I’ve got a couple habits related to my trading that have relevance to the positions I’ve initiated today. First off, I maintain a folder of bookmarks within my browser that I call my “Trading Crosscheck”. It’s the charts and indicators that I like to follow on a daily basis. Mostly these include Stockcharts “gallery” views of every stock in my porfolio, but I also like to view the market breadth, bullish percents, news, futures, and other indicators.
Another folder (which leads into how I found these positions) is my watchlist of stock symbols I have owned. The thought process here is that having spent the time previously to screen, research, buy, track, and sell a stock — why forget about that symbol and start over every trade with something new? It’s become an acquaintance, now that we’ve got some history together. Even if the relationship ended badly last time (with a loss), now that I’ve got a feel for the price movement I may have some more confidence for another entry.
It was from this watchlist that I’ve jumped into some positions that will be familiar names to regular readers of my blog. A few of these have been unprofitable for me in the past, but all six charts look to have good support at their current levels and are on P&F buy signals longer term. This is a bit of an aggressive move given some uncertainty in the market, but I can’t ignore that the broader indexes are “on offense” with rising bullish percentages. Right now my thought is that last week’s weakness was simply a “pause that refreshes.”
Disclosure: Long positions in CTRP, MERC, PWER, QUIK, SONS, and USG at this time.
Disclosure: Long CTRP, MERC, PWER, QUIK, SONS, and USG