lower channel, I'm out. Up 10% on this stock.
Have a good weekend and I will list a few names to watch for next week later.
BUY PRKR $3.85
SOLD PRKR $3.73, -3%
SOLD OLN $16.92, -1%
SOLD STX $13.86, +2%
Equity markets relatively flat today. They are looking a bit overextended on the daily charts so I'm still cautious. S&P has formed five days of doji candles and there is big battle for control. Looking at the Nasdaq, the high today was rejected right at the 50% fibonacci retracement of the high of Oct 2007 and the March low of 2009. This makes me think we could stall or reverse here considering the doji star on the daily today of the Nasdaq. It is also hitting its longterm downward trendline going back to Oct 2007. With this said, I am neutral to short term bearish on these markets for next week.
Swing trades from yesterday were profitable and I will be looking for more of these short term swing trades as we move into September.
BNK.TO was up +6% today and broke again from a nice short term ascending triangle on good volume. I will be looking to add to this name on Monday. Up 38% now on this one!
INCY was another strong stock today, up +5% and broke out of a flat rectangle pattern to new highs. The stock also closed near its high of the day with good volume which indicates good strength in this name. May look to add more next week.
SGY continues to follow its upward channel as oil continues to firm up. Its holding its lower channel line nicely and I will be watching this to continue. If it breaks the lower channel, I'm out. Up 10% on this stock.
Have a good weekend and I will list a few names to watch for next week later.
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