Tuesday, April 12, 2011

Market near support-area

Most indices hit a certain support-area, for most it was 20MA & 50MA. We didn't really get a big bounce, so it's difficult to say what markets will do from here on. Maybe tomorrow will give us a sign what to look out for next.

I tried several support-trades, all mentioned in the HCPG-newsletter; CSX, NSC, FISV, CNX and BTU. After the initial bounce, all came back down, some stopping me out and others I scratched after market kept creeping higher but the above mentioned stocks kept hovering near my entry-point. CNX and BTU sold for a loss, the others near breakeven. I also tried a support-trade in USO which eventually worked, but after I raised my stop to just under breakeven, I got stopped out when crude oil (one of the biggest losers of the day, almost 4% down!) re-visited the previous low.

Two daytrades in one stock today: CL. Not the stock you expect to make big moves, but the stock moved beautifully with big volume. My exits were rather too soon, not completely following the Fib-levels I wanted to exit on (not depicted on the chart). Entry after a pullback on the 9EMA and just above R3.

My second entry was less successfull. I got in when two hammers appeared on the 15m-chart. Price immediately reversed and stopped me out...

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