Sunday, February 24, 2008

Trading for 2/25/08

It didn't look like any picks were going to trigger on Friday, as the market grinded lower, only to rally sharply in the last 30 minutes of trading. This rally sent CMED, a pick from Thursday, past it's buy point.

It finished the day +6.10%.

Another pick from last week ended the week well. It was one I missed. Hopefully some of you bought it last Monday. MTL:

Last week, I mentioned that the market is in tight consolidation and should break hard one way or another. That has not changed. As you can see from this chart of SPY, the ETF which tracks the S&P 500, it touched a support level on Friday, even piercing it, but closed above it.

This week we should see the market break out of consolidation. Should the market move lower, I may consider QID, which corresponds to twice the inverse of the Nasdaq. I think it's the best looking inverse ETF right now:

Should the market move higher, I will be watching these stocks, and will consider buying as they break the upper blue line on heavy volume.

BZP, a past pick which is still doing well.

Also a past pick, CCC:

Another past pick offering another buy point, CF:


IMLN, which is showing a pattern similar to a cup and handle.

JRCC has been a good stock. It broke out from 2 buy points I posed, and now is showing a third.

YTEC is still holding up.

I removed OI because of a bearish stochastic crossover, but I will watch that too just in case. See last weeks post for the buy point.

Good luck and good trading!

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