The market is still up around renewed speculation of Greece receiving a bailout. We started to take a breather during the day only to receive a jumpstart by the bulls once news of bailing out Greece started up again. The market is obviously rewarding bailout talks though many experts would say that bailouts are technically bad. Rally or not, the market is still not a positive place to be in and I’m watching many longs start to sell and turn short in anticipation we lose these gains shortly. Technical’s are still bad even with today’s movement up so don’t get sucked into thinking everything is fixed at the blink of an eye. Protect your capital.
I’m running some small trades today and still accumulating shares in my winners GoIP Global (GOIG.PK) and Cord Blood America (OTCPK:CBAI) though I’m making sure to leave room on any big dips. GOIG launches their Go800 services website on Monday therefore we could see some profit takers around that time however the chart shows no slowdown as it moves up with solid volume. I’m very bullish on GOIG as the small caps are trading under the radar of the overall market for the most part.
I can’t seem to find any cheap sellers in Genius Products (OTC:GNPR) so I may have to start putting in orders at a higher PPS. I’d like to accumulate more shares at favorable prices before the 2nd quarter release of Scratch the Ultimate DJ music game as I see the positive news plus low amount of shares being able to launch the PPS to which I can start selling into. I’m also looking to add to Sirius XM (NASDAQ:SIRI) and Impac Mortgage (IMPM) while watching SPDR Gold Trust (NYSEARCA:GLD) for strength to sell my trade into. Stay disciplined today. Good luck out there.
At the time of publication, Mike was Long GOIG, CBAI, GNPR, SIRI, GLD, and IMPM.
Disclosure: Long GOIG.PK, CBAI.OB, GNPR.PK, SIRI, GLD, AND IMPM but positions can change at any time