Trader Keith

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October 07, 2010

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Massey Energy looks like a nice breakout here out of a short term pennant. If it can clear $34.54, it will head straight to the 200 day MA!!

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Patience is a Virtue

Markets sold off today as many of the major indices are beginning to hit resistance and begin consolidating. We should trade range bound here and will soon find out whether we break to the upside or downside. Markets are above upward trendlines which is still positive but being held down by either the 200 day MA or early May highs. My stocks have held up well in this market and are either flat or slowly trending higher. I've really hit it out of the park with KCL.TO (+75%) and PDN.TO (+50%). I've also done well shorting USD/CAD (+25%) and I will further fade any rallies. In this shaky market, you have to be patient with your winners. If you weren't, you probably would have sold off way too early when the market indicated that the upward trend was still intact. I have been working hard at emotional mastery and discipline and it has paid off well with some very big winners!! Looking back at a few of my past holdings, I noticed VCI was trading up at $6!! I bought this back ea...

Watchlist: SPY, DIA, QQQ, TSX, KOG, HERO, TSLA, GLNG

The US markets look like they are rebounding off the lower trend channel line after a few days of selling pressure. Looks like they are turning up here, a good place to make some long swing trades for the next week. On the Canadian side, the TSX broke out of the downward channel but still faces resistance from the 50 and 100 day MA. I'm neutral on this market. Stock Watchlist:

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