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We focus on trading strategies that have historically given traders a significant edge when it comes to investing in the stock market. We have worked under and have been trained by some of the top investors of the past 25 years including WILLIAM O’NEIL(bestselling author and founder of investors... More
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  • Stock Trading Plan For Wednesday(BAC,AKAM,GLD,TBT,GS) 1 comment
    Nov 10, 2010 11:50 AM | about stocks: BAC, AKAM, GLD, TBT, GS

    We have been warning our members to be careful buying at these nosebleed levels and today those who got greedy and chased after the winning stocks, got beat.  Most sectors ended in the red and the commodity driven areas were especially off big on Tuesday.  As the Dollar bounces here, profit takers should continue to bludgeon the overextended commodity related issues but with so many extended charts we could see continued selling across the board.

    In fact on Tuesday Treasuries fell, equities fell, commodities fell and both oil and gold fell as well. Basically everything has gotten so overbought it had to come down at some point. There is some talk of a failed 10 year treasury auction from today but no reason to panic. When the market goes lower people fish for any reason of why instead of understanding what an overbought and oversold chart looks like.  As our member know we got in 2 days before the late August rally started and have been taking profits for some time, selling our stocks to the traders whose market timing is wrong.  Luckily for us that is 90% of all market partipants which gives us plenty of liquidity for when we cash in.

    Our GLD position looks to be reversing off it's all time highs but so far is just a normal pullback

    As the US Dollar continues to bounce off recent lows, the market  finally began to get back to reality and started its long overdue pullback. Thegood news for longs is the major indices are still trading above their 10 period moving averages(pink lines) This is where aggressive buyers show up to buy in extremely strong markets so it will be important to see if we have an orderly pullback into that area or if we slice right through.

    Obviously if you find aggressive buyers at these minor support areas you have an extremely strong market on your hands. Due to the fact we have gone so far off the bottom we feel it is more likely that we at least pullback to the 21 day moving average area(blue line)

    Our short term profit target on GS was hit, allowing us to lock in a 6.75% gain since our Oct 26  entry point on ½ of our position. We have now moved our stop to breakeven for the remaining portion and now have a free trade on (barring a gap down)

    Locking in profits on FCEL seems like a much better move today after it fell over 8% intraday.

    We are up almost 6% on TBT when everyone else on the street was taking the other side of that trade. You heard it here first and are already in the money on this one if you took this unique pick.

    We have some concerns over our AKAM trades. They are in normal pullback mode but they lost their Netflix deal to LVLT.  This could be the start of pricing pressure for AKAM but the charts will tell us how to play this one and so far we are hanging on.

     BAC short on a move below $12.13


    Disclosure: no positions
    Stocks: BAC, AKAM, GLD, TBT, GS
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  • JohnMathew
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    3 Dec 2010, 12:26 AM Reply Like
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