Trend Notes: 9/7/2006, and PWEI Special Report
Let's get straight to the position reports:
OKE: Has formed a resistance level just over 39. May be gathering energy for a breakout attempt.
RAI: We're stuck in a range. I'm hoping for a bounce off 64 and a breakout run towards 66.
CXW: It has been a while since this one showed signs of having a clear direction in mind, but that's sort of how this one operates. With any luck it will follow the pattern and we'll get a decisive move up soon.
TXU: Directionless for a month, but it has improved a bit over the past two bad market days.
HCR: I'm hopeful a foundation is being laid, but it is also possible a downtrend is forming. The leash is short.
LNT: The jury is out - way out. It is still within its uptrend.
SBIB: Either we'll get a double bottom and support at 20, or we'll get stopped out.
CMCSA: Slow mover, but the trend is up.
LTR: Looking for support at the trend line. Time for a leg up.
ORCL: Nice day today. Just managed to break off the trend line to a new high on very nice volume.
DGX: It sure looks like a round bottom is forming. A case could be made for support being established at this level in the middle of August.
SEIC: Volume is picking up on the upleg. The last upleg was very sharp exiting resistance, so we may need two or more attempts at a new high.
Special Report - PWEI:
I'm less than a month into this one, but it is a very interesting stock. I can't wait to see what happens with this one. It just looks for all the world to me like it should really go big.
First, it has a low float (8+ million shares), and it really moves nicely. Second, it recently broke from a long period of consolidation, so it should want to get someplace now. Third, the YOY quarterly growth is huge at 630%. Finally, the short interest is nothing short of amazing at 5.6 million shares. That's 46.5% of shares outstanding and over half the entire float! Either the shorts are right and I'm about to take a bath, or they're wrong and 5.6 million shares will have to be bought to cover. Average volume is only 500K/day! Something has to give. Stay tuned.......
There appear to be some stocks missing from the report. Well, there are some stocks missing from my portfolio!
LH: So much for silver linings, eh! I took a 9.25% gain over 66 days.
PLCM: Huge range today without much progress either direction, but it stopped me out in the process. -4.65% over 17 days.
DRIV: I may have goofed here. I bumped the stop way up based on a pretty iffy move a few days ago. Had I kept my original - and likely proper - stop, I'd still own it. Today was lower, but not a lot lower and it recovered from a deep retreat early in the day. That's not unusual for it. Lesson learned, but it may or may not cost me money.
That's it for today. I have a ton of capital to put to work. I should have cleared funds about Monday.
OKE: Has formed a resistance level just over 39. May be gathering energy for a breakout attempt.
RAI: We're stuck in a range. I'm hoping for a bounce off 64 and a breakout run towards 66.
CXW: It has been a while since this one showed signs of having a clear direction in mind, but that's sort of how this one operates. With any luck it will follow the pattern and we'll get a decisive move up soon.
TXU: Directionless for a month, but it has improved a bit over the past two bad market days.
HCR: I'm hopeful a foundation is being laid, but it is also possible a downtrend is forming. The leash is short.
LNT: The jury is out - way out. It is still within its uptrend.
SBIB: Either we'll get a double bottom and support at 20, or we'll get stopped out.
CMCSA: Slow mover, but the trend is up.
LTR: Looking for support at the trend line. Time for a leg up.
ORCL: Nice day today. Just managed to break off the trend line to a new high on very nice volume.
DGX: It sure looks like a round bottom is forming. A case could be made for support being established at this level in the middle of August.
SEIC: Volume is picking up on the upleg. The last upleg was very sharp exiting resistance, so we may need two or more attempts at a new high.
Special Report - PWEI:
I'm less than a month into this one, but it is a very interesting stock. I can't wait to see what happens with this one. It just looks for all the world to me like it should really go big.
First, it has a low float (8+ million shares), and it really moves nicely. Second, it recently broke from a long period of consolidation, so it should want to get someplace now. Third, the YOY quarterly growth is huge at 630%. Finally, the short interest is nothing short of amazing at 5.6 million shares. That's 46.5% of shares outstanding and over half the entire float! Either the shorts are right and I'm about to take a bath, or they're wrong and 5.6 million shares will have to be bought to cover. Average volume is only 500K/day! Something has to give. Stay tuned.......
There appear to be some stocks missing from the report. Well, there are some stocks missing from my portfolio!
LH: So much for silver linings, eh! I took a 9.25% gain over 66 days.
PLCM: Huge range today without much progress either direction, but it stopped me out in the process. -4.65% over 17 days.
DRIV: I may have goofed here. I bumped the stop way up based on a pretty iffy move a few days ago. Had I kept my original - and likely proper - stop, I'd still own it. Today was lower, but not a lot lower and it recovered from a deep retreat early in the day. That's not unusual for it. Lesson learned, but it may or may not cost me money.
That's it for today. I have a ton of capital to put to work. I should have cleared funds about Monday.
posted by mccrok @ 2:09 PM
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