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Aluminum Stocks Showing Momentum

Jan. 07, 2014 10:29 PM ETAAN
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Jeff Pierce's Blog
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Seeking Alpha Analyst Since 2008

I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in my opinion is out of date and there is wisdom in crowds.I've developed a market timing system that determines when it's best to be long, short or on the sidelines, using a number of proprietary indicators based on many time frames. I believe that to have longevity in this field one must find ways to calm the mind and trade from a detached point of view. Emotionless trading will allow you to respond to what's going on right now in the markets, rather than reacting to daily fluctuations.View my personal blog http://zentrader.ca/

By Jeff Pierce

NOR was a candidate for our Astrology Traders service this past week based on the chart pattern, but Karen wasn't sold on the trade idea so we passed, but I wanted to share with you a setup that I think could have some legs based on the short term strength in the chart and the strong move higher in AA that is confirming the move. While we won't be adding it to our watchlist of names I think it's worth watching. It's also a chart pattern I don't typically point out (bottom fishing), and I also don't trade these patterns in my own account, but different strokes for different folks. Many traders are more comfortable buying these charts, I'm just not one of them.

AA reports on January 9th after the bell and while I have no idea whether it's going to move higher after the report, if the last few months is any indication of it's direction, I'd say this is going higher. The weekly is at a critical juncture as it's broken out of a sideways consolidation but is now facing some stronger resistance.

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