A few charts for the weekend
The new wearer of the yellow jacket this weekend is ORCL:
ORCL is sitting on a 24.6% gain.
A funny thing happened when I redrew the trend lines to conform with my trend rules - specifically not using the low from the previous downtrend as the left anchor. The current price is almost contained by the channel.
After I connect lows to form the trend line, I draw a parallel line at the high. The result is a trend channel. The significance of the upper line is really just to see when the stock is busting out of its trend.
Last week's yellow jacket belonged to this week's second place stock. CXW is +23.7%:
Show this week is SEIC +16.8%:
This one has really been on a tear lately. It's gone through a series of breaks from support levels. The result has been a very steep 5-week trend up and out of the channel. If it sticks up there I'll have to bump up my stop and see how things develop. I figure either they form new trends up there, or become cash. Rather than just selling, I plan to set stops below reasonable support levels and see what happens.
Look at the structure on the PCAR channel:
It doesn't have the fastest trend in the world, but it is very reliable. I've decided to stick to trends at least 2%/month, so this one qualifies. Anything 2% or less will be looking for an exit and won't be bought in the future.
I still have a few positions in the portfolio from prior to my rules being clarified. One of which is UDR:
No complaints about this one, but the trend was too slow. I'd rather tie my capital up in a faster mover - above 2%/month. This one is now being played more like a swing trade, but without a sell target. I'll continue moving stops up to appropriate levels until it gets taken out.
HPOL is another legacy stock:
While it is trending just fine, I bought it on a breakout well above the trend line. It would take forever for the trend line to reach the purchase price, so I'm using stops below support until the trend line catches up to the purchase price. Then I'll let it trend normally.
Follow-up on my SMH breakout prediction:
Was it always going to happen this way, or would this market make any long-happy prediction come true? We'll never know. Either way, the break from the ascending triangle came with volume. Excellent sign of more good to come.
Nice retest of the trend line this week for SO:
That's all for now. I have a bunch of positions with very good gains at the moment, but with the market being as hot as it has been over the past two months, I should. As fast as my balance has grown over the past couple weeks, I'm just barely outperforming the market.
ORCL is sitting on a 24.6% gain.
A funny thing happened when I redrew the trend lines to conform with my trend rules - specifically not using the low from the previous downtrend as the left anchor. The current price is almost contained by the channel.
After I connect lows to form the trend line, I draw a parallel line at the high. The result is a trend channel. The significance of the upper line is really just to see when the stock is busting out of its trend.
Last week's yellow jacket belonged to this week's second place stock. CXW is +23.7%:
Show this week is SEIC +16.8%:
This one has really been on a tear lately. It's gone through a series of breaks from support levels. The result has been a very steep 5-week trend up and out of the channel. If it sticks up there I'll have to bump up my stop and see how things develop. I figure either they form new trends up there, or become cash. Rather than just selling, I plan to set stops below reasonable support levels and see what happens.
Look at the structure on the PCAR channel:
It doesn't have the fastest trend in the world, but it is very reliable. I've decided to stick to trends at least 2%/month, so this one qualifies. Anything 2% or less will be looking for an exit and won't be bought in the future.
I still have a few positions in the portfolio from prior to my rules being clarified. One of which is UDR:
No complaints about this one, but the trend was too slow. I'd rather tie my capital up in a faster mover - above 2%/month. This one is now being played more like a swing trade, but without a sell target. I'll continue moving stops up to appropriate levels until it gets taken out.
HPOL is another legacy stock:
While it is trending just fine, I bought it on a breakout well above the trend line. It would take forever for the trend line to reach the purchase price, so I'm using stops below support until the trend line catches up to the purchase price. Then I'll let it trend normally.
Follow-up on my SMH breakout prediction:
Was it always going to happen this way, or would this market make any long-happy prediction come true? We'll never know. Either way, the break from the ascending triangle came with volume. Excellent sign of more good to come.
Nice retest of the trend line this week for SO:
That's all for now. I have a bunch of positions with very good gains at the moment, but with the market being as hot as it has been over the past two months, I should. As fast as my balance has grown over the past couple weeks, I'm just barely outperforming the market.
posted by mccrok @ 12:37 PM
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