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Issue #164 
February 28, 2010 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| High Retested? Decision Week Ahead!
DOW Friday closing price - 10325
The DOW ended up having an inside week with higher lows and lower highs than the previous week. The bulls were unable to generate a rally above the previous week's high at 10438 (considered a negative) but by the same token when the bears were successful in breaking the index below a strong intra-week support level at 10236 they could not confirm the break and allowed the index to rally back above that level (considered a positive). Such action left the index with a lot of questions as to what will happen this coming week.
From a fundamental point of view, though, the probabilities favor downside action as the reports coming out continue to show deterioration of the economy. In addition, world wide financial problems (for example, the problems facing the Greek government) show that financial woes have not gone away and could be starting to rear up their heads again. As such, the DOW needs to see solutions to these problems before any strong buying occurs.
On a weekly closing basis, resistance is now minor at 10402, then minor to decent at 10472 and 10520. Strong resistance is seen at the 17-month high weekly close at 10618. On a daily closing basis, resistance is minor at 10374 and decent at 10402. Above that level, the index has minor to decent resistance every 20-30 points starting at 10437 and up to 10549. Strong resistance is found between 10711 and 10725. On a weekly closing basis, support is decent to strong at 10012, decent at the 100-week MA, currently at 9790, and minor to decent at 9713. On a daily closing basis, support is now decent at 10282/10286 and minor to decent at the 50-day MA, currently at 10250. Below that level there is decent support at 10067 and strong support at the most recent strong daily close at 9908.
Even though the bulls were able to "dodge a bullet" on Thursday when the index broke below a strong intra-week support at 10236 and then rallied, the reality is that the subsequent rally was not strong enough to generate any new buying of consequence. The Consume Confidence report that came out Thursday morning shows public confidence eroding at a strong pace and without that backing, it is unlikely the DOW could generate a strong rally. In addition, the DOW now shows 6 days in a row with lower highs than the previous day's high, and that is not a positive sign.
It is evident that the burden of proof is in the shoulders of the bulls and they need some positive fundamental news to generate a rally that will break the string of lower highs that is presently in place. Monday could be such a day as there are 3 economic reports due out (Personal Income and Spending, Construction Spending and ISM index). The ISM Index is always an important "A" report and that could be the catalyst the index needs to generate a short-term direction. The report comes out at 10:00am on Monday and is expected to be in line with the previous months level of 58.4% (expected to come out somewhere between 57.9% and 59.1%). It is likely the report will push the traders in one direction or the other.
If those reports do not have an impact, it is not likely the index will do much until Friday when the always important unemployment report comes out. Nonetheless, on a chart basis, the DOW is showing a bullish wedge type pattern with the top of the wedge being Friday's high at 10359 and the bottom of the wedge being Friday's low at 10272. A break above either of those levels is likely to generate follow through. The wedge does favor the bulls for a short-term rally up to the previously mentioned upside objective of 10515. By the same token, a break of the bottom of the wedge would give an objective of 10044. The probabilities slightly favor the upside, but that will likely depend on Monday's reports.
There are 2 possible trading ranges for the week depending on Monday's direction. If bullish action is seen and the DOW breaks the wedge, trading range for the week could be 10236 to 10510. If the wedge is not broken, trading range could be 10324 to 10044.
NASDAQ Friday closing price - 2238
The NASDAQ closed in the red on Friday making the previous week's close at 2244 into a successful retest of the decent to strong weekly close resistance at 2250. Nonetheless, closing once again above the 200-week MA at 2210, kept the traders unsure that the recent upside momentum has stopped.
It is evident the 2250 level, at least on a weekly closing basis, is going to be a tough nut to crack. Without some strong fundamental help, it is not likely the index will be able to go higher. Nonetheless, the pull back from the 2250 level was not sufficient to generate new selling interest. As such, the traders are likely waiting to see the fundamental news that come out this week (ISM Index and Unemployment) before making any decisions.
On a weekly closing basis, decent resistance is found from previous weekly low closes between 2239 and 2256. Above that level there is minor resistance at 2274, minor again at 2286 and major at 2317. On a daily closing basis, resistance is now decent at 2244, minor at 2261 and a bit stronger at 2274. Above that level, minor resistance is found at 2291 and strong resistance between 2317 and 2320. On a weekly closing basis, support is minor at 2239 and decent at 2212 from a previous low close as well as from the 200-week MA. Below that level strong support is found at 2141 and then nothing until strong support at 2045. On a daily closing basis, support is decent at 2213 and decent again between 2200 and 2191 where the 100-day MA is currently located. Below that level, support is decent 2147 and decent to strong at 2126. Below that, there is no support until strong support is found between 2045 and 2048.
With a very important report coming out on Monday at 10:00am (the ISM Index), it is probable that the direction for the week will be set in the first hour of trading. It is evident the NASDAQ is in a trading range between 2200 and 2250 that incorporates important chart and psychological points of support and resistance. Trading within this range is a non-event, but anything outside of this range is likely to be indicative. A break above last week's high at 2252 is likely to generate a rally up to 2300 and a break below last week's low at 2199, a drop down to at least 2155. Having seen 2199 on Thursday, after the negative Consumer Confidence report, and now trading up near the highs of the trading range, seems to suggest the probabilities favor the upside this coming week. Nonetheless, that doesn't mean much right now as the index is waiting for fundamental news to decide the direction.
One important thing to keep in mind is that the NASDAQ is showing an open gap between 2185 and 2199 and the index is generally very good at closing gaps. The only way such a gap would remain open is if a runaway gap would be seen. Since the fundamentals don't support such a formation occurring, even if the index rallies this week, up to the 2300 area, the probabilities still favor the index coming back down to close the gap thereafter. As such, the point in question is more what will happen this coming week, than what will happen overall to the index.
SPX Friday closing price - 1104
Like with the other indexes, the SPX also closed in the red this week giving notice that further upside will be difficult to accomplish. In addition, the index was unable to generate a close above the 50-day MA, currently at 1109, which was a strong support on the way up (high daily close for the week was 1109). Such a failure, especially at a previously important daily close resistance from Nov/Dec between 1109 and 1111 suggests that without fundamental help this coming week, the index has retested the 17-month high successfully.
The SPX is the one index that the big traders follow closely and being at such an important level of resistance and failing, sets up the index for a fall if the news is not strongly positive.
On a weekly closing basis, resistance is minor at 1109, minor again at 1126 and strong at 1145. On a daily closing basis, resistance is strong at 1109/1111, decent at 1128 and strong at 1147/1150. On a weekly closing basis, support is minor at 1102 and decent at 1066. On a daily closing basis, support is decent between 1091 and 1095, decent again at 1074 and strong at 1057.
It can be said that the SPX had an uneventful week having traded, on a daily closing basis, between the 50-day MA, currently at 1109, and the 100-day MA, currently at 1095. There was one exception on Thursday when the index fell, intra-day, below the 100-day MA, based on the news from Greece, but then recovered to close above the 100-day MA once again. This trading range, on a daily closing basis, is now such a tiny one (14 points), that the probabilities favor a breakout or breakdown this coming week.
It is evident that last week's intra-day high at 1112 will be an important pivot point for the week. If that level gets taken out, a rally up to at least the 1126 and quite possibly as high as 1142 could occur. By the same token, if the SPX closes below the low daily close this past week at 1095, drops down to at least the 1057 level would likely occur.
Like with the other indexes, the fundamental picture seems to suggest that the downside is the most likely scenario, but on a chart basis, the probabilities lean "slightly" in the direction of the upside. Nonetheless, with important news coming out early Monday morning, speculating on the direction seems to be moot at this point as it all likely depends on what the ISM index says at 10:00am Monday morning.
This past week, with the exception of Thursday when the problems the Greek government is having financially caused the indexes to fall intra-day, the market "treaded water". Neither the bulls nor the bears were in control this past week, even though it can be said that the bears did get a slight edge as the bulls were unable to get any follow through to the previous week's strength.
This coming week there is an important "A" report coming out early Monday morning at 10:00am that will likely set the stage for the week. Any rally above Friday's high in the indexes is likely to carry through the rest of the week until Friday when the Unemployment report comes out. By the same token, any failure below Friday's lows will likely generate a strong selling spree bringing the second leg of the expected correction into existence.
It must be mentioned that from a chart point of view, the recent gains in the indexes have fulfilled the "minimum" requirements for a retest of the highs. Though there is a bit more room to the upside for further rallies within the context of a retest of the highs, if the action is down this week, there will be no reason to "expect" any further upside movement.
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Stock Analysis/Evaluation
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CHART Outlooks
The probabilities favor that the indexes have successfully retested the highs seen in January. If that is the case, the second leg of the correction is likely to start this coming week.
All mentions will again be sales this week.
SALES
MSFT - Friday closing price 28.67
MSFT has been in a downtrend since the stock successfully tested the 2-year high at 32.10 on December 10th with a rally up to 31.50. After breaking the strong psychological support at $30, the stock got down to test the open gap area between 26.26.72 and 27.41 with a drop down to 27.52. It is important to note that the stock has tested the gap on 4 separate occasions, which increases the probabilities of the support breaking and the gap getting closed.
In addition, MSFT broke below the 100-day MA, currently at 28.90, on January 29th and for the past 4 weeks the stock has been unable to close above that line, having retested it on 3 separate occasions. The inability to test the $30 level or even break above the 100-day MA, has kept the stock under selling pressure and at risk that the slightest negative news will be a catalyst for further downside movement.
On a weekly closing basis, resistance is minor at 28.77, a bit stronger at 29.63 and strong at 30.00. On a daily closing basis, resistance is minor at 28.68, decent at 28.97, decent again at 29.67 and strong at 30.11. On a weekly closing basis, support is minor to decent at 27.93 and a bit stronger at 27.20. Below that level there is support from the 100-week MA at 27.68 and then nothing until 25.16/25.25. On a daily closing basis, support is minor at 28.33 and then nothing until decent support is found between 27.53 and 27.72. Below that level, there is minor to decent support at 26.20 from the 200-day MA and then nothing until the psychological support at 25.00.
On the weekly chart, MSFT shows an inverted flag formation with the flagpole being the 3-week drop from 31.27 to the 27.57 low, and the flag being the trading range between 27.57 and 29.03 than has been seen over the past few weeks. A break below 27.57 gives an objective of 25.30.
It must also be mentioned that the 4 tests of the gap area have increased the probabilities of the stock breaking that level and closing the gap. If the stock is able to get below a decent intra-week support at 26.87, and a closure of the gap will accomplish that, there is no support until 24.87 to 25.07 is reached.
To the upside, the recent high at 29.03, as well as the 100-day MA, currently at 28.90, should work as strong resistance. As such, a short position in MSFT offers a very good risk/reward ratio as well as a high probability rating.
Sales of MSFT between Friday's closing price of 28.66 and up to 28.81 and having a stop loss at 29.13 and an objective of 25.07, offers a risk/reward ratio of 7-1.
My rating on the trade is a 4.00 (on a scale of 1-5 with 5 being the highest).
DD - Friday closing price 33.72
DD has been in a well defined sideways trend since July between $30 and $35. Nonetheless, after that high was tested with a rally up to 34.88 on January 19th, the stock has been showing signs that it wants to go back down to test the $30 level.
In addition, the stock has been straddling the 100-week MA during the past 3 weeks without giving any definitive signs that it means to break it and go higher. In addition, DD did go above the previous week's high last week but closed in the red, and that seems to be a small key than further upside at this time is unlikely.
On a weekly closing basis, resistance is strong at 34.51 and decent to strong at 34.01. On a daily closing basis, resistance is decent at 34.03, strong at 34.88 and very strong at 35.38. On a weekly closing basis, support is decent at 32.28 and a bit stronger at 31.87. Below that level, strong support is found at strong at 30.54. On a daily closing basis, minor support is found at the 100-day MA, currently at 33.25 and strong support is found between 32.19 and 32.28. Below that level, there is strong support at 31.59 from a previous low of consequence, as well as from the 200-week MA. Below that, there is strong support at 30.54.
DD has been a very conservative stock since August, trading in narrow ranges and within very well defined parameters. There doesn't seem to be any reason at this time to expect the stock to get out of that pattern. By the same token, with the indexes likely to be getting into the second leg of their correction and likely to break the low seen 3 weeks ago, it is probable that DD will also be heading down to the bottom of the trading range.
Last week DD broke above a previous high at 34.10 with a rally up to 34.25, but that mini breakout was not supported and the stock has now closed below that breakout level two days in a row. As such, unless the indexes generate a rally this coming week, the probabilities of the stock heading immediately lower are high. It that happens, a drop down to the 200-day MA, currently at 31.35 will likely occur. In addition, if the indexes do break their recent lows, the possibility does increase that DD will not only test the psychological support level at $30 but perhaps even head lower, especially since the stock traded as low as 16.05 last year.
Sales of DD at Friday's closing price of 33.72 and up to 34.00 and using a stop loss at 34.35 and having a minimum objective of 31.35, offers a risk/reward ratio of 4-1.
My rating on the trade is 3.75 (on a scale of 1-5 with 5 being the highest).
OSK Friday Closing Price - 38.80
OSK has moved up close to 1000% over a period of 9 months from a low of 3.85 to the high seen the last week in November at 41.99. Since that time, though, the stock has been showing some topping out action and with the rally last week up to 40.20, it is possible a successful retest of that high has occurred.
In addition, OSK has been now been trading between $35 and $42 for the last 4 months without a resumption of the uptrend. Such action suggests that no further upside movement will occur without strong fundamental help.
On a weekly closing basis, resistance is minor at 38.67/38.80, decent to strong between 39.52 and 40.41, and strong at 41.62. On a daily closing basis, resistance is minor to decent between 39.06, and then again between 39.51 and 39.64. Above that level there is decent to strong between 40.25 and 40.38 and strong at 41.62. On a weekly closing basis, support is minor at 37.03 and decent to strong between 34.81 and 35.37. Below that level, support is minor at 31.26 and decent to strong at 28.68. On a daily closing basis, support is minor at 37.56, decent at 35.98 and decent to strong at 34.81. Below that level there is no support of consequence until 30.41 is reached.
OSK successfully tested the $40 psychological level the previous week, as well as the November high at 41.99, with a rally up to 40.20, followed by a spike down last week to 36.00, and an intra-day break of the 100-day MA, currently at 37.05. Since April of last year, OSK has been able to stay above the 100-day MA consistently. Nonetheless, over the past 3 months that line has been tested on 3 occasions and the last 2, the stock was able to pierce the line intra-week. If the stock tests the recent high at 40.20 successfully this coming week, the probabilities of that line getting broken the next time around are high. Such a break should generate enough momentum to take the stock down to at least the support at $35 but quite possibly down to the $30 level.
Resistance will be decent to strong up between 39.24 and 39.42. With the stock having closed near the highs of the week, rallies up to that level are probable this coming week. Nonetheless, such a rally would likely be the last retest of the $40 resistance level and with a stop loss above the recent high, offers a great risk/reward ratio trade with a decent to high probability numbers.
OSK does show decent support, on a weekly closing basis, between 34.87 and 35.23, but if broken, there is no support of consequence until 30.15 is reached. Nonetheless, if the stock is heading lower, a minimum drop down to that level will likely be seen.
Sales of OSK between 39.23 and 39.41 and having a stop loss at 40.30 and an objective of 34.87 will offer a 4-1 risk/reward ratio. Good possibilities exist of a drop down to 30.15 and that would lift the risk/reward ratio to 9-1.
My rating on the trade is a 3.75 (on a scale of 1-5 with 5 being the highest).
CAL - Friday closing price 20.66
CAL, based on a weekly closing basis, has been in a well-defined trading range between 7.28 and 20.86 since April 2008. Recently the stock made a 1-year high with a rally up to 21.58 and now, with the possible help from the indexes, the stock seems to be attempting to rally to test that high. It is unlikely that the stock will break out of the trading range at this time, and therefore the stock seems to be a good short trade on the retest of the high.
CAL is a semi volatile stock that is also tied in to the price of oil. As such, it is prone to strong moves on short notice, but still within support/resistance levels.
On a weekly closing basis, resistance is strong at 20.53 and again at 20.86. On a daily closing basis, resistance is minor to decent at 19.73 and strong between 20.62 and 20.84. On a weekly closing basis, support is decent to strong at 17.38 and then nothing until decent support is found at the 100-week MA, currently at 14.40. Below that, strong support is found at 11.50. On a daily closing basis, support is minor between 19.54 and 19.66 and then nothing until minor support at 18.39. Below that level there is strong support between 17.25 and 17.50 and minor support at 16.40. Decent to strong support is found at 15.00.
CAL broke below a decent intra-day support at 19.37 last week with a drop down to 19.18 on the day the indexes were breaking down. Nonetheless, the stock failed to follow through to the downside and the sling shot effect ensued taking the stock back up to the strong daily and weekly close resistance at 20.84/20.86. With no change in fundamentals, it is unlikely the stock will be able to generate much more upside, other than perhaps a rally up the previous intra-day high at 21.58.
CAL closed this past week above the $20 level but since it broke below the $20 last in April 2008, the stock has been unable to close above $20 two weeks in a row. Having strong resistance at these levels and with the probability that the indexes will be heading lower, it is likely the stock will fail this week and start trending back down.
If the stock fails to break the recent highs, the support at 17.25/17.50 will likely be tested again and broken. Drops down to the psychological support at $15 would then be probable. Stock has a breakaway and runaway gap formation at 14.30/14.46 and 15.00/15.25 that would likely be tested.
Sales of CAL between 20.69 and 21.19 and using a stop loss at 21.93 and having an objective of 15.26 will offer a risk/reward ratio of over 4-1.
My rating on the trade is a 4.25 (on a scale of 1-5 with 5 being the highest).
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Updates
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| Monthly & Yearly Portfolio Results
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Closed Trades, Open Positions and Stop Loss Changes
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Status of account for 2007: Profit of $9,758 per 100 shares after losses and commissions were subtracted. Status of account for 2010, as of 1/31 Profit of $698 using 100 shares per mention (after commissions & losses) Closed out profitable trades for February per 100 shares per mention (after commission)
BEXP (short) $36 VALE (long) $191 PCX (long) $103 VCLK (long) $13 AMZN (long) $4 JRCC (long) $144 Closed positions with increase in equity above last months close.
NYX (short) $71 Total Profit for February, per 100 shares and after commissions $2750 Closed out losing trades for February per 100 shares of each mention (including commission)
FTEK (long) $38
AMZN (long) $74 PCX (long) $121 PCX (long) $14 SOHU (long) $54 Closed positions with decrease in equity below last months close.
TRLG (short) $61 Total Loss for February, per 100 shares, including commissions $459 Open positions in profit per 100 shares per mention as of 2/28
GIGM (long) $2 AMZN (short) $44 Open positions with increase in equity above last months close. WMT (long) $128 Total $174 Open positions in loss per 100 shares per mention as of 2/28
RIMM (short) $177
NYX (short) $37 MS (short) $86 HON (short) $14 CAL (short) $117 Total $491 Status of trades for month of February per 100 shares on each mention after losses and commission subtractions.
Profit of $1974
Status of account/portfolio for 2010, as of 2/28Profit of $2672 using 100 shares traded per mention.
NUAN was unable to generate any rally this week in spite of the indexes holding firm. By the same token, it can be said that Friday's drop down to 14.12 might turn out to be a successful test of the 200-week and 200-day MA's (both at 14.00) if the stock is able to close higher next Friday. For the time being, it seems probable that the stock is trading between the 100 and 200 day MA currently at 15.00 and 14.00 respectively. Any break above or below these 2 levels would likely be indicative, though to the downside the stock still shows good support at the 100-week MA, currently at 13.70. Chart looks week and suggests the downside is more probable than the upside, though trading between $14 and $15 seems like a good possibility.
ELON had a totally uneventful week though the red close on Friday does set up last week's close at 8.39 as a successful retest of a decent weekly close resistance at 8.41. Based on a weekly closing basis, the stock is trading between 7.96 and 8.39/8.41 and a close above or below either of those 2 levels is likely to generate further movement in that direction. On a daily closing basis, any close above 8.45 would be a positive, while a close below 7.90 a negative. At this time, it is impossible to give you a probable direction as the stock seems to be waiting for further news before doing anything. GIGM is another stock that treaded water this past week without giving the slightest indication of what direction it plans to go from here. A daily close above 3.06 would be a positive, while a close below 2.74 a negative. Within that trading range there is nothing that can be stated. WMT generated a buy signal on Friday closing above a previous weekly high close at 53.68. Nonetheless, the stock was unable to confirm that buy signal when the stock was unable to close above a daily high close of some consequence at 54.27. The stock did close near the highs of the day and of the week on Friday and the probabilities favor further upside with the $55 resistance level likely to be tested this coming week. The stock did go down to test the 100-week MA, currently at 53.25, and held that line. Having had a less than expected earnings report 2 weeks ago, the stock is now acting like the downside is over and the upside will now be explored. Resistance is strong between 55.09 and 55.20. Likely high this coming week will be 55.08. AMZN has been unable to get above the 120.00 to 121.00 for the past 4 weeks and with Wednesday's rally up to 119.80 and subsequent red close, the chart seems to suggest the stock will be heading lower this week. Of course, a lot will depend on what the indexes do after Monday's ISM report, but the chart is looking strongly bearish as the past 4 weeks sideways trading range between 113.82 and 121.00 is looking like an inverted flag with the previous drop from 131.85 to 113.82 being the flagpole. A break below 113.82, would give an objective of 103.00. The previous breakaway gap between 94.10 and 110.62, seen after the bullish earnings report in October, has not yet been tested. Any weakness this coming week, will likely make that the week's objective. Lowest daily close is 115.94 and a close below that level would weaken the chart substantially. If the indexes rally this week, the possibilities of a rally up to the 200-day MA, currently at 122.40 will be high. As such, the stop loss at 119.90 is a good one. CAL had a classic reversal week with lower lows, higher highs, and a close above the previous weeks high. As such, follow through to the upside is expected to be seen this coming week. By the same token, the stock shows strong intra-day resistance starting at 20.98 and up to 21.40 with the possible objective of 21.19 in play. Such a rally would fulfill the need for higher highs than last week. Major resistance in the stock is the 22-month high at 21.83. It is unlikely that under the present economic conditions that the stock would be able to break above that high. Decent to strong support is found at 16.82 (17.38 on a weekly closing basis). The stock has not had 2 weekly closes in a row above $20 for the last 22 months. As such, the probabilities favor the stock closing lower, below $20, next Friday. On the daily closing chart, any close below 19.54 would be a negative. At this time, my stop loss is at 21.93. HON accomplished nothing on the weekly closing chart as the close was at almost the same price as the previous week (40.22). It is evident that the $40 level, on a weekly closing basis, is strong psychological resistance and unless the indexes rally this week, the probabilities of the stock closing again above $40 next Friday are low. The stock closed "exactly" in the middle of the week's trading range and it is evidently waiting to see what the indexes will do this coming week before deciding which direction to follow. Resistance is decent at the most recent high of 40.85. Above that level decent to strong resistance is found at 41.55. Decent support between 39.00 and 39.49 that includes 3 previous intra-day lows of consequence (39.00, 39.20, and the most recent at 39.49) as well as the 100-day MA currently at 39.15. A break above 40.85 or below 39.00 will likely generate further movement in that direction. Nonetheless, an upside rally has a good chance of getting stopped at 41.55. MS traded sideways this past week, as it has done for the past 5 weeks between 28.43 and 26.15. The stock is showing a bearish inverted flag formation with the flagpole being the 3 week drop from 33.27 to 26.15. A break below the bottom of the flag at 26.15 would project a drop down to 21.31. By the same token, if the stock is able to get above the 5 week high at 28.43, rallies up to at least the 100-week at 29.20 or the 200-day MA at 29.80 will likely occur. The chart looks very weak and though the short-term scenario is dependant on what the indexes do this coming week, the probabilities of the stock heading south either this week or within the next 2 weeks is very high. RIMM broke below the 200-week MA on Thursday when the indexes got hit but was able to generate a rally to close above that line on Friday. The stock has strong resistance between 71.60 and 72.00 but if the indexes rally this week, the probabilities of that resistance getting broken are high. Keep in mind that since the very negative earnings report in September, when the stock gapped down from 82.72 to 71.42, the stock has tried on 3 occasions to get into the gap with a rally up to 71.60 in December and a rally up to 72.00 in February. So far each rally has failed. It is evident that the stock will react to whatever happens to the indexes this week. Keep in mind that above 72.00, the stock has open air above with the nearest resistance above being the 100-week MA, currently at 76.90. As such, any rally above 72.00 should generate liquidation of the shorts. Key area for the downside is the 200-day MA, currently at 69.75, as well as the psychological support at 70.00. If those levels get broken this week, the stock is likely heading lower.
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1) JRCC - Liquidated at 16.58. Purchased at 15.00. Profit on the trade of $158 per 100 shares minus commissions.
2) GIGM - Purchased at 2.87. Stop loss now at 2.65. Stock closed on Friday at 2.89.
3) PCX - Liquidated at 16.50 and at 15.82. Averaged long at 15.575. Profit on the trade of $117 per 100 shares (2 mentions) minus commissions.
4) WMT - Averaged long at 53.325 (3 mentions). Stop loss is at 52.06. Stock closed on Friday at 54.07.
5) ELON - Purchased at 8.31. Stop loss now at 7.65. Stock closed on Friday at 8.22.
6) VALE - Liquidated at 27.02. Purchased at 24.97. Profit on the trade of $205 per 100 shares minus commissions.
7) MS - Shorted at 27.32. Stop loss at 28.55. Stock closed on Friday at 28.18.
8) TRA - Liquidated at 41.20. Averaged long at 33.025. Profit on the trade of $1635 per 100 shares (2 mentions) minus commissions.
9) AMZN - Shorted at 118.84. Stop loss at 119.90. Stock closed on Friday at 118.40.
10) RIMM - Shorted at 69.11. Stop loss at 72.10. Stock closed on Friday at 70.88.
11) CAL - Shorted at 19.49. Stop loss at 21.92. Stock closed on Friday at 20.66.
12) NYX - Shorted at 26.01. Stop loss at 26.85. Stock closed on Friday at 26.38.
13) HON - Shorted at 40.02. Stop loss at 40.95. Stock closed on Friday at 40.14.
14) PCX - Liquidated at 16.53. Purchased at 17.60. Loss on the trade of $107 per 100 shares plus commissions.
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The opinions and commentaries by Mr. De Vito are not a recommendation to buy or sell, but rather
a charting guideline, based on his own knowledge and experience, regarding the stocks he is following or
that are brought to him by others. Mr. De Vito does not presently offer a track record of his trading experiences.
No inference of success and/or failure should be assumed. The
information enclosed above, regarding his background, length of trading, and experience, is correct
but is not meant to suggest, state, or infer any future success in trading, based on his opinions. The information herewith included should only be used by investors who are aware of the risk inherent in securities trading. Mr. De Vito accepts no liability whatsoever for any loss arising from any use of the information and/or comments he supplies. |
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