Hard to sustain the index move...
Thursday, October 12, 2006 at 06:17PM Of course, if the indices have another 7 or 8 days like today, we may have to rethink our strategy and perhaps include some bigger names....... nah, that'd be just too easy lol Ok, so if your portfolio is rocking in huge gains today, then you are probably getting to this page for the first time. The DJIM type of stocks are definitely missing in action today and one of our favourites even had a nasty woosh today. This is probably just the part of process as we call it. Somtimes, there's just not much more you need to read into what's happening out there. We are sticking to our system, sticking with what we are comfortable with and sticking to the type of stocks that have gotten us to this point.
TRT, yes and yes! The drop today is a little uglier than we are comfortable with and we did reduce our exposure in this one furthermore. Right now, we have to take a wait and see attitude towards the action from it the next few days. Thankfully, the earning season is about to begin and some of bigger semi co. can be a catalyst for TRT to pick up some steam.
MR, we are holding our fingers crossed because if you followed it since the IPO day, this one has a tendency to drop back down to $16 everytime it seemed to get some momentum.
Right now, we are keeping an eye on all of the DJIM stocks to wait for some trading development to come through. At the same time, we are expecting to see some good earnings from small caps to come through in this seasonally a typical strong quarter. Keep focused and rest up when not trading.
cheers,
Demi/ YourPersonalTrader
As discussed the other day http://djmarkets.squarespace.com/journal/2006/10/10/djim-stocks.html
todays nice up day proved some of the names including TRT, even our large cap RIMM were in nose bleed space a couple of days ago as they did not participate in this rally. Taking a look at TRT.... it might be good to bring up a trading perspective. The charts shows 4 days of resistance between 14-14.50...today was the kicker as it failed to break higher again. One way to avoid a pitfall is to give yourself a mental stop on a toppy feeling flyer, it is usually somewhere around the previous days low if its respectable..in TRT case just above 13. (notice where the selling picked up). Of course a uptick in volume smells trouble and you could see that clearly by the first 10min volume bar..its never just one bar with a high flyer. Maybe everybody was busy with the large names and so the TRT was ignored at the 9ema for support...well that ain't good enough for us and we will wait for some confirmation to use this trip to 9ema area as a reason to return in force.
Just a quick note on SYX...todays report by SL was not a huge surprise.." A neg, the 'spinach' could be the filing issues, so do your own DD as always!. "
http://djmarkets.squarespace.com/journal/2006/9/15/syx-1340.html
BVX note in Market chat today.
"..........Adding today was adding to a non-event. This FDA clearance is really nothing and unfortunately some ran it up to the $9 level where others would gladly take profits after nearly a 25% run in a day. Its a DJIM stock now and we will trade accordingly, including taking some profits after waking to 9 level. A tad extended this premarket!. We thought it would break out yesterday on the news, we didnt think it wanted to test the recent highs so early or needed to."
