Pro Stock Pickers'  Instablog

Pro Stock Pickers
Send Message
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
My company:
Global Chart Analysis
My blog:
Better Stock Entries
  • Trade Plan for Tuesday March 16th- Where do we buy this market? 0 comments
    Mar 16, 2010 2:07 PM | about stocks: IWM, SPY, QQQ, SBUX, AKAM, SNDA

    MARKET DIRECTION
    Where next do we buy this market?
    We have already had a huge run to new highs and are finally getting the orderly pullback we have been waiting for. Do we buy now?

    No. For starters we have the fed announcement tomorrow and days like tomorrow have the potential to trade like the currency markets trade. What do I mean by this? When you have a very important announcement like tomorrow that could impact buying and selling decisions of the large institutions you have the potential to do a few 180’s intraday. This happens in the currencies market when economic news comes out. The price will first spike higher to take out all the shorts and will quickly reverse to go lower taking out all the stops of those who are long. Both sides get whipsawed out of their positions and then the market tries to find a direction. We prefer to hold off on any new setups until at least Wednesday morning after the dust has settled.

    The market action today favors a continuation move higher but the short term move is so stretched it is bad trading form to be buying at these levels.  We haven't seen stretched moves like these in quite some time.  Even if we get another couple of days out of this move who cares, the downside is just too great.   We will just enjoy the 40 plus positions we already have entered into at the proper buying points seen below.
    Today we saw some early profit taking but this was followed last hour buying to minimize those losses. This pattern is quite bullish and one could normally play some continuation trades higher tomorrow but any continuation will most likely be muted by those waiting for the fed announcement anyways. We will choose to under trade on a day like tomorrow.

    So what is the answer to our question where do we buy this market? The first part of the answer is we already bought this market 3 times before everyone else realized we were in bull market mode again.  You can see our entry points on the charts below.  The 2nd part of this answer is we would like to see a nice orderly pullback on top of the old highs and see them turn into new support levels.  If this happens in a nice orderly manner we would be entering into new positions and we could see one of the biggest moves in quite some time. 

    Russell 2000

    NASDAQ

    OPEN POSITIONS
    Here are a few charts of our open positions followed by a list of the rest of them.

    RINO-is still on fire. We are now up 26.8% from our Feb 26 entry point.

    SBUX- Is hitting new highs from our entry on March 8

    SNDA- is still up 9.72% from last week's trade

    AKAM- Up over 60% on the first trade here

    Here are the rest of our open positions

     

    Are you looking for stocks that make quick moves like this?

    If you aren't already a member click below to try our service for 7 days

    TRY NOW

    Thanks

    Better Stock Entries

    Global Chart Analysis

    Disclaimer:
    Global Chart Analysis and betterstockentries.com ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
    It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
    Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading and may not be impacted by brokerage and other slippage fees. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
    betterstockentries.com
    603 S. Prospect Ave
    Redondo Beach, CA 90277

    Disclosure: No positions
    Stocks: IWM, SPY, QQQ, SBUX, AKAM, SNDA
Back To Pro Stock Pickers' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • NVDA is still running and up 36% from our Oct 13 entry point. Could hit $18 area but will most likely take a breather there
    Dec 7, 2010
  • Liking our DIN setup from this morning. Will look to lock in a quick 2 points on 1/2 positions and move our stops to breakeven to let it run
    Dec 7, 2010
More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.