PLXS - $14
TIVO - $5.75
Saturday, November 15, 2008
Tuesday, November 4, 2008
AXYS - Bought 150 @ $67
Looking for a target upside near $90. Stop goes in at $59 for now, but this will get moved up as the chart continues to form.
Saturday, November 1, 2008
Monday Buy List Starter - Specifics Will Follow in the Next Post
BEAV
AXYS
GME
ATVI
UYM
FDX
More TIVO
Others will follow
AXYS
GME
ATVI
UYM
FDX
More TIVO
Others will follow
Market Observations
During Thursday and Friday we witnessed a dramatic turn in the Bullish Percent Charts - every Index and Industry Group went into Bull Alert or Bull Confirmed. Some of the Index groups have turned up and given a Bull Alert signal from a level below 20%. This is a signal that we have not seen yet in my trading career, which started 15 years ago.
That means one of two things - this is either an amazing time to Buy Stocks, or we will ultimately need to rewrite the rules around using the Bullish Percent Charts. I am going to go with Buy Stocks.
Now I am never one for an all in strategy so we will stick with the shorts we have put on, but it is worth noting that in any of the stocks that were very shortable a couple of weeks ago, they have simply stopped going down. They are not breaking downside levels of support and the market has that coiled spring feeling. We remain oversold - perhaps all of the government moves are finally starting to work.
That means one of two things - this is either an amazing time to Buy Stocks, or we will ultimately need to rewrite the rules around using the Bullish Percent Charts. I am going to go with Buy Stocks.
Now I am never one for an all in strategy so we will stick with the shorts we have put on, but it is worth noting that in any of the stocks that were very shortable a couple of weeks ago, they have simply stopped going down. They are not breaking downside levels of support and the market has that coiled spring feeling. We remain oversold - perhaps all of the government moves are finally starting to work.
TBT - One to Buy on Monday
TBT, the UltraShort Lehman 20 Plus Treasuries ETF is forming a great pattern on the P&F chart. A long position in this stock is simply a bet against US Bonds in the long term.
The stop for the trade (56) is much larger than what is normally acceptable at PTS, but the chart pattern suggests we will be safe once a break of 65 and 66 occur, and occur they will. We will look to raise our stop once the new pattern evolves. The initial upside target for the trade is $83.
Important to note is that the break to 65 will also break the P&F downtrend, starting a new uptrend - very important.
As a result, we will buy 300 shares for the portfolio as close to $64 as possible and anticipate this position being in the portfolio for a long time. While we anticipate this fact, it is still worth remembering that if a pattern breaks down, the loss is taken no questions asked.
The stop for the trade (56) is much larger than what is normally acceptable at PTS, but the chart pattern suggests we will be safe once a break of 65 and 66 occur, and occur they will. We will look to raise our stop once the new pattern evolves. The initial upside target for the trade is $83.
Important to note is that the break to 65 will also break the P&F downtrend, starting a new uptrend - very important.
As a result, we will buy 300 shares for the portfolio as close to $64 as possible and anticipate this position being in the portfolio for a long time. While we anticipate this fact, it is still worth remembering that if a pattern breaks down, the loss is taken no questions asked.
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