Saturday, April 2, 2011

Friday: Markets are getting tired

After a big gap up and a morning dip, markets rallied until noon. Then some consolidation followed and we went down fast in the last part of the day. It seems like we are finally seeying some sellers. Which is not surprising with the Dow touching new highs and S&P and Nasdaq at their resistance-levels from the beginning of March. To be continued...

Oil had another strong move up while gold and silver gapped down hard, but they did manage to end the day higher than they started. Semi's fell down big, being rejected by the 50MA. However, the 100MA is nearby and might give support soon. Agribusiness, financials and transport were among the stronger sectors today.

Stewie closed CHK because it acted weak the last 2 days. It's getting a bearish look on the daily chart.

I opened a small position in OCZ @$8 with the idea it would bounce on the 20MA & 50MA. Also, the stock had a strong upday on Thursday. So if OCZ holds 50MA, I expect an upward move.

I closed my other swings yesterday, but boy, did I regret that today! N hit my primary target (EXK already did yesterday), PCX and USO were also up pretty good. And SRX, well... SRX was a takeover and opened 10% higher...
I don't regret taking the beautiful gains yesterday at the open, but it could have been so much more. Maybe I better take more trust in individual charts/stocks then always compare with the indices, expecting the worst.

Same here, more bad than good news.
I shorted CREE after a narrow range inside bar. Unfortunately it bounced at the LOD-level from earlier that morning. I considered going long but I didn't. Too bad...

TIBX found support on R2 and it's 20EMA. It also printed a NRIB. I got in when the previous high got broken, after which price first shot up fast and then consolidated for a while. A higher high followed, but without convincing volume and with R3 just above, I started to scale out. The only profitable daytrade today I'm afraid.

WYNN printed a hammer on the 9EMA, but I was pushing my luck here. I already missed 2 entries earlier, being busy scanning and monitoring the CREE-trade I guess. I scratched for a small loss when market started to roll over (lower highs and lack of volume were a tell). WYNN reached a higher high later on, but only just.

ANV was a trade I entered when market bounced on the close from the previous day. In hindsight, paying more attention to volume would have stopped me from taking this trade. 

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