|
|
|
|
|
|
Issue #167 
March 21, 2010 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
|
| Up, Up and Away!
DOW Friday closing price - 10624
The DOW continued its upward climb making a new 17-month intra-week and weekly closing this past week. The index plowed through the previous 11730 high to climb up 11820. With no previous resistance found until psychological resistance at 11000, it seems likely that further upside will be seen this coming week.
The DOW did see some selling coming in on Friday, likely due to the triple-witching option expiration day where indexes and many stocks had rallied above the mainly contested strike prices and had to be reined back on expiration day. Nonetheless, the index was able to close above the previous intra-week high at 10730, suggesting that the selling was due to the option expirations and not because of any general weakness in the index.
On a weekly closing basis, resistance is minor at 10827 and again at 10941 (from weekly closing highs seen in 2005). Above that level, the 11000 area is psychological resistance and the 200-week MA is currently at 11140. On a daily closing basis, resistance is minor at 10779 (Thursday's close) and then nothing until minor resistance at 11027. On a weekly closing basis, support is minor to decent at 10325/10329 and strong at 10012. On a daily closing basis, support is minor at 10380/10397 from the most recent low daily close as well as from the 50-day MA. Below that level, resistance is decent at 10282 from a previous low close as well as from the 100-day MA. Decent support at 10067 and strong support at the most recent strong daily close at 9908.
Having broken above the previous high at 10730, the DOW has now negated the comparisons with 2004 and set the 12-month rally from the lows as one-of-a-kind. The index now finds itself with no recent resistance (have to go back to 2005 to find any) and with a clear path to reach the 200-week MA, currently at 11140.
The bears did have an opportunity on Friday to flex their muscles as the usually important triple-witching option expiration day was generating selling, due to the lower strike prices that were being contested. Nonetheless, the bears were unable to get the index to break down enough to at least test the previous weekly close at 10625 (low of the day was 10694). At the end of the day, the bears gave up and the index closed down on the day but 50 points from the day's low. Such action suggests that the bears will need negative fundamental news this coming week to generate any more selling.
Having erased the resistance levels from 2004, the traders must now key on the 2005 resistance levels (between 10960 and 11046) as well as the 200-week MA (currently at 11140). It must be mentioned though, that the 2005 resistance levels are not considered major or even that strong, in comparison to 2004.
In addition, having closed this past week at 10741, if the index confirms the close above 10700 next week, it will find itself in the lower end of the "general" 600 points trading range associated with even numbers (300 points above and below major even numbers, in this case 11000). As such, the bulls will be strongly defending the index this coming week (above 10700) to accomplish that confirmation. If that happens, the DOW will likely find itself in a trading range for 1-3 months between 10700 and 11300.
It must be mentioned, though, that the 11300/11400 "area" has to be considered "major" resistance as the index traded, at the tail end of the 1998/1999 bull-run (started at 7500 and ended at 11750), between 9700 and 1130011400, for 93% of the time between May99 and May01. Keeping in mind that this particular rally started 1000 points lower than in 1998 (6470 vs 7400), the likelihood of the index getting above the 11300 level seems to be minimal. Even reaching it may be a stretch.
Nonetheless, having such an important short-term confirmation week ahead, the bears are likely to try hard this week to prevent that from happening. Already, the DOW had a reversal day on Friday making new 17-month highs and closing in the red as well as going below the previous day's low. That will likely make Monday the most important day of the week for the bears. Evidently, if there is follow through to the downside (a drop below Friday's low at 10694) the closest intra-week support is down at 10561/10575. If the bears are successful at accomplishing that drop, the rest of the week will be full of selling pressure, especially with such an overbought condition and few economic reports due out. By the same token, if the index is able to get above Friday's high at 10820, or at worst generate an inside day on Monday (lower highs and higher lows than Friday), the bulls will continue to be in control and further upside will likely be seen. Momentum favors the bulls.
NASDAQ Friday closing price - 2374
The NASDAQ continued to generate further upside with a new 18-month weekly close on Friday. Nonetheless, the index did lose some of its "star power" as the other indexes generated more of a rally this past week that it did, overturning the recent trend. This trend might be changing due to the fact the NASDAQ does show more recent resistance levels close by (18-24 months) than the other two indexes with resistance levels from 5-6 years ago. As such, the traders will likely be paying more attention and respecting these resistance levels than they are doing in the other indexes.
In this respect, the NASDAQ will likely continue to be a good barometer for the market as a break above the 2008 resistance levels will likely make this recent rally the biggest bull market ever, other than the Dot.com period.
On a weekly closing basis, minor resistance is found at 2418. Above that level, decent resistance is found at 2453 and major at 2523. On a daily closing basis, decent resistance is found at 2413, strong resistance at 2453, and major at 2550. On a weekly closing basis, support is minor at 2326 and again at 2290. Strong support is found at 2239 and a bit stronger at 2210 (200-week MA). Below that level strong support is found at 2141. On a daily closing basis, support is minor between 2282 and 2288 and minor again at the 50-day MA, currently at 2250. Below that level, resistance is decent at 2213 and decent again between 2200 and 2191 where the 100-day MA is currently located.
The NASDAQ is reaching levels of resistance from 2008 with 2419 being the first high seen after the index dropped from 2862 to 2203. The second resistance is the most recent high seen in Aug08 at 2473. That resistance is important as it was the successful retest of the 2551 high seen in May08, which in turn was the successful retest of the 10 year high at 2862. In other words, if the index is able to get above 2473, the entire recession seen over the past 2 years will be erased……totally. From a fundamental basis, such an event seems unlikely to be true at this time. The third resistance is at 2551 and if that resistance is taken out, the index would be in such a bull-run that the 2007 highs would likely be tested and taken out, making this a bull rally like the Dot.com rally in the year 1999 (very unlikely to be).
The probabilities, from a fundamental basis, do not favor the NASDAQ being in such a bull market. With unemployment still a big problem, debt continuing to rise, as well as the housing market still in the gutter, such a bull rally would be impossible to comprehend. As such, the probabilities favor the index failing somewhere around here, with 2419 being the most likely objective to the upside. A rally up to that resistance level would be considered a strong positive, as far as the recovery from the recession is concerned, but not enough to put the index into a "runaway bull market scenario".
It is evident that further fundamental improvements are needed before the big traders step up to buy these levels. That is certainly evident in the continued lack of volume in spite of recent resistance levels getting broken. By the same token, with the NASDAQ having been the leader to the upside, it is also likely to be the index that spells out the top to this rally. Nonetheless, in the past it has been often seen that the other indexes continue higher at a point when the NASDAQ does not. That certainly would fit in with the upside objectives expected to be seen in the DOW and in the SPX.
Like with the other indexes, Monday is likely to be a short-term pivotal day. The NASDAQ did have a negative classic reversal on Friday having gone above Thursday's high and closing below Thursday's low. If Friday's low at 2365 gets taken out, a drop down to the most recent low at 2346 or even down to the previous intra-week high at 2326 would likely be seen. This drop would not negate the possibility of the index still reaching the 2419 level in a week or two, but it would put the bulls on the defensive as last week's rally to 2400 could certainly be considered "enough" of a rally to indicate a top.
The most important thing to mention is that on a weekly closing basis, the 2414 level is critical. That was the weekly closing high on the week the index got up to 2473. As such, a weekly close above that level would be just as positive as an intra-week break above 2473. This means that 2413 to 2419 (daily and weekly closes, as well as intra-week highs) has to be considered a "major" resistance level at this time. With the index closing this week at 2374, it is very difficult to see more than a 40 point rally to the upside remaining.
SPX Friday closing price - 1160
The SPX was also able to confirm the break of the previous weekly closing high at 1145 with a second close above that level. Nonetheless, the index was not able to generate enough buying to get above the intra-week highs or weekly closes seen back in 2001 and 2002, though it did get above and close above the weekly highs and closes from 2004.
Unfortunately for the bears, they are still depending on "old" resistance levels to work and that may not happen as the momentum in the market is still for higher prices and more "recent" resistance levels. As such, there is no resistance until the 200-week MA, currently at 1225, is reached.
On a weekly closing basis, there is no recent resistance until the 200-week MA, currently at 1225 is reached. Nonetheless, from 2001/2002 resistance is strong at 1163 and 1172. On a daily closing basis, very minor resistance is found at 1166 (Thursday's close). Above that level, there is only minor resistance at 1213 and a bit stronger at 1255. 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.
The SPX continues to rally and make new 17-month intra-week and weekly close highs. Nonetheless, the index has not been able to generate a lot of volume or a lot of buying at these levels and continues to "inch" upwards, likely following the other indexes rather than trading on its own. Having closed in the upper half of the week's trading range the probabilities favor higher prices this coming week. There is some decent psychological resistance at 1200 that the traders will shoot for if the index is able to break through the 2001/2002 resistance at 1174/1177.
Nonetheless, the SPX did have a reversal day on Friday with higher highs, lower lows and a close below the previous day's low. If that reversal is true, drops down to last week's low of 1141 could be seen. By the same token, the 1141 cannot be considered a decent support and if broken you could see the index drop down to the 1131/1133.
It is likely that the week's direction will be seen on Monday. A break below Friday's low of 1155, and more importantly below the previous high at 1150, will probably determine the direction for the entire week. With very little economic reports of consequence due out this coming week, trading will likely depend of trader sentiment, and that should be immediately noticeable on Monday.
Once again this coming week has a dearth of economic news with Durable Goods, out on Wednesday, likely being the most important of all. Nonetheless, Durable Goods is only a "B" report and not likely to have as much impact as other economic reports can have. The negative to the bears is that it is anticipated to be much lower than the previous months (+.5% vs last months +2.6%). As such, if the report is better than anticipated, it could further fuel the momentum of the bulls.
Nonetheless, with such a lack of important reports, trading is likely to be determined using Friday's action and whether the small sell-off and reversal day was due to options expiration or a top having been found. It is evident that the momentum continues to be on the side of the bulls and if they are able to keep the indexes from breaking Friday's lows, the indexes will likely continue on higher. A break of Friday's lows is certainly not a signal that the indexes have found a top, but it will likely keep the indexes under selling pressure all week as the economic reports are not likely to be of help.
Though there is room for further upside in all the indexes, it must be mentioned that the NASDAQ is close to reaching longer-term levels that are extremely chart important (see index comment). As such, the NASDAQ will likely be the bell-weather for the index market.
|
Stock Analysis/Evaluation
|
|
CHART Outlooks
Friday's action has left many questions unanswered as to whether the weakness was caused by the options expiration day or the indexes having reached levels of resistance that could signal a top. The charts, on both the indexes and many important stocks, seem to suggest further upside is likely but limited in nature. As such, the larger profits will likely be shorting the market.
The question this week then becomes what stocks to short and more importantly at what prices and when.
I have chosen 2 stocks this week that show "strong" reasons to think the upside is extremely limited. In addition, these 2 stocks have already built strong resistance levels from which sales can be made that offer high probability ratings. They both will require "slight" further upside to reach the desired entry points levels, but if the indexes do continue higher, as is likely to happen, these stocks could reach those desired entry points this week. Nonetheless, I do want to point out these two trades have very high probability ratings and even if the desired entry points are not reached this week, should be kept in mind for next week as well. The entry points, no matter when they are reached, are attractive prices to short.
By the way, I do want to mention that the long positions mentioned in the message board this week, should be fine at this time. Those stocks should continue to show further upside unless the indexes have found a top (unlikely).
SALES
OSK - Friday closing price 39.85
OSK was able to make a new 3-month new high above the strong resistance at $40 but was unable to generate any follow through and closed below the resistance level on Friday, giving a small failure to follow through signal. On both a daily and weekly closing basis, the action has to be considered negative, especially after the stock immediately received strong selling upon reaching a decent intra-week resistance at 40.74 with a rally up to 40.75.
It is clearly evident OSK is showing that the $40 resistance level is going to be difficult, if not impossible to break. For the past 4 months, since the stock first reached $40, it has been unable to generate any additional upside even though the indexes have made consistent new highs since then. This last week's rally and failure to follow through suggests that even if the indexes go up a bit more, that the stock will be unable to break the 41.99 high made in November.
On a weekly closing basis, there is decent resistance between 39.69 and 40.41. Strong to major resistance is found at 41.62. On a daily closing basis, resistance is decent between 40.25 and 40.31, minor to decent at 40.96, and strong at 41.62. On a weekly closing basis, support is decent between 37.61 and 37.97. Additional support is found at the 200-week MA, currently at 36.50, and decent to strong support is found at 34.81. On a daily closing basis, minor support is found at 38.97, minor to decent support at the 100-day MA, currently at 37.86, and strong support at 36.71. Below that level, strong support is found at 34.81 and then nothing until the 200-day MA, currently at 31.95.
OSK has been having strong problems staying above the $40. It was certainly evident this past week when the index rally caused the stock to move up to 40.75 on Wednesday, but then see immediate selling causing the stock to close at 40.31 on that day and below $40 on Thursday and Friday.
It seems evident, based on the action seen this past week, as well as during the past 4 months, that a continued rally in the indexes is not likely to generate much new buying in the stock. In addition, the upside in the indexes is limited and therefore not likely to be sufficient enough to "drag" the stock into making new 22-month highs, especially since the stock has already rallied over 1000% in the last year (from 3.84 to 41.99).
OSK is showing a definitive "V" shaped correction with the left cup edge of the "V" being the high seen in May08, at 42.56, after the initial drop from from 65.83 to 34.91. That means that the tops of the edges of the cup can be determined to be 42.56 and 41.99. A drop back down to bottom edge of the cup, seen in 2008, was 34.91. As such, a drop down to that level seems to be a high probability. By the same token, if a break below 34.91 occurs, that would suggest a drop down to the $30 level where decent to strong support is found.
Either way, whether the stock will drop down to 34.91 or $30, it seems likely that the 41.99 to 42.56 level will be very difficult, if not impossible, to break at this time.
Sales of OSK between 40.29 and 40.49 and using a sensitive stop loss at 40.85 and having an objective of 34.91, will offer a 9-1 risk/reward ratio. If a stronger stop is desired, you could have a stop at 42.66, which would drop the risk/reward ratio to 2.5 to 1, but increase the probability rating to a very high 4.5 out of 5.
My rating on the trade is a 3.5 (on a scale of 1-5 with 5 being the highest). Nonetheless, using the 42.66 stop loss would make the rating climb to 4.5.
MRK - Friday closing price 38.06
MRK has found itself trading for the last 2 months at or near a major pivot for that has existed since 1997 at $40. On 4 different occasions between 1997 and 2004, the $40 level was major support and then again in 2006 and 2007, that same level served as resistance and then support for that period of time. In addition, the 41.56 high seen 2 months ago, is also now where the 100-month MA is currently located, giving that high additional resistance strength.
Over the last year, MRK has rallied from a 2009 low at 20.05 to the 41.56 high seen in January. This rally has been done without a single correction of consequence. Nonetheless, with the $40 being such a major pivot point and the indexes close to what is likely to be a 1-2 year high, the probabilities of the stock heading lower after retesting the $40 level one more time, is high.
On a weekly closing basis, resistance is very strong at 39.47. On a daily closing basis, resistance is minor at 38.45, decent at 39.54 and very strong at 41.03. On a weekly closing basis, support is minor at 37.16 and decent between 36.54 and 36.73. Below that level there is no support until the 100-week MA, currently at 31.85. On a daily closing basis, support is minor between 37.80 (50-day MA) and 37.97 (previous low close of some importance). Below that level, support is strong between 36.20 (important low daily close) and 36.60 (100-day MA. Below that level there is no support until the 200-day MA, currently at 32.25.
It is evident that when MRK got up to 41.56 in January that strong selling came in, as the stock dropped within a period of 11 trading days down to 35.82. Nonetheless, that 41.56 high came after a rally that started at 20.03 and therefore having reached a major pivot point, strong profit taking was likely to occur. After that low was made and subsequently retested successfully on 2 occasions, the stock has been rallying with the help of the indexes. The probabilities are high that the stock will attempt to get back up to the major $40 pivot point, both because of the strength in the indexes as well as a needed retest of the 41.56 high.
By the same token, with the indexes likely to be near extended highs, it is highly unlikely that MRK will be able to get above the previous high at 41.56, above the major pivot point at $40, above the 100-month MA, currently at 41.70 and even above the previous weekly high close at 39.47, which is also the 200-week MA. With so many strong resistance levels, as well as the probability of the indexes failing on the next rally up. MRK becomes a strong sell mention.
MRK did have a strong week last week showing spike-up type action after the recent successful retests of the low at 35.82. As such, intra-week rallies up to as high as 40.45 could be seen. Nonetheless, if those rallies fail to generate any further upside, especially if the stock rallies but is not able to close above the 200-week MA, currently at 39.50, the probabilities of the 35.82 level breaking will be high. Below 35.82 there is a vacuum of support until the 50 and 100-week MA's are reached, currently at 31.80.
Sales of MRK between 39.68 and 40.45 and using a stop loss at 41.66 and having an objective of 31.80 will offer a 4-1 risk/reward ratio.
My rating on the trade is 4.25 (on a scale of 1-5 with 5 being the
|
Updates
|
| Updates on Held Stocks
|
Closed Trades, Open Positions and Stop Loss Changes
|
| NUAN confirmed the previous weeks break of weekly close resistance at 16.71 with a second close above that level on Friday. The stock now shows only decent weekly close resistance at 17.70, before reaching the $20 level. Nonetheless, the weekly close resistance at 17.70 is the same resistance, based on time frame, as found in the NASDAQ at 2419 and could prove to be as difficult to break as the one in the index. By the same token, with the stock having broken above the previous resistance at 16.71, it is now extremely unlikely that the stock will break below $15, thus setting up the likelihood of the stock trading between $15 and $18 for the next few months. GIGM was unable to break above the resistance at 3.38 or even above the previous weeks high at 3.34. The stock did close near the lows of the week and is now likely to test the support at 3.00 which should prove to be strong. At this time, the stock is likely to trade between 3.00 and 3.38 and until that trading range is broken, there is little to comment on. Nonetheless, it is likely that a bottom has been formed and it could be only a matter of time before the stock heads higher. WMT made a new 15-month weekly closing high after it received an upgrade from Citigroup on Monday. Nonetheless, the stock was unable to maintain its strong momentum, as well as the breakaway and runaway gap formation it formed during the week, when the stock had a reversal day on Friday, which caused the runaway gap to be closed. The reversal day (higher highs, lower lows, and a close below the previous days low) suggests some follow through to the downside is likely to be seen this coming week. The previous high at 55.20 and down to 55.00 should prove to be strong support but if the stock gets down to close the breakaway gap between 54.24 and 54.35, selling pressure will resume. As such, it is imperative the stock holds itself above the $55 level this coming week. Like with the indexes, if the stock is able to keep itself from breaking Friday's low at 55.15, the likelihood of the up-trend continuing before the end of the week would be high. CAL got up to the 200-week MA, currently at 23.50, and reversed direction to close on the lows of the week on Friday. The first downside objective has to be the 20-day MA, currently at 21.30, which also coincides with the previous 14-month intra-week highs at 21.55 (21.20 on a daily closing basis). Having reached a major resistance level at the 200-week MA, the probabilities favor the stock getting down to the $20 psychological level which must now be considered strong support. Nonetheless, on an intra-week basis, there is no strong support until 17.19 is reached. As such, if the stock is able to get and close below the 21.20 level, intra-week drops down to 17.19 could be seen. The 23.20 level must now be considered a decent resistance if the stock decides to test the recent high at 23.64. Based on Friday's action, the probabilities are high that the stock will get down to somewhere between 21.20 and 21.40 on Monday. Should that level hold, you may want to take profits and re-sell the stock on rallies above $23. Nonetheless, the probabilities are also high that the stock will get down to $20 at some point, whether the stock is heading higher or not. MS spun its wheels last week ending up with an inside week at a time the indexes were making new 18-month highs. Such action seems to confirm that the $30 level is a major psychological pivot point for the stock. The stock was able to generate a second weekly close above the 100-week MA, currently at 28.65. Nonetheless, on the daily chart, the stock was unable to close above the 100-day MA, currently at 30.30, and ended up the week also closing below the 200-day MA, currently at 29.85. It is evident the stock is waiting for direction from the indexes, as well as from the financial industry, before committing itself to one direction or the other. Any daily close above 30.30 would now be a positive, while a close below 28.65 a negative. Probabilities seem to slightly favor the downside. TRLG had a very slight reversal week having made new 18-month intra-week highs but closing in the red. The red close was the first one in 7 weeks and suggests that the $30 level will be a strong resistance point. Nonetheless, having broken above a strong precious weekly close at 27.92, it is likely that at this time, or until the indexes decide they are not going higher, that the previous high at 27.92 will be considered decent support. Overall, though, if the previous high doesn't hold up (previous highs are not necessarily good supports), the stock will find strong support down at $25. The stock did have a mini reversal day on Friday having gone above the previous high by 1 point and closing below the previous day's low. As such, weakness is expected to be seen this week with a possible intra-week downside objective of 26.53. Such a drop will likely happen if the indexes do show weakness themselves. By the same token, any close above 29.99 will thrust the stock to test the all-time daily high close at 31.08, or at least the previous close before that at 30.89. Probabilities favor some weakness this week, but not substantially. VALE attempted to break above the previous 20-month high at 31.96 but ended up closing in the red and confirming the previous week's close at 30.03 as a successful re-test of the strong resistance at $30. The stock did have a reversal week (higher highs and lower lows than the previous week) and should see some follow through to the downside this coming week. Decent support is expected to be found at 27.13. On a weekly closing basis, support has to be considered strong between 27.47 and 27.86, nonetheless, a close below that level will likely cause additional selling of consequence. There is some decent support at the 100-day MA, currently at 28.52, but getting down to that level is a good probability. Any close above 30.89 would now be considered a positive and likely to generate strong buying. Probabilities favor the downside for a drop down to 28.52. AMZN closed in the red this week, making the previous week's close at 131.82 into a possible successful weekly close retest of the all-time high weekly close resistance at 138.47. As such, this week will be strongly pivotal for the stock as on a weekly closing basis, there is no support until the $125 level is reached. The stock did have a reversal day on Friday (higher highs, lower lows, and a close below Thursday's low) and should see additional selling this week. Nonetheless, on Friday the $130 strike price or option expiration day was a major magnet. As such, there are doubts whether the reversal day was due to options expiration or whether the stock is actually showing weakness. Minor support is found at 128.62 and strong support at 125.65. Any daily close above 133.58 would be a positive and would likely generate a rally up to the mid 139's. Monday's action is likely to be strongly indicative and likely depends on what the indexes do. A sensitive stop loss should be placed at 129.56. ELON had a reversal week with higher highs, lower lows and a close below the previous week's close. Such action, especially coming after the previous week's close slightly above the 50-week MA, suggests the stock will be heading lower this coming week. Nonetheless, the most recent previous low at 8.71 has to be considered strong intra-week support and if the stock is unable to break below that price, the probabilities of a rally are strong. Much will depend on how the indexes and many other stocks respond after Friday's option expiration day weakness. Stops at 8.61 should be in place because if the 8.71 level breaks, drops down to 8.00, or even perhaps as low as 7.00 will be highly likely. Everything is likely to depend on what happens on Monday. BA broke and closed above the 200-week MA on Friday based on fundamental news about additional orders for the company's 777 jets. Nonetheless, the stock gave up most of the initial rally ($2.58 to be exact) to close on the lows of the day on Friday. The gap that was generated was closed on the close of trading and left the stock with questions for Monday due to the spike and close on the lows of the day. With Friday having been a difficult day to evaluate, due to options expiration, it is likely that the opening call for the stock on Monday will determine the direction. Evidently, if the breakout is for real the stock will need to confirm the breakout with another close next Friday above the 200-week MA, currently at 70.35. Nonetheless, having closed on the lows of the day, drops down to test the psychological support level as well as daily close breakout point at 70.00 are highly probable. Any daily close below 69.70 will be considered a negative, while a green close on Monday a positive.
|
1) AMZN - Purchased at 131.55. Liquidated at 131.45. Loss on the trade of $10 per 100 shares per 100 shares plus commissions.
2) GIGM - Purchased at 2.87. Stop loss now raised to 2.93. Stock closed on Friday at 3.16.
3) WMT - Purchased at 55.25. Averaged long at 53.80 (4 mentions). Stop loss raised to 54.24. Stock closed on Friday at 55.34.
4) ELON - Purchased at 8.86. Stop loss at 8.61. Stock closed on Friday at 8.75.
5) VALE - Averaged short at 30.54 Stop loss changed to 31.38. Stock closed on Friday at 29.77.
6) MS - Averaged short at 27.935 (2 mentions). No stop loss at present. Stock closed on Friday at 29.63.
7) AMZN - Covered short at 129.84. Shorted at 133.72. Profit on the trade of $388 per 100 shares minus commissions.
8) BA - Purchased at 71.73. No stop loss at present. Stock closed on Friday at 70.72.
9) BA - Purchased at 71.20. Liquidated at 71.48. Profit on the trade of $28 per 100 shares minus commissions.
10) HON - Covered shorts at 43.18. Shorted at 40.02. Loss on the trade of $316 per 100 shares plus commissions.
11) VCLK - Covered shorts at 10.37. Averaged short at 10.01. Loss on the trade of $72 per 100 shares (2 mentions) plus commissions.
12) MSFT - Covered shorts at 29.45. Averaged short at 28.73. Loss on the trade of $144 per 100 shares (2 mentions) plus commissions.
13) DD - Covered short at 35.86. Shorted at 33.83. Loss on the trade of $203 per 100 shares plus commissions.
14) OSK - Covered short at 39.63. Shorted at 39.42. Loss on the trade of $21 per 100 shares plus commissions.
15) TRLG - Shorted at 29.48. Stop loss at 29.80. Stock closed on Friday at 29.04.
16) CAL - Shorted at 23.50. Averaged short at 23.23 (2 mentions). Stop loss at 23.75. 60. Stock closed on Friday at 21.78
Previous Newsletters
View Feb 28, 2009 Newsletter View Mch 7, 2009 Newsletter View Mch 14, 2009 Newsletter
|
Encyclopedia of Chart Patterns. A must have for chart aficionados! |
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. |
|
|
|