Energizer Bunny

This market is incredible. I've got several positions that have evacuated their trend channels to the north. Hopefully they'll form new trends up there. ORCL, SEIC, IGT, UDR, MAR on an earnings report today, and HIG are all up above their channels. Who knows what will happen if the market turns, but at least I have room now to grow my trend lines up and to the right.

Alright, I'm addicted to looking at charts, so here goes:

I bought a couple positions today. First up XLNX:






Stop is about 5%. I'm looking for breakout from this consolidation in the near future.

Sometimes I wonder if I'm smart enough to wake up in the morning. I bought ORB today, two days after selling it lower.






I left my old trend lines in. They're the light ones. the dark ones are my new lines and I like them better. You see, I've noticed that the very bottom of the prior downtrend before the new uptrend isn't a very good anchor for the trend line. I knew that when I owned ORB before, but I was focused on support just below the current price. It's what the stick I bought previously broke above. Well, I failed to take into account the fact my trend line didn't fit my rules.

Had I drawn the proper line before, the anchor lines on the right would have broken the trend slightly, but not enough to stop out. This new trend channel is much more fair. The last one was far too steep to last, exactly because I used the downtrend low as the left anchor.

That's my story and I'm sticking with it!

I exited two positions since the morning post. First, another short covered - CNO:






Still well within the trend, but the strong market is making me dislike shorts that have already dropped so far it would take forever for the trend to reach the current price. So, I punted it early. I've always had a short leash with shorts. I need to work on that, but I'm comfortable with this decision.

Here's a big winner - MGRM:






I jumped my stop up to 1.70 after yesterday's close. There is no predicting this one and no logical place above 1.55 to place a stop that I know of, so I elected to protect profits. Well, the low was.......1.70. I have no regrets as this one does not fit the current portfolio plan. I'm very happy with 15%+ in three weeks.

Let's keep having fun tomorrow!