Tuesday, June 17, 2008

Position Reviews 6/17/08

Just wanted to review a couple of positions that I am holding, and document the charts for them as of today. Some may have been mentioned in other posts, some haven't.

Picked up some JASO today at 21.28. I liked this chart last night and put a bid in at 20.88, but it took off without me. I didn't want to chase, but did want to get in on the double top trend reversal, so I raised my bid to just over the confirmation line at 21.28. The stock went as high as 22.35, and at some point I stopped watching it to concentrate on other holdings. Looked up and it was below my fill. JASO ended the day down, with an inverted hammer. This could mean that our double top pattern had just pulled back, and is getting ready for it's next leg down. A break below 20 tomorrow would take us out of our upward trading trend.

I flipped TRA calls several times as the symmetrical triangle formed. I was out of the calls once the break out confirmed, but once I realized that I could still make a good profit from the break out trade, I started looking for an in on Friday. Determined not to chase the ask, I did not get a fill Friday, only to find that the price had gapped up on Monday. This is a good indication that the stock is going to move well. I got in on this trade Monday after a little chasing at 51.88. Target is in the range of 62.00 to 65.01, but I will let the stock tell me when it is ready to start heading back down.

HTE and GOT both moving slowly, but trending upward out of their breakouts. Close eye out for a throw back on these. As updated in this post, FWLT also on close watch for a possible trend reversal.

PCU is in a downward trending channel. Need to see a break above 110. I have a very small position. I wont sell red, but may average down if it dips lower.

V: Needs to clear resistance at 87 on this upswing. On watch for a triple top, then look out below!

Always perform your own due diligence before making any investment.

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