Trend Notes: 8/29/2006
Days like today drive me crazy! I was up on the DJW5K all freaking day long by 20 points (100 pts makes 1%), and in the last half hour the market decided to back up the truck and wound up passing me by. Crap! I love finishing with a win when the market loses. Oh, well. Not that it matters in the great scheme, but still............
I sold one stock today - CNST. It didn't get stopped out, I just decided to sell it. This one was a gamble on a tiny little guy. Well, the volume dried up and the spreads were very large. Bid 4.88, ask 5.00 was not uncommon. If it had dropped and triggered my stop, I was likely to lose way more than I wanted. So, I took a nice 8.35% two-week gain off the table. I'll now have a little dry powder available about Friday.
Thursday marks the end of the month. I'll be looking at the portfolio to determine whether I have any stagnating positions that need to be harvested for additional capital. FE, are you listening???? Anything held longer than one month that is just not making it happen will be subject to termination.
Speaking of the end of the month, it has been a real good one for all concerned. Unfortunately, I am lagging the market by a bit as of right this very second.
So, how have the past couple days treated the portfolio? Well, here are the answers. Positions newer than three weeks old are mentioned as-needed. The others are all here:
LH: Consolidating gains, volume increasing on new upleg.
ECL: New closing high today. Stop moves up. Very nice volume pattern. Should be more upside here.
OKE: Upleg appears to have begun, but volume has not followed through.
RAI: More volume today may signal start of upleg.
CXW: More churn the past couple days. Hopefully pounding out a new low.
TXU: At the top of the consolidation pattern. Will it break through this time?
FE: If some sort of shape doesn't take form by Thursday late, I'm going to close this position. Stagnation does me no good. I'm just not confident of its direction.
HCR: New upleg is taking shape. Hoping for volume to pick up.
LNT: Not out of the woods with this one.
SBIB: If this moves any higher from here, I'm calling a new high and moving the stop up. There is upside room in its current channel.
XOM: In the midst of a downleg. Hammer stick today may signal a bottom. This would be a good stop mover if we do get a bottom here.
CMCSA: Possibly starting a down leg today. Fell on a good day for the market. There was not a ton of volume pushing the upleg. I'm not overly confident in this one.
ALJ: I really hope today was a selling blow-off day.
LTR: Volume is pushing the handle nicely.
PLCM: New high today, stop moves under the low at about 23.
Happy Trading!
I sold one stock today - CNST. It didn't get stopped out, I just decided to sell it. This one was a gamble on a tiny little guy. Well, the volume dried up and the spreads were very large. Bid 4.88, ask 5.00 was not uncommon. If it had dropped and triggered my stop, I was likely to lose way more than I wanted. So, I took a nice 8.35% two-week gain off the table. I'll now have a little dry powder available about Friday.
Thursday marks the end of the month. I'll be looking at the portfolio to determine whether I have any stagnating positions that need to be harvested for additional capital. FE, are you listening???? Anything held longer than one month that is just not making it happen will be subject to termination.
Speaking of the end of the month, it has been a real good one for all concerned. Unfortunately, I am lagging the market by a bit as of right this very second.
So, how have the past couple days treated the portfolio? Well, here are the answers. Positions newer than three weeks old are mentioned as-needed. The others are all here:
LH: Consolidating gains, volume increasing on new upleg.
ECL: New closing high today. Stop moves up. Very nice volume pattern. Should be more upside here.
OKE: Upleg appears to have begun, but volume has not followed through.
RAI: More volume today may signal start of upleg.
CXW: More churn the past couple days. Hopefully pounding out a new low.
TXU: At the top of the consolidation pattern. Will it break through this time?
FE: If some sort of shape doesn't take form by Thursday late, I'm going to close this position. Stagnation does me no good. I'm just not confident of its direction.
HCR: New upleg is taking shape. Hoping for volume to pick up.
LNT: Not out of the woods with this one.
SBIB: If this moves any higher from here, I'm calling a new high and moving the stop up. There is upside room in its current channel.
XOM: In the midst of a downleg. Hammer stick today may signal a bottom. This would be a good stop mover if we do get a bottom here.
CMCSA: Possibly starting a down leg today. Fell on a good day for the market. There was not a ton of volume pushing the upleg. I'm not overly confident in this one.
ALJ: I really hope today was a selling blow-off day.
LTR: Volume is pushing the handle nicely.
PLCM: New high today, stop moves under the low at about 23.
Happy Trading!
posted by mccrok @ 1:55 PM
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